---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-280664"
form_type: "8-K"
ticker: "PCG"
cik: "0001004980"
company_name: "PG&E Corp"
filed_at: "2023-11-20T23:59:59+00:00"
generated_at: "2026-06-07T23:09:28.558051+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# PG&E Utility enters $2.1B bridge term loan with Barclays, matures Aug 2024

## Summary
- Borrowed $2.1B on Nov 15, 2023 from Barclays Bank PLC and other lenders under a bridge term loan credit agreement.
- Maturity Aug 15, 2024; interest at Term SOFR+1.25% or ABR+0.25%.
- Secured by a first mortgage bond; prepayment required with 100% net cash from Pacific Generation LLC debt issuance.
- Covenant requires total consolidated debt to capitalization ≤ 65% each fiscal quarter.
- Entire amount drawn on the same day; proceeds for general corporate purposes.

## SEC filing metadata
- accession: 0001193125-23-280664
- form_type: 8-K
- ticker: PCG
- cik: 0001004980
- company_name: PG&E Corp
- filed_at: 2023-11-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1004980/000119312523280664/0001193125-23-280664-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/75488/000119312523280664/d492663d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-280664
- JSON: https://secwatch.observer/filing/0001193125-23-280664.json
- Plain text: https://secwatch.observer/filing/0001193125-23-280664.txt

## Key facts
- Debt Financings
  PG&E Corp incurred term loan of $2,100,000,000 with Barclays Bank PLC at Term SOFR plus 0.10% credit spread adjustment plus 1.25% or alternative base rat maturing August 15, 2024.
  - Instrument: term loan
  - Principal: $2,100,000,000
  - Counterparty: Barclays Bank PLC
  - Rate: Term SOFR plus 0.10% credit spread adjustment plus 1.25% or alternative base rat
  - Maturity: August 15, 2024
  - Event: incurrence
  source text: On November 15, 2023, Pacific Gas and Electric Company (the “ Utility ”), Barclays Bank PLC and each of the lenders party thereto and Barclays Bank PLC, as administrative agent (the “ Administrative Agent ”), entered into a Bridge Term Loan Credit Agreement (the “ Bridge Term Loan Credit Agreement ”), pursuant to which the lenders agreed to make available to the Utility term loans in the aggregate principal amount equal to $2,100,000,000 (the “ Term Loans ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1004980/000119312523280664/0001193125-23-280664-index.htm
- Material Agreements
  PG&E Corp entered into Bridge Term Loan Credit Agreement with Barclays Bank PLC valued at $2,100,000,000 (effective 2023-11-15).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Barclays Bank PLC
  - Value: $2,100,000,000
  - Effective: 2023-11-15
  source text: On November 15, 2023, Pacific Gas and Electric Company (the “ Utility ”), Barclays Bank PLC and each of the lenders party thereto and Barclays Bank PLC, as administrative agent (the “ Administrative Agent ”), entered into a Bridge Term Loan Credit Agreement (the “ Bridge Term Loan Credit Agreement ”), pursuant to which the lenders agreed to make available to the Utility term loans in the aggregate principal amount equal to $2,100,000,000 (the “ Term Loans ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1004980/000119312523280664/0001193125-23-280664-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.