PG&E Corp launches $1.5B convertible senior secured notes offering due 2027

PG&E Corp

$1.5B aggregate principal amount of Convertible Senior Secured Notes due 2027; option to increase by $225M.
Net proceeds to repay portion of $2.75B term loan (approx $2.66B outstanding, ~8.44% floating rate).
Notes mature Dec 1, 2027; secured by pledge of 100% of PG&E's ownership in Pacific Gas and Electric Company.
Conversion at holder's option after Sept 1, 2027; company intends to settle conversions with $1,000 cash per $1,000 principal plus stock.
PG&E may opportunistically extend existing $2.75B term loan credit agreement (matures June 2025) after pricing.

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