secwatch.observer — SEC 8-K summary
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Issuer:     PG&E Corp (PCG)
CIK:        0001004980
Form:       8-K
Filed at:   2023-11-29T23:59:59+00:00
Accession:  0001193125-23-284719
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1004980/000119312523284719/0001193125-23-284719-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/75488/000119312523284719/d615442d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-284719

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