PG&E upsizes and prices $1.9B convertible notes offering to prepay term loan

PG&E Corp

Priced $1.9B of 4.25% Convertible Senior Secured Notes due 2027, up $400M from prior announcement.
Net proceeds ~$1.876B (or ~$2.123B if additional option exercised) to prepay $1.9B of floating-rate term loan (8.44% at Nov 24).
Initial conversion price ~$23.18 per share, representing a 35.0% premium over Nov 29 closing stock price.
Notes mature Dec 1, 2027; convertible prior to Sept 1, 2027 only upon certain events; PG&E elects combination settlement.
Closing expected Dec 4, 2023; notes secured by pledge of 100% of PG&E's interest in Pacific Gas and Electric common stock.

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