---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-285597"
form_type: "8-K"
ticker: "PCG"
cik: "0001004980"
company_name: "PG&E Corp"
filed_at: "2023-11-30T23:59:59+00:00"
generated_at: "2026-06-07T19:46:15.098634+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-285597
- form_type: 8-K
- ticker: PCG
- cik: 0001004980
- company_name: PG&E Corp
- filed_at: 2023-11-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1004980/000119312523285597/0001193125-23-285597-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/75488/000119312523285597/d771731d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-285597
- JSON: https://secwatch.observer/filing/0001193125-23-285597.json
- Plain text: https://secwatch.observer/filing/0001193125-23-285597.txt

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