secwatch.observer — SEC 8-K summary
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Issuer:     PG&E Corp (PCG)
CIK:        0001004980
Form:       8-K
Filed at:   2023-11-30T23:59:59+00:00
Accession:  0001193125-23-285597
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1004980/000119312523285597/0001193125-23-285597-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/75488/000119312523285597/d771731d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-285597

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