PG&E Corp (PCG): debt financing — PG&E issues $2.15B of 4.25% Convertible Senior Secured Notes due 2027

PG&E Corp

Completed sale of $2.15B aggregate principal (includes $250M from full exercise of initial purchasers' option) of 4.25% Convertible Senior Secured Notes due December 1, 2027.
Notes secured by first-lien pledge of 100% of PG&E's common stock in its subsidiary Pacific Gas and Electric Company.
Initial conversion price ~$23.18 per share (35% premium over Nov 29 closing price); maximum shares issuable ~125.2 million.
Sold in private offering under Rule 144A; notes and underlying shares not registered under Securities Act.
Company intends to settle conversions with combination of $1,000 cash per $1,000 note plus shares for any excess.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PG&E Corp incurred convertible notes of $2,150,000,000 aggregate principal amount with The Bank of New York Mellon Trust Company, N.A., as trustee; JPMorgan Chase Bank, N.A., as collateral agent at 4.25% per year maturing December 1, 2027.

Instrument: convertible notes
Principal: $2,150,000,000 aggregate principal amount
Counterparty: The Bank of New York Mellon Trust Company, N.A., as trustee; JPMorgan Chase Bank, N.A., as collateral agent
Rate: 4.25% per year
Maturity: December 1, 2027
Event: incurrence

Exact text from the filing

On December 4, 2023, PG&E Corporation (the “Company”) completed the sale of $2,150,000,000 aggregate principal amount of 4.25% Convertible Senior Secured Notes due 2027 (the “Convertible Notes"), which included an additional $250,000,00 aggregate principal amount of Convertible Notes purchased pursuant to the full exercise of the option granted to the Initial Purchasers

View on SEC.gov

Browse all debt financings →

PG&E Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-288500

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.