---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-288500"
form_type: "8-K"
ticker: "PCG"
cik: "0001004980"
company_name: "PG&E Corp"
filed_at: "2023-12-04T23:59:59+00:00"
generated_at: "2026-06-07T18:30:53.278123+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# PG&E issues $2.15B of 4.25% Convertible Senior Secured Notes due 2027

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-288500
- form_type: 8-K
- ticker: PCG
- cik: 0001004980
- company_name: PG&E Corp
- filed_at: 2023-12-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1004980/000119312523288500/0001193125-23-288500-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/75488/000119312523288500/d569271d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-288500
- JSON: https://secwatch.observer/filing/0001193125-23-288500.json
- Plain text: https://secwatch.observer/filing/0001193125-23-288500.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1004980/000119312523288500/0001193125-23-288500-index.htm

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