secwatch.observer — SEC 8-K summary
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Issuer:     PG&E Corp (PCG)
CIK:        0001004980
Form:       8-K
Filed at:   2023-12-04T23:59:59+00:00
Accession:  0001193125-23-288500
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1004980/000119312523288500/0001193125-23-288500-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/75488/000119312523288500/d569271d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-288500

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