PG&E Corp (PCG): debt financing — PG&E amends term loan: margin cut 50 bps, maturity extended to 2027; fixes convertible note settlement method

PG&E Corp

Term loan margin reduced from 300 bps to 250 bps; maturity extended to June 23, 2027.
After voluntary prepayments, aggregate term loan principal outstanding is $500 million.
Irrevocable notice fixes settlement method on $2.15B 4.25% convertible notes to Combination Settlement with Specified Dollar Amount ≥ $1,000 per $1,000 principal.
Dec 4 convertible note issuance of $2.15B referred to but not new; amendment is incremental debt management.
Lenders include JPMorgan; bank may receive customary compensation for services.

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 amended credit facility of the aggregate principal amount of term loans outstanding under the Term Loan Credit Agreement is $500,000,000 with JPMorgan Chase Bank, N.A., as administrative agent at reduce the applicable margin from 300 basis points to 250 basis points maturing extend the maturity date of the term loans outstanding thereunder to June 23, 2027.

Instrument: credit facility
Principal: the aggregate principal amount of term loans outstanding under the Term Loan Credit Agreement is $500,000,000
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: reduce the applicable margin from 300 basis points to 250 basis points
Maturity: extend the maturity date of the term loans outstanding thereunder to June 23, 2027
Event: amendment

Exact text from the filing

December 8, 2023, and after giving effect to the effectiveness of the Amendment, the aggregate principal amount of term loans outstanding under the Term Loan Credit Agreement is $500,000,000. The foregoing description of the Amendment and the Term Loan Credit Agreement is qualified in its entirety by reference to the full text of the Amendment and the Term Loan

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PG&E Corp amended Amendment No. 3 to Term Loan Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $500,000,000 (effective 2023-12-08).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $500,000,000
Effective: 2023-12-08

Exact text from the filing

PG&E Corporation (the “Company”), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), entered into that certain Amendment No. 3 to Term Loan Credit Agreement

View on SEC.gov

Browse all debt financings →

PG&E Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-291746

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.