PG&E Recovery Funding LLC issues $1.419B in Senior Secured Recovery Bonds backed by CPUC order

PG&E Corp

$1,419,285,000 Senior Secured Recovery Bonds Series 2024-A issued August 1, 2024 by PG&E Recovery Funding LLC.
Bonds secured by recovery property under California Wildfire Financing Law and CPUC Financing Order dated Feb 16, 2024.
Legal opinion from Hunton Andrews Kurth: bondholders likely to prevail in challenging any state law impairing bond rights under Contract and Takings Clauses.
Issuance supports recovery of fire risk mitigation capital expenditures previously approved by CPUC.

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