WASHINGTON (dpa-AFX) - PG&E Corporation (PCG), a gas and electricity utility
company, on Wednesday announced a private offering for $1.5 billion of
Convertible Senior Secured Notes.

The company is also granting the initial purchasers to buy up to an additional
$225 million of notes.

The net proceeds from the offering will be used to repay a portion of the loans
outstanding under the $2.75 billion secured term loan credit agreement it
entered into in June 2020. On November 24, 2023 the borrowing totalled around
$2.66 billion bearing a floating interest rate of around 8.44 percent per annum.

The convertible notes will mature on December 1, 2027 unless converted or
repurchased earlier. They will be secured by on a first lien basis by the pledge
of PG&E Corporation's ownership interest in 100 percent of the shares of common
stock of its principal subsidiary, Pacific Gas and Electric Company.

Interest on the notes will be paid semi annually in arrears on June 1 and
December 1 of each year, beginning on June 1, 2024.

The notes will be converted only upon the occurrence of certain events prior to
the business close on business day preceding September 1, 2027.

On or after September 1, 2027, the Convertible Notes will be convertible by
holders at any time in whole or in part till business close on the business day
preceding the maturity date.

In Pre-market activity, PG&E shares are trading at $17.01 down 2.80% on the New
York Stock Exchange.



Copyright(c) 2023 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX