PG&E to use convertibles to repay $2.66 billion secured term loan

By Mary-Katherine Stinson

Lexington, Ky., Nov. 29 – PG&E Corp. plans to use the proceeds from a four-year secured convertible note offering to repay a portion of the company’s outstanding secured term loan maturing on June 23, 2025, according to a press release.

The loan has an outstanding balance of approximately $2.66 billion and carries a floating interest rate that is currently 8.44% as of Nov. 24.

The loan agreement was entered into in June 2020.

PG&E is an Oakland, Calif-based utility company.

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