PG&E borrows $2.1 billion bridge term loan due August 2024

Chicago, Nov. 20 – Pacific Gas and Electric Co. borrowed $2.1 billion under a bridge term loan credit agreement dated Nov. 15, according to an 8-K filing with the Securities and Exchange Commission.

The bridge loan matures Aug. 15, 2024.

Mandatory prepayment is required with the proceeds of any debt issued by subsidiary Pacific Generation LLC.

Interest will be at SOFR plus 10 basis points CSA and a 125 bps margin.

Typical covenants include that the utility maintain a ratio of total consolidated debt to consolidated capitalization of no greater than 65% as of the end of each fiscal quarter.

Barclays Bank plc is the administrative agent, the sole lead arranger and bookrunner.

The electric and natural gas utility is based in San Francisco.

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