PG&E closes $525 million term loans due 364 days, two years

By Rebecca Melvin

Concord, N.H., April 22 – Pacific Gas and Electric Co. entered into a $525 million term loan credit agreement on April 20 with Bank of America NA as administrative agent, lead arranger and bookrunner, according to an 8-K filing with the Securities and Exchange Commission.

The agreement is comprised of $125 million of 364-day tranche loans and $400 million of two-year tranche loans.

The utility borrowed the entire amount of the loans at closing.

The 364-day tranche loans have a maturity date of April 19, 2023, and the two-year tranche loans have a maturity date of April 19, 2024.

The loans bear interest based on term SOFR plus a 10 basis points credit spread adjustment and a 125 bps spread.

Loan proceeds are expected to be used for working capital and general corporate purposes.

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

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