PCG · News · 20260804N
Long-term Debt Issuance
PG&E Corp · 2026-08-04 · Importance 46 · Surprise 42 · In source text
Pacific Gas and Electric Company issued $1.7 billion of First Mortgage Bonds, comprising $700 million at 5.250% due in 2032 and $1 billion at 5.850% due in 2036. Concurrently, it launched a cash tender offer for up to $1.2 billion of 3.30% Senior Notes and 2.10% First Mortgage Bonds due in 2027. The transactions extend debt maturities but add fixed-rate financing costs amid elevated borrowing rates.
Key facts
- Pacific Gas and Electric Company offered $1.7 billion of First Mortgage Bonds consisting of $700 million at 5.250% due 2032 and $1 billion at 5.850% due 2036. source
- PG&E launched a concurrent cash tender offer to repurchase up to $1.2 billion of its 3.30% Senior Notes due 2027 and 2.10% First Mortgage Bonds due 2027. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | committed | — | Pacific Gas and Electric Company offered $1.7 billion of First Mortgage Bonds consisting of $700 million at 5.250% due 2032 and $1 billion… |
| cash | positive | committed | — | Pacific Gas and Electric Company offered $1.7 billion of First Mortgage Bonds consisting of $700 million at 5.250% due 2032 and $1 billion… |
| liability | positive | probable | — | PG&E launched a concurrent cash tender offer to repurchase up to $1.2 billion of its 3.30% Senior Notes due 2027 and 2.10% First Mortgage… |
| cash | negative | probable | — | PG&E launched a concurrent cash tender offer to repurchase up to $1.2 billion of its 3.30% Senior Notes due 2027 and 2.10% First Mortgage… |