Long-Term Debt

The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:

	December 31,
(in millions)	2015		2014
PG&E Corporation
Senior notes, 2.40%, due 2019		350		350
Total PG&E Corporation long-term debt		350		350
Utility
Senior notes:
5.625% due 2017		700		700
8.25% due 2018		800		800
3.50% due 2020		800		800
4.25% due 2021		300		300
3.25% due 2021		250		250
2.45% due 2022		400		400
3.25% due 2023		375		375
3.85% due 2023		300		300
3.40% due 2024		350		350
3.75% due 2024		450		450
3.50% due 2025		600		-
6.05% due 2034		3,000		3,000
5.80% due 2037		950		950
6.35% due 2038		400		400
6.25% due 2039		550		550
5.40% due 2040		800		800
4.50% due 2041		250		250
4.45% due 2042		400		400
3.75% due 2042		350		350
4.60% due 2043		375		375
5.125% due 2043		500		500
4.75% due 2044		675		675
4.30% due 2045		600		500
4.25% due 2046		450		-
Unamortized discount, net of premium		(53)		(43)
Total senior notes, net of current portion		14,572		13,432
Pollution control bonds:
Series 1996 C, E, F, 1997 B, variable rates (1), due 2026 (2)		614		614
Series 2004 A-D, 4.75%, due 2023 (3)		345		345
Series 2009 A-D, variable rates (1), due 2016 and 2026 (4)		309		309
Less: current portion		(160)		-
Total pollution control bonds		1,108		1,268
Total Utility long-term debt, net of current portion		15,680		14,700
Total consolidated long-term debt, net of current portion	$	16,030	$	15,050

(1) At December 31, 2015, interest rates on these bonds were 0.01%.

(2) Each series of these bonds is supported by a separate letter of credit. In December 2015, the letters of credit were extended to December 1, 2020. Although the stated maturity date is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or otherwise obtains consent from the issuer to the continuation of the series without a credit facility.

(3) The Utility has obtained credit support from an insurance company for these bonds.

(4) Each series of these bonds is supported by a separate direct-pay letter of credit. Series C and D letters of credit expire on December 3, 2016 to coincide with the maturity of the underlying bonds. Subject to certain requirements, the Utility may choose not to provide a credit facility without issuer consent.

Pollution Control Bonds

The California Pollution Control Financing Authority and the California Infrastructure and Economic Development Bank have issued various series of fixed rate and multi-modal tax-exempt pollution control bonds for the benefit of the Utility. Substantially all of the net proceeds of the pollution control bonds were used to finance or refinance pollution control and sewage and solid waste disposal facilities at the Geysers geothermal power plant or at the Utility’s Diablo Canyon nuclear power plant. In 1999, the Utility sold all bond-financed facilities at the non-retired units of the Geysers geothermal power plant to Geysers Power Company, LLC pursuant to purchase and sale agreements stating that Geysers Power Company, LLC will use the bond-financed facilities solely as pollution control facilities for so long as any tax-exempt pollution control bonds issued to finance the Geysers project are outstanding. Except for components that may have been abandoned in place or disposed of as scrap or that are permanently non-operational, the Utility has no knowledge that Geysers Power Company, LLC intends to cease using the bond-financed facilities solely as pollution control facilities.

Short-term Borrowings

The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings under their revolving credit facilities and commercial paper programs at December 31, 2015:

		Credit			Letters of			Commercial
	Termination	Facility			Credit			Paper			Facility
(in millions)	Date	Limit			Outstanding			Outstanding			Availability
PG&E Corporation	April 2020	$	300	(1)		$	-		$	-		$	300
Utility	April 2020		3,000	(2)			33			1,019			1,948
Total revolving credit facilities		$	3,300			$	33		$	1,019		$	2,248

(1) Includes a $50 million lender commitment to the letter of credit sublimits and a $100 million commitment for “swingline” loans defined as loans that are made available on a same-day basis and are repayable in full within 7 days.

(2) Includes a $500 million lender commitment to the letter of credit sublimits and a $75 million commitment for swingline loans.

For the year ended December 31, 2015, PG&E Corporation’s average outstanding commercial paper balance was $64 million and the maximum outstanding balance during the year was $128 million. For 2015, the Utility’s average outstanding commercial paper balance was $678 million and the maximum outstanding balance during the year was $1.5 billion. There were no bank borrowings for both PG&E Corporation and the Utility in 2015.

Revolving Credit Facilities

On April 27, 2015, PG&E Corporation and the Utility amended and restated their respective $300 million and $3.0 billion revolving credit facilities. The amendments and restatements extended the termination dates of the credit facilities from April 1, 2019 to April 27, 2020, reduced the amount of lender commitments to the letter of credit sublimits from $100 million to $50 million for PG&E Corporation’s credit facility and from $1.0 billion to $500 million for the Utility’s credit facility, and reduced the swingline commitment on the Utility’s credit facility from $300 million to $75 million. PG&E Corporation's and the Utility's revolving credit facilities may be used for working capital, the repayment of commercial paper, and other corporate purposes. At PG&E Corporation’s and the Utility’s request and at the sole discretion of each lender, the facilities may be extended for additional periods.

Borrowings under each amended and restated credit agreement (other than swing line loans) will bear interest based, at each borrower’s election, on (1) a London Interbank Offered Rate (“LIBOR”) plus an applicable margin or (2) the base rate plus an applicable margin. The base rate will equal the higher of the following: the administrative agent’s announced base rate, 0.5% above the overnight federal funds rate, and the one-month LIBOR plus an applicable margin. The applicable margin for LIBOR loans will range between 0.9% and 1.475% under PG&E Corporation’s amended and restated credit agreement and between 0.8% and 1.275% under the Utility’s amended and restated credit agreement. The applicable margin for base rate loans will range between 0% and 0.475% under PG&E Corporation’s amended and restated credit agreement and between 0% and 0.275% under the Utility’s amended and restated credit agreement. In addition, the facility fee under PG&E Corporation’s and the Utility’s amended and restated credit agreements will range between 0.1% and 0.275% and between 0.075% and 0.225%, respectively.

PG&E Corporation’s and the Utility’s revolving credit facilities include usual and customary provisions for revolving credit facilities of this type, including those regarding events of default and covenants limiting liens to those permitted under their senior note indentures, mergers, sales of all or substantially all of their assets, and other fundamental changes. In addition, the respective revolving credit facilities require that PG&E Corporation and the Utility maintain a ratio of total consolidated debt to total consolidated capitalization of at most 65% as of the end of each fiscal quarter. PG&E Corporation’s revolving credit facility agreement also requires that PG&E Corporation own, directly or indirectly, at least 80% of the outstanding common stock and at least 70% of the outstanding voting capital stock of the Utility.

Commercial Paper Programs

The borrowings from PG&E Corporation and the Utility’s commercial paper programs are used primarily to fund temporary financing needs. On July 2, 2015, the Utility increased the commercial paper program limit from $1.75 billion to $2.5 billion. PG&E Corporation and the Utility can issue commercial paper up to the maximum amounts of $300 million and $2.5 billion, respectively. PG&E Corporation and the Utility treat the amount of outstanding commercial paper as a reduction to the amount available under their respective revolving credit facilities. The commercial paper may have maturities up to 365 days and ranks equally with PG&E Corporation’s and the Utility’s other unsubordinated and unsecured indebtedness. Commercial paper notes are sold at an interest rate dictated by the market at the time of issuance. For 2015, the average yield on outstanding PG&E Corporation and Utility commercial paper was 0.38% and 0.42%, respectively.

Other Short-term Borrowings

On May 11, 2015, $300 million principal amount of the Utility’s Floating Rate Senior Notes matured.

Repayment Schedule

PG&E Corporation’s and the Utility’s combined long-term debt principal repayment amounts at December 31, 2015 are reflected in the table below:

(in millions,
except interest rates)	2016			2017				2018				2019				2020				Thereafter				Total
PG&E Corporation
Average fixed interest rate		-				-				-				2.40	%			-				-				2.40
Fixed rate obligations	$	-			$	-			$	-			$	350			$	-			$	-			$	350
Utility
Average fixed interest rate		-				5.63	%			8.25	%			-				3.50	%			4.91	%			5.05
Fixed rate obligations	$	-			$	700			$	800			$	-			$	800			$	12,670			$	14,970
Variable interest rate
as of December 31, 2015		0.01	%			-				-				0.01	%			0.01	%			-				0.01
Variable rate obligations (1)	$	160			$	-			$	-			$	149			$	614			$	-			$	923
Total consolidated debt	$	160			$	700			$	800			$	499			$	1,414			$	12,670			$	16,243

(1) These bonds, due in 2016 and 2026, are backed by separate letters of credit that expire on December 3, 2016, June 5, 2019, or December 1, 2020.