DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Debtor-in-Possession Financing

The following table summarizes the Utility’s outstanding borrowings and availability under the DIP Facilities at March 31, 2020:


(in millions)	Termination Date		Aggregate Limit		Term Loan Borrowings		Revolver Borrowings		Letters of Credit Outstanding		Aggregate Availability
DIP Facilities	December 2020	(1)	$	5,500	$	2,000	$	—	$	774	$	2,726

(1) May be extended to December 2021, subject to satisfaction of certain terms and conditions, including payment of a 25 basis point extension fee.

Schedule of Debt

The following table summarizes PG&E Corporation’s and the Utility’s outstanding debt subject to compromise:


		Balance at
(in millions)	Contractual Interest Rates	March 31, 2020		December 31, 2019		Treatment under Plan ⁽¹⁾
Debt Subject to Compromise⁽²⁾
PG&E Corporation
Borrowings under Pre-Petition Credit Facility
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022	variable rate⁽³⁾	$	300	$	300	Repaid in cash
Other borrowings
Term Loan - Stated Maturity: 2020	variable rate ⁽⁴⁾	350		350		Repaid in cash
Total PG&E Corporation Debt Subject to Compromise		650		650

Utility
Senior Notes - Stated Maturity:
2020	3.50%	800		800		Exchanged for New Utility Short-Term Notes
2021	3.25% to 4.25%	550		550		Exchanged for New Utility Short-Term Notes
2022	2.45%	400		400		Exchanged for New Utility Short-Term Notes
2023	3.25% to 4.25%	1,175		1,175		Reinstated
2024 through 2028	2.95% to 4.65%	3,850		3,850		Reinstated
2034 through 2040	5.40% to 6.35%	5,700		5,700		Exchanged for New Utility Long-Term Notes
2041 through 2042	3.75% to 4.50%	1,000		1,000		Reinstated
2043	4.60%	375		375		Reinstated
2043	5.13%	500		500		Exchanged for New Utility Long-Term Notes
2044 through 2047	3.95% to 4.75%	3,175		3,175		Reinstated
Total Senior notes		17,525		17,525
Pollution Control Bonds - Stated Maturity:
Series 2008 F and 2010 E, due 2026⁽⁵⁾	1.75%	100		100		Repaid in cash
Series 2009 A-B, due 2026⁽⁶⁾	variable rate ⁽⁷⁾	149		149		Exchanged for New Utility Funded Debt Exchange Notes
Series 1996 C, E, F, 1997 B due 2026⁽⁶⁾	variable rate ⁽⁸⁾	614		614		Exchanged for New Utility Funded Debt Exchange Notes
Total pollution control bonds		863		863
Borrowings under Pre-Petition Credit Facilities
Utility Revolving Credit Facilities - Stated Maturity: 2022 ⁽⁹⁾	variable rate ⁽¹⁰⁾	2,888		2,888		Exchanged for New Utility Funded Debt Exchange Notes
Other borrowings:
Term Loan - Stated Maturity: 2019	variable rate ⁽¹¹⁾	250		250		Exchanged for New Utility Funded Debt Exchange Notes
Total Borrowings under Pre-Petition Credit Facility Subject to Compromise		3,138		3,138
Total Utility Debt Subject to Compromise		21,526		21,526
Total PG&E Corporation Consolidated Debt Subject to Compromise		$	22,176	$	22,176

⁽¹⁾The treatments of debt under the Plan, described in this column relate only to the treatment of principal amounts and not pre-petition or post-petition interest. The New Utility Short-Term Notes, New Utility Long-Term Senior Notes and New Utility Funded Debt Exchange Notes are described in more detail under “Restructuring Support Agreement with the Ad Hoc Noteholder Committee” in Note 2.

⁽²⁾Debt subject to compromise must be reported at the amounts expected to be allowed by the Bankruptcy Court and the carrying values will be adjusted as claims are approved. Total Debt Subject to Compromise does not include accrued contractual interest of $1 million and $286 million for PG&E Corporation and the Utility, respectively, to the Petition Date. Total Debt Subject to Compromise also does not include post-petition interest of $20 million and $815 million for PG&E Corporation and the Utility, respectively, in accordance with the terms of the Noteholder RSA. See Note 2 for further details.

⁽³⁾At March 31, 2020, the contractual LIBOR-based interest rate on loans was 2.46%.

⁽⁴⁾ At March 31, 2020, the contractual LIBOR-based interest rate on the term loan was 2.18%.

⁽⁵⁾Pollution Control Bonds series 2008F and 2010E were reissued in June 2017. Although the stated maturity date for both series is 2026, these bonds have a mandatory redemption date of May 31, 2022.

⁽⁶⁾Each series of these bonds is supported by a separate direct-pay letter of credit. Following the Utility’s Chapter 11 filing, investors in these bonds drew on the letter of credit facilities. The letter of credit facility supporting the Series 2009 A-B bonds matured on June 5, 2019. In December 2015, the maturity dates of the letter of credit facilities supporting the Series 1996 C, E, F, 1997 B bonds were extended to December 1, 2020. Although the stated maturity date of these bonds 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.

⁽⁷⁾At March 31, 2020, the contractual interest rate on the letter of credit facilities supporting these bonds was 6.45%.

⁽⁸⁾At March 31, 2020, the contractual interest rate on the letter of credit facilities supporting these bonds ranged from 6.45% to 6.58%.

⁽⁹⁾ At March 31, 2020, excludes $19 million of undrawn letters of credit.

⁽¹⁰⁾At March 31, 2020, the contractual LIBOR-based interest rate on the loans was 2.26%.

⁽¹¹⁾ At March 31, 2020, the contractual LIBOR-based interest rate on the term loan was 1.58%.