DEBT (Tables)

9 Months Ended

Sep. 30, 2020

The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities at September 30, 2020:


(in millions)	Termination Date	Facility Limit			Borrowings Outstanding		Letters of Credit Outstanding		Facility Availability
Utility revolving credit facility	July 2023	$	3,500	(1)	$	940	$	852	$	1,708
Utility term loan credit facility	Various(2)	3,000			3,000		—		—
PG&E Corporation revolving credit facility	July 2023	500			—		—		500
Total credit facilities		$	7,000		$	3,940	$	852	$	2,208

(1) Includes a $1.5 billion letter of credit sublimit.

(2) This includes a $1.5 billion term loan credit facility with a termination date of June 2021 and a $1.5 billion term loan credit facility due January 2022.

Schedule of Debt

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


		Balance at
(in millions)	Contractual Interest Rates (3)	September 30, 2020		December 31, 2019		Treatment under Plan on the Effective Date (1)
Pre-Petition Debt (2)
PG&E Corporation
Borrowings under Pre-Petition Credit Facility
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022	variable rate (4)	$	—	$	300	Repaid in cash (13)
Other borrowings
Term Loan - Stated Maturity: 2020	variable rate (5)	—		350		Repaid in cash (12)
Total PG&E Corporation Pre-Petition Long-Term Debt		—		650

Utility
Senior Notes - Stated Maturity:
2020 through 2022	2.45% to 4.25%	—		1,750		Exchanged (14)
2023 through 2028	2.95% to 4.65%	—		5,025		Reinstated (15)
2034 through 2040	5.40% to 6.35%	—		5,700		Exchanged (16)
2041 through 2042	3.75% to 4.50%	—		1,000		Reinstated (15)
2043	5.13%	—		500		Exchanged (16)
2043 through 2047	3.95% to 4.75%	—		3,550		Reinstated (15)
Total Pre-Petition Senior Notes		—		17,525
Pollution Control Bonds - Stated Maturity:
Series 2008 F and 2010 E, due 2026	1.75%	—		100		Repaid in cash (13)
Series 2009 A-B, due 2026	variable rate (6)	—		149		Exchanged (17)
Series 1996 C, E, F, 1997 B due 2026	variable rate (7)	—		614		Exchanged (17)
Total Pre-Petition Pollution Control Bonds		—		863
Borrowings under Pre-Petition Credit Facilities
Utility Revolving Credit Facilities - Stated Maturity: 2022	variable rate (8)	—		2,888		Exchanged (17)
Other borrowings:
Term Loan - Stated Maturity: 2019	variable rate (9)	—		250		Exchanged (17)
Total Borrowings under Pre-Petition Credit Facility		—		3,138
Total Utility Pre-Petition Debt		—		21,526
Total PG&E Corporation Consolidated Pre-Petition Debt		$	—	$	22,176

New Long-Term Debt
PG&E Corporation
Term Loan - Stated Maturity: 2025	variable rate (10)	$	2,743	$	—
Senior Secured Notes due 2028	5.00%	1,000		—
Senior Secured Notes due 2030	5.25%	1,000		—
Unamortized discount, net of premium and debt issuance costs		(89)		—
Total PG&E Corporation New Long-Term Debt		4,654		—


Utility
Pre-Petition Senior Notes Reinstated as First Mortgage Bonds - Stated Maturity:
2023 through 2028	2.95% to 4.65%	5,025		—
2041 through 2042	3.75% to 4.50%	1,000		—
2043 through 2047	3.95% to 4.75%	3,550		—
Unamortized discount, net of premium and debt issuance costs		—		—
Total Utility Reinstated New Long-Term Debt		9,575		—
Pre-Petition Debt Exchanged for First Mortgage Bonds - Stated Maturity:
2025	3.45%	875		—
2026	3.15%	1,951		—
2028	3.75%	875		—
2030	4.55%	3,100		—
2040	4.50%	1,951		—
2050	4.95%	3,100		—
Unamortized discount, net of premium and debt issuance costs		(101)		—
Total Utility Exchanged New Long-Term Debt		11,751		—
New First Mortgage Bonds - Stated Maturity:
2022	variable rate (11)	500		—
2022	1.75%	2,500		—
2027	2.10%	1,000		—
2031	2.50%	2,000		—
2040	3.30%	1,000		—
2050	3.50%	1,925		—
Unamortized discount, net of premium and debt issuance costs		(87)		—
Total Utility New First Mortgage Bonds		8,838		—
Utility 18-Month Term Loan	variable rate (12)	1,500		—
Unamortized discount, net of premium and debt issuance costs		(7)		—
Total Utility New Long-Term Debt		31,657		—
Total PG&E Corporation Consolidated New Long-Term Debt		$	36,311	$	—

(1) The treatments of pre-petition debt under the Plan, as described in this column, relate only to the treatment of principal amounts and not pre-petition or post-petition interest. See “Plan of Reorganization and Restructuring Support Agreements” in Note 2.

(2) As of December 31, 2019, pre-petition debt was reported at the amounts expected to be allowed by the Bankruptcy Court.

(3) The contractual interest rates for pre-petition debt and new debt are presented as of December 31, 2019 and September 30, 2020, respectively.

(4) At December 31, 2019, the contractual LIBOR-based interest rate on loans was 3.24%.

(5) At December 31, 2019, the contractual LIBOR-based interest rate on the term loan was 2.96%.

(6) At December 31, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds was 7.95%.

(7) At December 31, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds ranged from 7.95% to 8.08%.

(8) At December 31, 2019, the contractual LIBOR-based interest rate on the loans was 3.04%.

(9) At December 31, 2019, the contractual LIBOR-based interest rate on the term loan was 2.36%.

(10) At September 30, 2020, the contractual LIBOR-based interest rate on the loans was 5.50%.

(11) At September 30, 2020, the contractual LIBOR-based interest rate on the first mortgage bonds was 1.72%.

(12) At September 30, 2020, the contractual LIBOR-based interest rate on the first mortgage bonds was 2.44%.

(13) In accordance with the Plan, these borrowings were repaid in cash on July 1, 2020.

(14) In accordance with the Plan, on July 1, 2020, the Utility issued $875 million aggregate principal amount of 3.45% first mortgage bonds due 2025 and $875 million aggregate principal amount of 3.75% first mortgage bonds due 2028, in satisfaction of these Senior Notes. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above.

(15) In accordance with the Plan, these Senior Notes were reinstated (and secured by First Mortgage Bonds) on July 1, 2020. See “Pre-Petition Senior Notes Reinstated (and secured by First Mortgage Bonds)” in the table above.

(16) In accordance with the Plan, on July 1, 2020, the Utility issued $3.1 billion aggregate principal amount of 4.55% first mortgage bonds due 2030 and $3.1 billion aggregate principal amount of 4.95% first mortgage bonds due 2050, in satisfaction of these Senior Notes. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above.

(17) In accordance with the Plan, on July 1, 2020, the Utility issued $1.95 billion aggregate principal amount of 3.15% first mortgage bonds due 2026 and $1.95 billion aggregate principal amount of 4.50% first mortgage bonds due 2040, in satisfaction of these pre-petition liabilities. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above.