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PG&E set spread on $2 billion DIP term loan at Libor plus 225 bps
By Sara Rosenberg
New York, Jan. 29 – PG&E Corp. finalized pricing on its $2 billion debtor-in-possession term loan at Libor plus 225 basis points, the low end of revised talk of Libor plus 225 bps to 250 bps and tight of initial talk in the range of Libor plus 250 bps to 275 bps, according to a market source.
The DIP term loan still has a 0% Libor floor and an original issue discount of 99.5.
Of the total DIP term loan amount, $500 million is delayed-draw.
J.P. Morgan Securities LLC is the left lead on the deal.
Proceeds will be used for general corporate purposes and working capital.
PG&E is a San Francisco-based electric and natural gas utility. The company filed for Chapter 11 on Tuesday and the case number is 19-30088.
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