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PG&E finalizes $2.74 billion term loan at Libor plus 300 bps
By Sara Rosenberg
New York, Jan. 29 – PG&E Corp. firmed pricing on its $2.736 billion term loan at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.
The term loan still has a 0.5% Libor floor and a par issue price.
J.P. Morgan Securities LLC is the lead on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 450 bps with a 1% Libor floor.
PG&E is a San Francisco-based electric and natural gas utility.
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