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PG&E launches $2.66 billion of term loans at SOFR plus 300 bps
By Sara Rosenberg
New York, May 15 – PG&E Corp. was scheduled to hold a lender call at 2 p.m. ET on Monday to launch roughly $2.66 billion of term loans with price talk of SOFR plus 300 basis points with a 0.5% floor, according to a market source.
The debt is split between a roughly $1.33 billion term loan due June 2026 that is talked with an original issue discount of 99.25 and a roughly $1.33 billion term loan due June 2028 that is talked with a discount of 98.75 to 99, the source said.
Both term loans have 101 soft call protection for six months.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on May 22, the source added.
Proceeds will be used to refinance a roughly $2.67 billion term loan due June 2025.
PG&E is a San Francisco-based electric and natural gas utility.
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