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PG&E launches $750 million term loan B at SOFR plus 275-300 bps
By Sara Rosenberg
New York, Nov. 30 – PG&E Corp. was scheduled to hold a lender call at 1:30 p.m. ET on Thursday to launch a $750 million term loan B due June 2027 that is talked at SOFR plus 275 basis points to 300 bps with a 0.5% floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on Monday, the source added.
Proceeds will be used to extend an existing term loan B from June 23, 2025.
The existing term loan B is sized at about $2.66 billion, but a portion of the debt is being repaid with proceeds from a $1.9 billion convertible senior secured notes offering.
The company said in a recent press release that it intends to use the net proceeds from the convertibles offering plus cash on hand to prepay $1.9 billion of the term loan B, and may prepay another up to $250 million of the term loan B if the initial purchasers exercise their option to purchase additional convertible notes.
The sale of the convertible notes is expected to close on Monday.
PG&E is an Oakland, Calif.-based energy company.
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