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PG&E obtains waiver extension, repays term A
New York, Aug. 30 - PG&E Corp. said it obtained an additional extension of the waiver on its credit facility and repaid the term A portion of its loan with lenders led by General Electric Capital Corp.
The new waiver applies to the $420 million tranche B of PG&E's $1.02 billion term loan and runs through Oct. 4. It had previously been set to expire on Aug. 30.
The waiver covers among other things the requirement that PG&E National Energy Group maintain an investment-grade rating from either Standard & Poor's or Moody's Investors Service.
Standard & Poor's downgraded PG&E National Energy to junk on July 31 and Moody's Investors Service followed on Aug. 5.
PG&E also said it paid $606 million of principal and interest to fully retire its term A loan.
At the end of the third quarter, PG&E expects to have $200 million of cash including reserves required under its credit facility.
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