PG&E enters into $350 million two-year unsecured term loan via Mizuho

By Tali Rackner

Minneapolis, April 16 – PG&E Corp. obtained a $350 million unsecured term loan on Monday under a loan agreement with Mizuho Bank, Ltd. as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The term loan matures on April 16, 2020, unless extended.

Interest is equal to Libor plus 100 basis points to 120 bps, depending on the company’s credit ratings.

The term loan agreement requires that PG&E maintain a maximum ratio of total consolidated debt to total consolidated capitalization of 0.65 times as of the end of each fiscal quarter.

Proceeds will be used for general corporate purposes, including repaying a portion of the company’s outstanding debt.

Mizuho Bank, Royal Bank of Canada and Sumitomo Mitsui Banking Corp. acted as joint lead arrangers and bookrunners on the facility.

The company provides electric and natural gas services through its subsidiaries and is based in San Francisco.

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