Here are the 424B prospectus supplements from PG&E Corporation (PCG) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow PCG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PCG filings page.
PG&E Corporation is offering $1,000,000,000 aggregate principal amount of 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056. The Notes bear interest at 6.850% through the first reset on September 15, 2031, then at a Five‑year U.S. Treasury Rate plus a 3.225% spread (with a floor of 6.850%) and mature on September 15, 2056.
The Notes accrue interest from February 19, 2026, are payable semi‑annually, may be deferred by PG&E for Optional Deferral Periods of up to 20 semi‑annual periods, are unsecured and subordinated to PG&E Corporation’s Senior Indebtedness, and will not be listed. Net proceeds are expected to be $990,000,000 and used for general corporate purposes, including repayment of indebtedness.
PG&E Corporation is offering Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 as a new unsecured, subordinated security. The notes pay a fixed interest rate from issuance to September 15, 2031, then reset every five years to the Five-year U.S. Treasury Rate plus a stated spread, with a floor at the initial rate.
PG&E may defer interest payments for up to 20 consecutive semi-annual periods, during which interest and deferred amounts continue to compound. The notes are junior to $5.65 billion of PG&E senior indebtedness and structurally subordinated to $43.35 billion of Utility debt and $252 million of Utility preferred stock as of December 31, 2025. Net proceeds will be used for general corporate purposes, including repayment of existing indebtedness.
In 2025 PG&E reported total operating revenues of $24,935 million and net income of $2,703 million, with total assets of $141,611 million and total equity of $32,792 million as of December 31, 2025.