PG&E (NYSE: PCG) sells $2.2B in first mortgage bonds across three maturities
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Pacific Gas and Electric Company has issued three new series of First Mortgage Bonds totaling $2.2 billion under an Underwriting Agreement dated June 1, 2026. The Utility sold $800,000,000 of 5.050% First Mortgage Bonds due 2031, $800,000,000 of 5.600% First Mortgage Bonds due 2036, and $600,000,000 of 6.300% First Mortgage Bonds due 2056. The sale of these Mortgage Bonds was completed on June 3, 2026, with related documents such as the Thirty-Fourth Supplemental Indenture and legal opinions filed as exhibits.
Positive
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Negative
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Insights
PG&E adds $2.2B in long-dated secured debt across three bond tranches.
Pacific Gas and Electric Company issued $2.2 billion of First Mortgage Bonds with coupons between 5.050% and 6.300%, maturing in 2031, 2036, and 2056. These are secured obligations under its mortgage indenture.
The transaction locks in fixed-rate funding over staggered maturities, which can help match long-lived utility assets. At the same time, it increases gross debt and future interest payments at the stated coupon rates, with detailed covenants contained in the supplemental indenture.
Key documents include the Underwriting Agreement signed on June 1, 2026 and the Thirty-Fourth Supplemental Indenture dated June 3, 2026. Subsequent disclosures in periodic reports may provide more context on how this new debt fits into PG&E’s broader financing and refinancing plans.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
2031 First Mortgage Bonds: $800,000,000 at 5.050%
2036 First Mortgage Bonds: $800,000,000 at 5.600%
2056 First Mortgage Bonds: $600,000,000 at 6.300%
+3 more
6 metrics
2031 First Mortgage Bonds
$800,000,000 at 5.050%
Aggregate principal amount of First Mortgage Bonds due 2031
2036 First Mortgage Bonds
$800,000,000 at 5.600%
Aggregate principal amount of First Mortgage Bonds due 2036
2056 First Mortgage Bonds
$600,000,000 at 6.300%
Aggregate principal amount of First Mortgage Bonds due 2056
Total Mortgage Bonds issued
$2,200,000,000
Sum of the 2031, 2036 and 2056 First Mortgage Bonds
Underwriting Agreement date
June 1, 2026
Date Pacific Gas and Electric Company entered into the Underwriting Agreement
Supplemental Indenture date
June 3, 2026
Date of Thirty-Fourth Supplemental Indenture for the Mortgage Bonds
Key Terms
Underwriting Agreement, First Mortgage Bonds, Thirty-Fourth Supplemental Indenture, Mandatory Convertible Preferred Stock, +1 more
5 terms
Underwriting Agreement financial
"entered into an Underwriting Agreement for the issue and sale of (i) $800,000,000"
An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.
First Mortgage Bonds financial
"5.050% First Mortgage Bonds due 2031 (the “2031 Bonds”), (ii) $800,000,000"
First mortgage bonds are debt securities backed by a company’s property, granting bondholders the primary legal claim to that real estate if the issuer cannot pay. Think of them as being first in line for repayment, like a homeowner’s mortgage lender who gets paid before other creditors. For investors, this priority and the tangible collateral typically make these bonds less risky than unsecured debt, which can mean lower yields but greater protection in bankruptcy.
Thirty-Fourth Supplemental Indenture regulatory
"Thirty-Fourth Supplemental Indenture, dated as of June 3, 2026, between Pacific Gas"
Mandatory Convertible Preferred Stock financial
"6.000% Series A Mandatory Convertible Preferred Stock, no par value | | PCG-PrX"
A mandatory convertible preferred stock is a type of investment that pays regular income like a preferred share but is designed to automatically turn into a set number of common shares at a future date, much like a timed coupon that becomes company ownership. It matters to investors because it combines a near-term income stream with a guaranteed future increase in the company’s share count, which can dilute existing owners and change earnings-per-share and voting balance.
Inline XBRL technical
"Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: June 1, 2026
(Date of earliest event reported)
Commission File Number |
Exact Name of Registrant as specified in its charter |
State or Other Jurisdiction of Incorporation or Organization |
IRS Employer Identification Number | |||
 |
 | |
(Address of principal executive offices) (Zip Code) |
(Address of principal executive offices) (Zip Code) | |
( |
( | |
(Registrant’s telephone number, including area code) |
(Registrant’s telephone number, including area code) | |
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter). | Emerging growth company | PG&E Corporation | |||||
| Emerging growth company | Pacific Gas and Electric Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| PG&E Corporation | ☐ | |||
| Pacific Gas and Electric Company | ☐ |
Item 8.01. |
Other Events |
On June 1, 2026, Pacific Gas and Electric Company (the “Utility”) entered into an Underwriting Agreement for the issue and sale of (i) $800,000,000 aggregate principal amount of 5.050% First Mortgage Bonds due 2031 (the “2031 Bonds”), (ii) $800,000,000 aggregate principal amount of 5.600% First Mortgage Bonds due 2036 (the “2036 Bonds”) and (iii) $600,000,000 aggregate principal amount of 6.300% First Mortgage Bonds due 2056 (the “2056 Bonds”, together with the 2031 Bonds and the 2036 Bonds, the “Mortgage Bonds”). On June 3, 2026, the Utility completed the sale of the Mortgage Bonds. For further information concerning the Mortgage Bonds, refer to the exhibits attached to this report.
Item 9.01. |
Financial Statements and Exhibits |
(d) Exhibits.
Exhibit No. |
Description | |
1.1 |
Underwriting Agreement, dated as of June 1, 2026, by and among Pacific Gas and Electric Company, BNP Paribas Securities Corp., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC | |
4.1 |
Thirty-Fourth Supplemental Indenture, dated as of June 3, 2026, between Pacific Gas and Electric Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (including the forms of the Mortgage Bonds) | |
5.1 |
Opinion of Hunton Andrews Kurth LLP, dated June 3, 2026 | |
23.1 |
Consent of Hunton Andrews Kurth LLP (included in Exhibit 5.1 above) | |
104 |
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
PG&E CORPORATION | ||||||
| Date: June 3, 2026 | By: | /s/ Carolyn J. Burke | ||||
| Name: | Carolyn J. Burke | |||||
| Title: | Executive Vice President and Chief Financial Officer | |||||
PACIFIC GAS AND ELECTRIC COMPANY | ||||||
| Date: June 3, 2026 | By: | /s/ Stephanie N. Williams | ||||
| Name: | Stephanie N. Williams | |||||
| Title: | Vice President, Chief Financial Officer and Controller | |||||
FAQ
What new bonds did PG&E (PCG) issue in June 2026?
Pacific Gas and Electric Company issued three First Mortgage Bond series: $800M of 5.050% bonds due 2031, $800M of 5.600% bonds due 2036, and $600M of 6.300% bonds due 2056, providing $2.2B of fixed-rate secured funding.
When did PG&E (PCG) sign the underwriting agreement for the new bonds?
The Utility signed the Underwriting Agreement on June 1, 2026. This agreement covered the issuance and sale of the three First Mortgage Bond tranches totaling $2.2 billion to an underwriting group led by several major securities firms.
When was the sale of PG&E’s new First Mortgage Bonds completed?
The sale of the Mortgage Bonds was completed on June 3, 2026. On that date, Pacific Gas and Electric Company finalized issuance of all three bond tranches, and related documents such as the supplemental indenture and legal opinions were executed.
What are the interest rates on PG&E’s new First Mortgage Bonds?
The new First Mortgage Bonds carry coupons of 5.050% for the 2031 Bonds, 5.600% for the 2036 Bonds, and 6.300% for the 2056 Bonds. These fixed rates determine the Utility’s annual interest payments on each respective tranche.