PG&E (NYSE: PCG) extends $6.25B utility credit line and adds collateral terms
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
PG&E Corporation and Pacific Gas and Electric Company amended their main revolving credit agreements to extend maturities and adjust terms.
The utility subsidiary’s revolving credit agreement now has a maturity date of June 20, 2031 and aggregate lender commitments increased from $5,400,000,000 to $6,250,000,000, with revised interest rate and commitment fee pricing grids. The parent corporation’s revolving credit agreement maturity was extended to June 22, 2029, with similar pricing grid changes and new collateral release terms.
Under these collateral terms, the lien on collateral will be released if PG&E Corporation holds senior unsecured investment grade credit ratings from at least two rating agencies, no Event of Default exists, and it has no more than $250,000,000 of secured indebtedness for borrowed money (other than loans under that facility) outstanding; the lien will be reinstated automatically if these conditions are no longer met.
Positive
- None.
Negative
- None.
Insights
PG&E extends revolving credit maturity, ups utility facility size, and adds rating-linked collateral terms.
The utility subsidiary increased aggregate commitments under its revolving credit agreement from $5,400,000,000 to $6,250,000,000 and pushed final maturity to June 20, 2031. These changes affect available committed bank financing and the tenor of that support.
At the parent level, the revolving credit agreement now matures on June 22, 2029 and includes revised interest and fee grids plus collateral release terms tied to senior unsecured investment grade ratings from at least two agencies and a cap of $250,000,000 of other secured indebtedness. The lien automatically reinstates if ratings or secured debt levels fall outside those conditions, so the security package depends on future ratings and funding choices.
8-K Event Classification
3 items: 1.01, 8.01, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
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
Utility facility prior commitments: $5,400,000,000
Utility facility new commitments: $6,250,000,000
Utility facility maturity: June 20, 2031
+3 more
6 metrics
Utility facility prior commitments
$5,400,000,000
Aggregate commitments under Utility Revolving Credit Agreement before Amendment No. 6
Utility facility new commitments
$6,250,000,000
Aggregate commitments after June 22, 2026 amendment
Utility facility maturity
June 20, 2031
New maturity date of Utility Revolving Credit Agreement
Corporate facility maturity
June 22, 2029
New maturity date of Corporation Revolving Credit Agreement
Secured debt threshold
$250,000,000
Maximum other secured indebtedness for collateral release conditions
Amendment number
No. 6
Both utility and corporation credit agreements amended via Amendment No. 6
Key Terms
Material Definitive Agreement, Revolving Credit Agreement, interest rate pricing grid, commitment fee pricing grid, +2 more
6 terms
Material Definitive Agreement regulatory
"Item 1.01. Entry into a Material Definitive Agreement On June 22, 2026"
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Revolving Credit Agreement financial
"as amended by the Utility Amendment, the “Utility Revolving Credit Agreement”"
A revolving credit agreement is a flexible loan arrangement where a borrower can borrow, repay, and borrow again up to a set limit, similar to a credit card. It matters because it gives businesses or individuals quick access to funds whenever needed, helping manage cash flow and cover expenses without applying for a new loan each time.
interest rate pricing grid financial
"and (iii) modify both the interest rate pricing grid and commitment fee pricing grid"
commitment fee pricing grid financial
"modify both the interest rate pricing grid and commitment fee pricing grid"
collateral release terms financial
"and (iii) add collateral release terms. Pursuant to the collateral release terms, the lien"
secured indebtedness financial
"has not more than $250,000,000 of secured indebtedness for borrowed money"
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 22, 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 1.01. Entry into a Material Definitive Agreement
On June 22, 2026, Pacific Gas and Electric Company, the several banks and other financial institutions or entities party thereto from time to time and Citibank, N.A., as administrative agent and designated agent, entered into Amendment No. 6 to Credit Agreement (the “Utility Amendment”) that amended that certain Credit Agreement, dated as of July 1, 2020 (as previously amended and as amended by the Utility Amendment, the “Utility Revolving Credit Agreement”). The Utility Revolving Credit Agreement was amended to, among other things, (i) extend the maturity date of such agreement to June 20, 2031, (ii) increase the aggregate commitments provided by the lenders thereunder from $5,400,000,000 to $6,250,000,000 and (iii) modify both the interest rate pricing grid and commitment fee pricing grid.
The foregoing description of the Utility Amendment and the Utility Revolving Credit Agreement is qualified in its entirety by reference to the full text of the Utility Amendment and the Utility Revolving Credit Agreement, which are attached as Exhibit 10.1 hereto and incorporated by reference herein.
Item 8.01. Other Events
On June 22, 2026, PG&E Corporation, the several banks and other financial institutions or entities party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent, entered into Amendment No. 6 to Credit Agreement (the “Corporation Amendment”) that amended that certain Credit Agreement, dated as of July 1, 2020 (as previously amended and as amended by the Corporation Amendment, the “Corporation Revolving Credit Agreement”). The Corporation Revolving Credit Agreement was amended to, among other things, (i) extend the maturity date of such agreement to June 22, 2029, (ii) modify both the interest rate pricing grid and commitment fee pricing grid and (iii) add collateral release terms. Pursuant to the collateral release terms, the lien on the collateral securing the obligations under the Corporation Revolving Credit Agreement will be released if PG&E Corporation receives senior unsecured investment grade credit ratings from at least two rating agencies, no Event of Default exists under the Corporation Revolving Credit Agreement and PG&E Corporation has not more than $250,000,000 of secured indebtedness for borrowed money (other than loans under the Corporation Revolving Credit Agreement) then outstanding. The lien will be reinstated automatically if either PG&E Corporation fails to maintain investment grade credit ratings from at least two agencies or has more than $250,000,000 of secured indebtedness for borrowed money (other than loans under the Corporation Revolving Credit Agreement) outstanding.
The foregoing description of the Corporation Amendment and the Corporation Revolving Credit Agreement is qualified in its entirety by reference to the full text of the Corporation Amendment and the Corporation Revolving Credit Agreement, which are attached as Exhibit 10.2 hereto and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. |
Description | |
| 10.1 | Amendment No. 6 to Credit Agreement, dated as of June 22, 2026, among Pacific Gas and Electric Company, the several banks and other financial institutions or entities party thereto from time to time and Citibank, N.A., as administrative agent and designated agent | |
| 10.2 | Amendment No. 6 to Credit Agreement, dated as of June 22, 2026, among PG&E Corporation, the several banks and other financial institutions or entities party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent | |
| 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 23, 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 23, 2026 | By: | /s/ Stephanie N. Williams | ||||
| Name: Stephanie N. Williams | ||||||
| Title: Vice President, Chief Financial Officer and Controller | ||||||