DEBT

Revolving Credit Facilities and Commercial Paper Program

The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings under their revolving credit facilities and commercial paper programs at March 31, 2018:



(in millions)	Termination Date	Facility Limit			Letters of Credit Outstanding		Commercial Paper		Facility Availability
PG&E Corporation	April 2022	$	300	⁽¹⁾	$	—	$	121	$	179
Utility	April 2022	3,000		⁽²⁾	48		97		2,855
Total revolving credit facilities		$	3,300		$	48	$	218	$	3,034

⁽¹⁾ Includes a $50 million lender commitment to the letter of credit sublimit and a $100 million commitment for swingline loans defined as loans that are made available on a same-day basis and are repayable in full within 7 days.

⁽²⁾ Includes a $500 million lender commitment to the letter of credit sublimit and a $75 million commitment for swingline loans.

Other Short-term Borrowings

In February 2018, the Utility’s $250 million floating rate unsecured term loan, issued in February 2017, matured and was repaid. Additionally, in February 2018, the Utility entered into a $250 million floating rate unsecured term loan that will mature on February 22, 2019. The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility’s outstanding commercial paper.

Long-term Debt Issuances and Redemptions

In January 2018, the Utility sent a notice of redemption to redeem all $400 million aggregate principal amount of the 8.25% Senior Notes due October 15, 2018. On January 31, 2018, the Utility deposited with the trustee funds sufficient to effect the early redemption of these bonds and satisfy and discharge its remaining obligation of $400 million on February 18, 2018.

In April 2018, PG&E Corporation entered into a $350 million floating rate unsecured term loan. The term loan matures on April 16, 2020, unless extended by PG&E Corporation pursuant to the terms of the term loan agreement. The proceeds were used for general corporate purposes, including the early redemption of PG&E Corporation's outstanding $350 million principal amount of 2.40% Senior Notes due March 1, 2019. On April 16, 2018, PG&E Corporation issued a notice of early redemption of these bonds, with a redemption date of April 26, 2018.

Variable Rate Interest

At March 31, 2018, the interest rates on the $614 million principal amount of pollution control bonds Series 1996 C, E, F, and 1997 B and the related loan agreements ranged from 1.52% to 1.65%. At March 31, 2018, the interest rates on the $149 million principal amount of pollution control bonds Series 2009 A and B, and the related loan agreements, were 1.60%.