DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Debtor-in-Possession Financing

The following table summarizes the Utility’s outstanding borrowings and availability under the DIP Facilities at September 30, 2019:


(in millions)	Termination Date		Aggregate Limit		Term Loan Borrowings		Revolver Borrowings		Letters of Credit Outstanding		Aggregate Availability
DIP Facilities	December 2020	(1)	$	5,500	$	1,500	$	—	$	599	$	3,401

(1) May be extended to December 2021, subject to satisfaction of certain terms and conditions, including payment of a 25 basis point extension fee.

Schedule of Debt

The following table summarizes PG&E Corporation’s and the Utility’s outstanding debt subject to compromise:


		Balance at
(in millions)	Contractual Interest Rates	September 30, 2019		December 31, 2018
Debt Subject to Compromise⁽¹⁾
PG&E Corporation
Borrowings under Pre-Petition Credit Facility
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022	variable rate⁽²⁾	$	300	$	300
Other borrowings
Term Loan - Stated Maturity: 2020	variable rate ⁽³⁾	350		350
Total PG&E Corporation Debt Subject to Compromise		650		650

Utility
Senior Notes - Stated Maturity:
2020	3.50%	800		800
2021	3.25% to 4.25%	550		550
2022	2.45%	400		400
2023	3.25% to 4.25%	1,175		1,175
2024 through 2047	2.95% to 6.35%	14,600		14,600
Unamortized discount, net of premium and debt issuance costs		—		(178)
Total Senior notes, net of premium and debt issuance costs		17,525		17,347
Pollution Control Bonds - Stated Maturity:
Series 2008 F and 2010 E, due 2026⁽⁴⁾	1.75%	100		100
Series 2009 A-B, due 2026⁽⁵⁾	variable rate ⁽⁶⁾	149		149
Series 1996 C, E, F, 1997 B due 2026⁽⁵⁾	variable rate ⁽⁷⁾	614		614
Total pollution control bonds		863		863
Borrowings under Pre-Petition Credit Facilities
Utility Revolving Credit Facilities - Stated Maturity: 2022 ⁽⁸⁾	variable rate ⁽⁹⁾	2,888		2,965
Other borrowings:
Term Loan - Stated Maturity: 2019	variable rate ⁽¹⁰⁾	250		250
Total Borrowings under Pre-Petition Credit Facility Subject to Compromise		3,138		3,215
Total Utility Debt Subject to Compromise		21,526		21,425
Total PG&E Corporation Consolidated Debt Subject to Compromise		$	22,176	$	22,075

⁽¹⁾Debt subject to compromise must be reported at the amounts expected to be allowed by the Bankruptcy Court and the carrying values will be adjusted as claims are approved. Total Utility Debt Subject to Compromise does not include $287 million of accrued contractual interest to the Petition Date. At March 31, 2019, PG&E Corporation and the Utility wrote off $178 million of unamortized debt issuance costs and debt discount to present the debt subject to compromise at the outstanding face value. The write-offs are included within long-term regulatory assets in the Condensed Consolidated Balance Sheets. See Notes 2 and 4 for further details.

⁽²⁾At September 30, 2019, the contractual LIBOR-based interest rate on loans was 3.49%.

⁽³⁾ At September 30, 2019, the contractual LIBOR-based interest rate on the term loan was 3.22%.

⁽⁴⁾Pollution Control Bonds series 2008F and 2010E were reissued in June 2017. Although the stated maturity date for both series is 2026, these bonds have a mandatory redemption date of May 31, 2022.

⁽⁵⁾Each series of these bonds is supported by a separate direct-pay letter of credit. Following the Utility’s Chapter 11 filing, investors in these bonds drew on the letter of credit facilities. The letter of credit facility supporting the Series 2009 A-B bonds matured on June 5, 2019. In December 2015, the maturity dates of the letter of credit facilities supporting the Series 1996 C, E, F, 1997 B bonds were extended to December 1, 2020. Although the stated maturity date of these bonds is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or otherwise obtains consent from the issuer to the continuation of the series without a credit facility.

⁽⁶⁾At September 30, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds was 8.20%.

⁽⁷⁾At September 30, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds ranged from 8.20% to 8.33%.

⁽⁸⁾ At September 30, 2019, excludes $23 million of undrawn letters of credit.

⁽⁹⁾At September 30, 2019, the contractual LIBOR-based interest rate on the loans was 3.29%.

⁽¹⁰⁾ At September 30, 2019, the contractual LIBOR-based interest rate on the term loan was 2.62%.