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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: November 30, 2022
(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
1-12609
  
PG&E CORPORATION
  
California
   
94-3234914
1-2348
  
PACIFIC GAS AND ELECTRIC COMPANY
  
California
   
94-0742640
333-256944-01
  
PG&E RECOVERY FUNDING LLC
  
Delaware
   
87-1047820
 
LOGO   LOGO  
PG&E RECOVERY FUNDING LLC
77 Beale Street
P.O. Box 770000
San Francisco, California 94177
  
77 Beale Street
P.O. Box 770000
San Francisco, California 94177
  
C/O Pacific Gas and Electric Company
77 Beale Street
P.O. Box 770000
San Francisco, California 94177
(Address of principal executive offices) (Zip Code)
  
(Address of principal executive offices) (Zip Code)
  
(Address of principal executive offices) (Zip Code)
(415)
973-1000
  
(415)
973-7000
  
(415)
973-7000
(Registrant’s telephone number, including area 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
Common stock, no par value
  
PCG
  
The New York Stock Exchange
Equity Uni
ts
  
PCGU
  
The New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 5% series A redeemabl
e
  
PCG-PE
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable
  
PCG-PD
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
  
PCG-PG
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
  
PCG-PH
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
  
PCG-PI
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
  
PCG-PA
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
  
PCG-PB
  
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
  
PCG-PC
  
NYSE American LLC
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
  
☐
Emerging growth company                
  
PG&E Recovery Funding LLC
  
☐
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      
   ☐
PG&E Recovery Funding LLC
   ☐
 
 
 
Item 8.01.
Other Events
On November 30, 2022, PG&E Recovery Funding LLC (the “
Issuing Entity
”) issued $983,362,000 aggregate principal amount of Senior Secured Recovery Bonds, Series
2022-A
(the “
Recovery Bonds
”), pursuant to an Indenture and Series Supplement, each dated as of November 30, 2022, which are annexed hereto as Exhibits 4.1 and 4.2, respectively. The Recovery Bonds were offered pursuant to the Prospectus dated November 18, 2022. In connection with this issuance of the Recovery Bonds, the Issuing Entity and Pacific Gas and Electric Company (the “
Utility
”) entered into the Recovery Property Servicing Agreement, the Recovery Property Purchase and Sale Agreement and the Administration Agreement, each dated as of November 18, 2022, which are annexed hereto as Exhibits 10.1, 10.2 and 10.3, respectively.
 
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit
No.
   
Description
  4.1    Indenture between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A., dated as of November 30, 2022
  4.2    Series Supplement between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. (including forms of the Recovery Bonds), dated as of November 30, 2022
  5.1    Opinion of Hunton Andrews Kurth LLP with respect to legality
  8.1    Opinion of Hunton Andrews Kurth LLP with respect to tax matters
10.1    Recovery Property Servicing Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated as of November 30, 2022
10.2    Recovery Property Purchase and Sale Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, dated as of November 30, 2022
10.3    Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated as of November 30, 2022
23.1    Consent of Hunton Andrews Kurth LLP (included as part of its opinions filed as Exhibit 5.1 and Exhibit 8.1)
99.1    Opinion of Hunton Andrews Kurth LLP with respect to U.S. and California constitutional matters
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
    By:  
/s/ Christopher A. Foster
      Christopher A. Foster
Dated: November 30, 2022       Executive Vice President and Chief Financial Officer
   
PACIFIC GAS AND ELECTRIC COMPANY
    By:  
/s/ David S. Thomason
      David S. Thomason
Dated: November 30, 2022       Vice President, Chief Financial Officer and Controller
   
PG&E RECOVERY FUNDING LLC
    By:  
/s/ Margaret K. Becker
      Margaret K. Becker
Dated: November 30, 2022       President