Debt

9 Months Ended

Sep. 30, 2014

NOTE 4: DEBT

Senior Notes

The following senior notes were issued during 2014:

	Issuance	Principal			Maturity
(in millions)	Date	Amount			Date
PG&E Corporation
2.40% Senior Notes	February 2014	$	350	⁽¹⁾	March 1, 2019
Utility
Floating Rate Senior Notes	May 2014		300	⁽²⁾	May 11, 2015
3.75% Senior Notes	February 2014		450	⁽³⁾	February 15, 2024
3.40% Senior Notes	August 2014		350	⁽⁴⁾	August 15, 2024
4.75% Senior Notes	February 2014		450	⁽³⁾	February 15, 2044
4.75% Senior Notes	August 2014		225	⁽⁴⁾	February 15, 2044
Total senior note issuances		$	2,125

⁽¹⁾ The proceeds were used to repay the 5.75% Senior Notes, in the principal outstanding amount of $350 million.

⁽²⁾The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper.

⁽³⁾The proceeds were used to repay the 4.80% Senior Notes, in the principal outstanding amount of $539 million, to fund capital expenditures, and for general corporate purposes.

⁽⁴⁾The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper, and to fund capital expenditures.

Revolving Credit Facilities and Commercial Paper Program

In April 2014, PG&E Corporation and the Utility each extended the termination dates of their existing revolving credit facilities by one year from April 1, 2018 to April 1, 2019. PG&E Corporation and the Utility can issue commercial paper up to the maximum amounts of $300 million and $1.75 billion, respectively. PG&E Corporation and the Utility treat the amount of outstanding commercial paper as a reduction to the amount available under their respective revolving credit facilities.

The following table summarizes PG&E Corporation's and the Utility's outstanding borrowings at September 30, 2014:

					Letters of
	Termination	Facility			Credit		Commercial		Facility
(in millions)	Date	Limit			Outstanding		Paper		Availability
PG&E Corporation	April 2019	$	300	⁽¹⁾	$	-	$	-	$	300
Utility	April 2019		3,000	⁽²⁾		84		126		2,790
Total revolving
credit facilities		$	3,300		$	84	$	126	$	3,090

⁽¹⁾ Includes a $100 million sublimit for letters of credit and a $100 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days.

⁽²⁾ Includes a $1.0 billion sublimit for letters of credit and a $300 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days.

Pollution Control Bonds

At September 30, 2014, 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 0.01% to 0.03%. At September 30, 2014, the interest rates on the $309 million principal amount of pollution control bonds Series 2009 A-D and the related loan agreements ranged from 0.01% to 0.03%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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