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 September 30, 2018:



(in millions)	Termination Date	Facility Limit			Letters of Credit Outstanding		Borrowings		Facility Availability
PG&E Corporation	April 2022	$	300	⁽¹⁾	$	—	$	—	$	300
Utility	April 2022	3,000		⁽²⁾	87		—		2,913
Total revolving credit facilities		$	3,300		$	87	$	—	$	3,213

⁽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

During the first quarter of 2018, the Utility satisfied and discharged its remaining obligation of $400 million aggregate principal amount of the 8.25% Senior Notes due October 15, 2018.

In April 2018, PG&E Corporation entered into a $350 million floating rate unsecured term loan. The term loan will mature 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 26, 2018, PG&E Corporation completed the early redemption of these bonds, which satisfied and discharged its remaining obligation of $350 million.

In August 2018, the Utility issued $500 million principal amount of 4.25% Senior Notes due August 1, 2023 and $300 million principal amount of 4.65% Senior Notes due August 1, 2028. The proceeds will be used to repay $500 million floating rate Senior Notes due November 28, 2018, to repay a $250 million term loan maturing on February 22, 2019 and for general corporate purposes.

Variable Rate Interest

At September 30, 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 1.55% to 1.68%. At September 30, 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%.