DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Debtor-in-Possession Financing

The following table summarizes the Utility’s outstanding borrowings and availability under the DIP Facilities at June 30, 2020:


(in millions)	Termination Date	Aggregate Limit		Term Loan Borrowings		Revolver Borrowings		Letters of Credit Outstanding		Aggregate Availability
DIP Facilities	December 2020	$	5,500	$	2,000	$	—	$	904	$	2,596

Schedule of Debt

The following table summarizes PG&E Corporation’s and the Utility’s debt:


		Balance at
(in millions)	Contractual Interest Rates	June 30, 2020		December 31, 2019		Treatment under Plan on the Effective Date ⁽¹⁾
Pre-Petition Debt⁽²⁾
PG&E Corporation
Borrowings under Pre-Petition Credit Facility
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022	variable rate⁽³⁾	$	300	$	300	Repaid in cash ⁽¹²⁾
Other borrowings
Term Loan - Stated Maturity: 2020	variable rate ⁽⁴⁾	350		350		Repaid in cash ⁽¹²⁾
Less: current portion ⁽⁵⁾		(650)		—
Total PG&E Corporation Pre-Petition Long-Term Debt, net of current portion		—		650

Utility
Senior Notes - Stated Maturity:
2020 through 2022	2.45% to 4.25%	1,750		1,750		Exchanged ⁽¹³⁾
2023 through 2028	2.95% to 4.65%	5,025		5,025		Reinstated ⁽¹⁴⁾
2034 through 2040	5.40% to 6.35%	5,700		5,700		Exchanged ⁽¹⁵⁾
2041 through 2042	3.75% to 4.50%	1,000		1,000		Reinstated ⁽¹⁴⁾
2043	5.13%	500		500		Exchanged ⁽¹⁵⁾
2043 through 2047	3.95% to 4.75%	3,550		3,550		Reinstated ⁽¹⁴⁾
Total Pre-Petition Senior Notes		17,525		17,525
Pollution Control Bonds - Stated Maturity:
Series 2008 F and 2010 E, due 2026	1.75%	100		100		Repaid in cash ⁽¹²⁾
Series 2009 A-B, due 2026	variable rate ⁽⁶⁾	149		149		Exchanged ⁽¹⁶⁾
Series 1996 C, E, F, 1997 B due 2026	variable rate ⁽⁷⁾	614		614		Exchanged ⁽¹⁶⁾
Less: current portion ⁽⁵⁾		(100)		—
Total Pre-Petition Pollution Control Bonds, net of current portion		763		863
Borrowings under Pre-Petition Credit Facilities
Utility Revolving Credit Facilities - Stated Maturity: 2022	variable rate ⁽⁸⁾	2,888		2,888		Exchanged ⁽¹⁶⁾
Other borrowings:
Term Loan - Stated Maturity: 2019	variable rate ⁽⁹⁾	250		250		Exchanged ⁽¹⁶⁾
Total Borrowings under Pre-Petition Credit Facility		3,138		3,138
Total Utility Pre-Petition Debt, net of current portion		21,426		21,526
Total PG&E Corporation Consolidated Pre-Petition Debt, net of current portion		$	21,426	$	22,176

New Debt
PG&E Corporation
Term Loan - Stated Maturity: 2025	variable rate ⁽¹⁰⁾	$	2,750	$	—
Senior Secured Notes due 2028	5.00%	1,000		—
Senior Secured Notes due 2030	5.25%	1,000		—
Unamortized discount, net of premium and debt issuance costs		(93)		—
Total PG&E Corporation New Debt		4,657		—


Utility
First Mortgage Bonds - Stated Maturity:
2022	variable rate ⁽¹¹⁾	500		—
2022	1.75%	2,500		—
2027	2.10%	1,000		—
2031	2.50%	2,000		—
2040	3.30%	1,000		—
2050	3.50%	1,925		—
Unamortized discount, net of premium and debt issuance costs		(88)		—
Total Utility New Debt		8,837		—
Total PG&E Corporation Consolidated New Debt		$	13,494	$	—

Total Utility Long-Term Debt		$	30,263
Total PG&E Corporation Consolidated Long-Term Debt		$	34,920

⁽¹⁾The treatments of pre-petition debt under the Plan, described in this column relate only to the treatment of principal amounts and not pre-petition or post-petition interest. See “Restructuring Support Agreement with the Ad Hoc Noteholder Committee” in Note 2.

⁽²⁾As of December 31, 2019, debt subject to compromise was reported at the amounts expected to be allowed by the Bankruptcy Court. As of June 30, 2020, this debt is no longer subject to compromise. Total Pre-Petition Debt does not include accrued contractual interest of $280 million for the Utility to the Petition Date. Total Pre-Petition Debt also does not include post-petition interest of $25 million and $986 million for PG&E Corporation and the Utility, respectively, in accordance with the terms of the Noteholder RSA. See Note 2 for further details.

⁽³⁾At June 30, 2020, the contractual LIBOR-based interest rate on loans was 1.64%.

⁽⁴⁾ At June 30, 2020, the contractual LIBOR-based interest rate on the term loan was 1.37%.

⁽⁵⁾ At June 30, 2020, the amount outstanding under PG&E Corporation’s Revolving Credit Facilities were reclassified to “Short-term borrowings” on the Condensed Consolidated Balance Sheet. At June 30, 2020, the amounts outstanding under PG&E Corporation’s Term Loan and the Utility’s Series 2008 F and 2010 E Pollution Control Bonds were reclassified to “Long-term debt, classified as current” on the Condensed Consolidated Balance Sheets.

⁽⁶⁾At June 30, 2020, the contractual interest rate on the letter of credit facilities supporting these bonds was 6.45%.

⁽⁷⁾At June 30, 2020, the contractual interest rate on the letter of credit facilities supporting these bonds ranged from 6.45% to 6.58%.

⁽⁸⁾At June 30, 2020, the contractual LIBOR-based interest rate on the loans was 1.44%.

⁽⁹⁾ At June 30, 2020, the contractual LIBOR-based interest rate on the term loan was 0.77%.

⁽¹⁰⁾At June 30, 2020, the contractual LIBOR-based interest rate on the loans was 5.50%

⁽¹¹⁾At June 30, 2020, the contractual LIBOR-based interest rate on the first mortgage bonds was 1.80%

⁽¹²⁾ In accordance with the Plan, these borrowings were repaid in cash on July 1, 2020.

⁽¹³⁾ In accordance with the Plan, on July 1, 2020, the Utility issued $875 million aggregate principal amount of 3.45% first mortgage bonds due 2025 and $875 million aggregate principal amount of 3.75% first mortgage bonds due 2028, in satisfaction of these Senior Notes.

⁽¹⁴⁾ In accordance with the Plan, these Senior Notes were reinstated on July 1, 2020.

⁽¹⁵⁾ In accordance with the Plan, on July 1, 2020, the Utility issued $3.1 billion aggregate principal amount of 4.55% first mortgage bonds due 2030 and $3.1 billion aggregate principal amount of 4.95% first mortgage bonds due 2050, in satisfaction of these Senior Notes.

⁽¹⁶⁾ In accordance with the Plan, on July 1, 2020, the Utility issued $1.95 billion aggregate principal amount of 3.15% first mortgage bonds due 2026 and $1.95 billion aggregate principal amount of 4.50% first mortgage bonds due 2040, in satisfaction of these pre-petition liabilities.