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PG&E 8-K Report, Corporate Update (Oct 2, 2025)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed October 2, 2025
Period End
September 30, 2025
In the record · 2016–202610-K1310-Q338-K367

PCG filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 367 current reports (8-K) between 2016 and 2026.

  1. Bankruptcy8-K · Jan ’19Jan ’19
  2. Material agreement8-K · Oct ’20Oct ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed October 2, 2025. Cited figures are marked; the original filing is the authoritative source.

On October 2, 2025, Pacific Gas and Electric Company (the "Utility"), a subsidiary of PG&E Corporation, completed the sale of three series of First Mortgage Bonds under an Underwriting Agreement dated September 30, 2025.

The offering comprised $400,000,000a of 5.000% First Mortgage Bonds due 2028, $850,000,000 of 5.050% First Mortgage Bonds due 2032, and $750,000,000 of 6.100% First Mortgage Bonds due 2055, for total aggregate principal of $2.00 billion. The 2028 Bonds are part of the same series the Utility issued on June 4, 2025. Following this offering, the aggregate principal amount of outstanding 2028 Bonds is $800,000,000.

The filing attaches the Underwriting Agreement with Barclays Capital Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc. and RBC Capital Markets, LLC, a Thirty-First Supplemental Indenture covering the 2032 and 2055 Bonds, and an opinion of Hunton Andrews Kurth LLP. The filing is a debt financing disclosure under Item 8.01 and Item 9.01. It does not describe the use of proceeds, and it contains no earnings, guidance, or other operating information.

02—Key points

Key Highlights

  1. Pacific Gas and Electric Company completed the sale of $2.00 billion of First Mortgage Bonds on October 2, 2025, under an Underwriting Agreement dated September 30, 2025.
  2. The offering included $400 million of 5.000% bonds due 2028, $850 million of 5.050% bonds due 2032, and $750 million of 6.100% bonds due 2055.
  3. The 2028 Bonds are part of a series first issued June 4, 2025; outstanding 2028 Bonds will total $800 million after this offering.
  4. The 2032 and 2055 Bonds were issued under a Thirty-First Supplemental Indenture dated October 2, 2025, with The Bank of New York Mellon Trust Company, N.A. as trustee.
  5. Barclays Capital Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc. and RBC Capital Markets, LLC are named as underwriters.
  6. Hunton Andrews Kurth LLP provided a legal opinion dated October 2, 2025, on the bonds.
  7. The filing does not state the use of proceeds for the offering.

03—Questions

Frequently Asked Questions

  1. How much debt did the Utility raise in this offering?

    The Utility sold $400 million of 2028 Bonds, $850 million of 2032 Bonds and $750 million of 2055 Bonds, for total aggregate principal of $2.00 billion.

  2. What are the interest rates on the new bonds?

    The 2028 Bonds carry a 5.000% rate, the 2032 Bonds carry 5.050%, and the 2055 Bonds carry 6.100%.

  3. Is this a new bond series or an add-on to existing debt?

    The 2028 Bonds are part of the same series issued June 4, 2025, and outstanding 2028 Bonds will total $800 million after this offering. The filing does not state whether the 2032 and 2055 Bonds belong to an existing series, though they were issued under a Thirty-First Supplemental Indenture.

  4. Who underwrote the offering?

    The underwriters named in the Underwriting Agreement are Barclays Capital Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc. and RBC Capital Markets, LLC.

  5. Does this filing report on earnings or operating results?

    No. The filing covers only the bond offering and attaches the related legal documents, with no earnings, guidance or operating results.

04—Continue

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