01—Abstract
Summary
Summary of the 8-K filed June 23, 2026. Cited figures are marked; the original filing is the authoritative source.
PG&E Corporation and Pacific Gas and Electric Company reported on this Form 8-K, filed June 23, 2026, that on June 22, 2026 each entity entered into a separate Amendment No. 6 to its Credit Agreement dated July 1, 2020.
The filing covers two revolving credit facilities: the Utility Revolving Credit Agreement (Pacific Gas and Electric Company, with Citibank, N.A. as administrative agent) and the Corporation Revolving Credit Agreement (PG&E Corporation, with JPMorgan Chase Bank, N.A. as administrative agent). For the utility, the amendment extends the maturity to June 20, 2031, increases aggregate lender commitments from $5.4 billion to $6.25 billiona, and modifies both the interest rate and commitment fee pricing grids. For the holding company, the amendment extends maturity to June 22, 2029, modifies the interest rate and commitment fee pricing grids, and adds collateral release terms.
The collateral release provision is the most notable feature for holding-company creditors. The lien securing the Corporation facility will be released if PG&E Corporation holds senior unsecured investment grade ratings from at least two rating agencies, no Event of Default exists, and secured indebtedness for borrowed money (excluding loans under the facility) is no more than $250 millionb. The lien automatically reinstates if either condition fails.
02—Key points
Key Highlights
- Pacific Gas and Electric Company's revolving credit commitments increased from $5.4 billion to $6.25 billion under Amendment No. 6.
- The Utility Revolving Credit Agreement maturity was extended to June 20, 2031.
- The Corporation Revolving Credit Agreement maturity was extended to June 22, 2029.
- The PG&E Corporation facility adds collateral release terms: the lien is released upon two investment grade senior unsecured ratings, no Event of Default, and no more than $250 million of other secured borrowed-money debt.
- The collateral lien reinstates automatically if PG&E Corporation loses two investment grade ratings or secured debt exceeds $250 million.
- Both facilities had interest rate and commitment fee pricing grids modified.
- The filing incorporates the full amendments as Exhibits 10.1 and 10.2 and includes an Inline XBRL cover page.
03—Questions
Frequently Asked Questions
How much revolving credit capacity does Pacific Gas and Electric Company now have?
Under the Utility Amendment, aggregate commitments from the lenders increased from $5.4 billion to $6.25 billion.
When do the revolving credit facilities now mature?
The Utility Revolving Credit Agreement now matures June 20, 2031, and the Corporation Revolving Credit Agreement now matures June 22, 2029.
What triggers the release of the lien on the PG&E Corporation facility?
The lien is released if PG&E Corporation has senior unsecured investment grade ratings from at least two rating agencies, no Event of Default exists under the agreement, and it has no more than $250 million of outstanding secured indebtedness for borrowed money, other than loans under the facility.
What would cause the collateral lien to be reinstated?
The lien reinstates automatically if PG&E Corporation fails to maintain investment grade ratings from at least two agencies or has more than $250 million of outstanding secured indebtedness for borrowed money, other than loans under the Corporation Revolving Credit Agreement.
Were the pricing terms changed?
Yes. Both amendments modify the interest rate pricing grid and the commitment fee pricing grid. The filing does not specify the new pricing levels.
04—Continue