PG&E Corporation (PCG, Financial) has successfully completed the sale of $500 million in aggregate principal amount of 7.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055. This transaction, finalized on November 15, 2024, is part of a strategic effort to strengthen the company's financial position and optimize its capital structure.
The notes were issued under a Subordinated Note Indenture dated September 11, 2024, and were further supplemented by a First Supplemental Indenture on the same date. The Bank of New York Mellon Trust Company, N.A. serves as the trustee for these notes. This issuance is part of the same series of debt securities that PG&E Corporation initially released on September 11, 2024.
With the completion of this offering, PG&E Corporation now has an aggregate principal amount of $1.5 billion in outstanding notes. This move is expected to provide the company with greater financial flexibility and support its long-term strategic initiatives.
For investors and stakeholders, this development signifies PG&E's commitment to maintaining a robust financial foundation while navigating the complexities of the energy sector. The successful sale of these notes reflects investor confidence in PG&E's financial health and future prospects.
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