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PCG PR H - Pacific Gas And Electric Co News Story

$22.31 0.0  0.0%

Sector
Utilities
Size
Large Cap
Market Cap £4.20bn
Enterprise Value £30.02bn
Revenue £13.44bn
Position in Universe th / 6856

BRIEF-Pacific Gas And Electric Co - On Jan. 21 Corporation And Utility Entered Into A Commitment Letter For Debtor-In-Possession Financing

Tue 22nd January, 2019 12:02pm
Jan 22 (Reuters) - PG&E Corp  PCG.N :
    * PACIFIC GAS AND ELECTRIC CO - ON JAN. 21 CORPORATION AND
UTILITY
ENTERED INTO A COMMITMENT LETTER FOR DEBTOR-IN-POSSESSION
FINANCING
    * PACIFIC GAS AND ELECTRIC CO - SCHEDULED MATURITY OF DIP
FACILITIES WOULD BE DECEMBER 31, 2020
    * PACIFIC GAS AND ELECTRIC CO - COMMITMENT PARTIES TO
PROVIDE $5.5
BILLION IN SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION
CREDIT FACILITIES
    * PACIFIC GAS AND ELECTRIC - PG&E WOULD SEEK INTERIM
APPROVAL OF
DIP FACILITIES, AVAILABILITY OF PORTION OF DIP REVOLVING
FACILITY IN AMOUNT OF $1.5 BILLION
    * PACIFIC GAS AND ELECTRIC CO - EXPECTS THAT DIP FACILITIES
WILL
PROVIDE IT WITH SUFFICIENT LIQUIDITY TO FUND ITS ONGOING
OPERATIONS
    * PACIFIC GAS AND ELECTRIC - CURRENTLY EXPECTS CHAPTER 11
CASES TO
TAKE ABOUT TWO YEARS
    * PACIFIC GAS AND ELECTRIC CO - BORROWINGS UNDER DIP
FACILITIES
WOULD BE SENIOR SECURED OBLIGATIONS OF UTILITY
    * PACIFIC GAS AND ELECTRIC CO - CORPORATION AND UTILITY
ENTERED
INTO A DEBT COMMITMENT LETTER WITH JPMORGAN
    * PACIFIC GAS AND ELECTRIC CO - JPMORGAN COMMITTED TO
PROVIDE A
$250 MILLION SENIOR SECURED BRIDGE LOAN FACILITY
    * PACIFIC GAS AND ELECTRIC - SENIOR SECURED SUPERPRIORITY
DIP
CREDIT FACILITIES IN FORM OF REVOLVING FACILITY OF $3.5 BILLION,
TERM LOAN FACILITY OF $1.5 BILLION
    * PACIFIC GAS AND ELECTRIC - SENIOR SECURED SUPERPRIORITY
DIP
CREDIT FACILITIES ALSO INCLUDE DELAYED DRAW TERM LOAN FACILITY
OF $500 MILLION - SEC FILING

Source text: (https://bit.ly/2MoM4NX)
Further company coverage:  PCG.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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