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One of the largest investor-owned utilities in the United States, this company delivers natural gas and electricity to homes and businesses across much of Northern and Central California under the PG&E name. Its roots trace to 1852, when Peter Donahue founded the San Francisco Gas Company to light the city's streets, and the modern Pacific Gas and Electric took shape in 1905 when gas and electric utilities merged—the name literally combining its two services.
PG&E and Pacific Gas and Electric amend credit agreements, extending maturities and increasing commitments
Pacific Gas and Electric Company entered Amendment No. 6 to its Credit Agreement, extending maturity to June 20, 2031 and increasing lender commitments from $5.4 billion to $6.25 billion.
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PG&E Corporation entered Amendment No. 6 to its Credit Agreement, extending maturity to June 22, 2029 and modifying pricing grids.
The Corporation Amendment adds collateral release terms: the lien on collateral will be released if PG&E Corporation obtains investment grade ratings from at least two agencies, no default exists, and secured debt is $250 million or less.
The lien on PG&E Corporation's collateral will be reinstated automatically if it fails to maintain investment grade ratings from at least two agencies or has more than $250 million of secured debt outstanding.
Both amendments were entered into on June 22, 2026, with Citibank as administrative agent for the utility and JPMorgan Chase Bank for the corporation.
1.01 Entry into a Material Definitive Agreement · 8.01 Other Events · 9.01 Financial Statements and Exhibits
PG&E Corp and Utility shareholders elect directors and approve executive pay and Deloitte ratification at May 21, 2026 annual meeting.
PG&E Corporation shareholders elected all 14 director nominees, including Rajat Bahri, Cheryl F. Campbell, and Patricia K. Poppe, with votes ranging from 1.65B to 1.83B for.
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PG&E Corporation shareholders approved the non-binding advisory vote on executive compensation with 1.67B for and 168.85M against.
PG&E Corporation shareholders ratified Deloitte & Touche LLP as independent auditor for 2026 with 1.80B for and 133.96M against.
Pacific Gas and Electric Company shareholders elected all 15 director nominees, including Sumeet Singh, with votes ranging from 266.83M to 266.86B for.
Utility shareholders approved executive compensation (266.66M for) and ratified Deloitte (270.91M for) at the joint annual meeting.
5.07 Submission of Matters to a Vote of Security Holders
PG&E's utility subsidiary sold $2.2 billion of First Mortgage Bonds in three tranches on February 20, 2026.
The 2029 Bonds are part of the same series issued on June 5, 2023; after this offering, the aggregate principal amount of outstanding 2029 Bonds is $1.25 billion.
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Pacific Gas and Electric Company entered into an Underwriting Agreement on February 18, 2026, and completed the sale of the Mortgage Bonds on February 20, 2026.
The offering comprised $400 million of 6.100% First Mortgage Bonds due 2029, $1 billion of 5.200% First Mortgage Bonds due 2036, and $800 million of 6.000% First Mortgage Bonds due 2056.
The underwriters were BMO Capital Markets Corp., BofA Securities, Inc., SMBC Nikko Securities America, Inc., and Wells Fargo Securities, LLC.
The report was filed under Item 8.01 (Other Events) to disclose the debt offering, with related exhibits including the underwriting agreement and supplemental indentures.
8.01 Other Events · 9.01 Financial Statements and Exhibits
PG&E Corporation completed $1 billion sale of 6.850% junior subordinated notes due 2056
The notes were issued under a Subordinated Note Indenture dated September 11, 2024, as amended by a Second Supplemental Indenture dated February 19, 2026, with The Bank of New York Mellon Trust Company, N.A. as trustee.
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On February 19, 2026, PG&E Corporation completed the sale of $1,000,000,000 aggregate principal amount of 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056.
The underwriting agreement, dated February 17, 2026, involved Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, and Mizuho Securities USA LLC.
The filing includes legal opinions and consents from Hunton Andrews Kurth LLP dated February 19, 2026.
The event was reported under Item 8.01 (Other Events) as a debt issuance disclosure.
8.01 Other Events · 9.01 Financial Statements and Exhibits