Hunton Andrews Kurth Advises PG&E on Inaugural Offering of $2.15 Billion 4.25% Convertible Senior Secured Notes

Hunton Andrews Kurth LLP advised PG&E Corporation (“PG&E”) in connection with its inaugural offering of $2.15 billion aggregate principal amount of its 4.25% Convertible Senior Secured Notes due 2027 (the “Convertible Notes”) in a private placement under Rule 144A of the Securities Act of 1933, as amended, which included an additional $250 million in aggregate principal amount of Convertible Notes purchased pursuant to the exercise in full of the over-allotment option. The transaction closed on December 4, 2023.

PG&E Corporation is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company (the “Utility”), a public utility operating in northern and central California. The Utility was incorporated in California in 1905. The Utility provides natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers.

The Hunton Andrews Kurth team included Michael F. Fitzpatrick, Patrick C. Jamieson, Reuben H. Pearlman and Jingyi “Alice” Yao.  Eric Nedell and Vince D’Amico provided credit facility advice.  Robert McNamara and William Freeman provided tax advice.  Leslie Okinaka provided ERISA advice.