PG&E $9.75 Billion Chapter 11 Exit Financing
7/1/2020

Davis Polk advised the joint lead arrangers and joint bookrunners in connection with (i) a $3.5 billion senior secured revolving facility for Pacific Gas and Electric Company (the “Utility”), (ii) a $3 billion senior secured term loan facility for the Utility, (iii) a $500 million senior secured revolving facility for PG&E Corporation (“PG&E”) and (iv) a $2.75 billion senior secured term loan facility for PG&E.

The facilities are part of PG&E’s emergence from chapter 11 on July 1, 2020.

PG&E is a holding company headquartered in San Francisco.  It is the parent company of the Utility, a public utility providing natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California.

The Davis Polk finance team included partners Jason Kyrwood and Joseph P. Hadley, counsel Benjamin Cheng and associates Phoebe Jin, Yuko Sin and Jeffrey Hon. Counsel Susan D. Kennedy provided real estate advice.

All members of the Davis Polk team are based in the New York office.