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PCG - PG&E plunges on $1.5B convertible notes offering
Pacific Gas & Electric Co.
2023-11-29 07:13:09 ET
PG&E ( NYSE: PCG ) -7.5% pre-market Wednesday after saying it plans to offer $1.5B of convertible senior secured notes due 2027 in a private placement, with an option for up to an additional $225M of convertible notes.
PG&E ( PCG ) said it plans to use the proceeds from the offering to repay part of the loans outstanding under its $2.75B secured term loan credit agreement entered into in June 2020; borrowings under the term loan credit agreement total $2.66B.