Pacific Gas and Electric Upsizes Debt Buyback Offers
Pacific Gas and Electric Company (PG&E) announced on July 27, 2026, that it is increasing the maximum aggregate purchase price for its cash tender offers for outstanding notes. The company will now repurchase up to $1.2 billion of its 3.30% Senior Notes due 2027 and 2.10% First Mortgage Bonds due 2027.
Oakland, Calif. – Pacific Gas and Electric Company (PG&E) announced on July 27, 2026, that it is increasing the maximum aggregate purchase price for its previously announced cash tender offers for outstanding debt. The total amount the company will spend on repurchasing its 3.30% Senior Notes due December 1, 2027, and 2.10% First Mortgage Bonds due August 1, 2027, has been raised from $1 billion to $1.2 billion.
The tender offers are open to all registered holders of the specified notes. Holders who validly tender their notes at or before the withdrawal deadline of July 31, 2026, are entitled to receive the applicable total consideration for their accepted notes, plus accrued interest. The determination of the final purchase price is scheduled for July 31, 2026.
The offers are being made under the terms detailed in the Offer to Purchase dated July 27, 2026. PG&E reserves the right to further increase the aggregate maximum tender amount, though it is not obligated to do so, and any such increase would not extend withdrawal rights except as required by law. The company may also implement proration if the principal amount of notes tendered exceeds the increased maximum amount.
PG&E has retained J.P. Morgan Securities LLC and Barclays Capital Inc. to act as dealer managers for these tender offers. The company advises holders to carefully review the Offer to Purchase for complete terms and conditions. Acceptance and payment for tendered notes are contingent upon satisfaction or waiver of conditions outlined in the Offer to Purchase, including financing conditions.