PG&E Corporation
PG&E Recovery Funding LLC Issues $1.42 Billion in Senior Secured Recovery Bonds
Summary
On August 1, 2024, PG&E Recovery Funding LLC issued $1,419,285,000 in Senior Secured Recovery Bonds, Series 2024-A, pursuant to an Indenture and Series Supplement dated August 1, 2024. This issuance is part of a larger financial arrangement that includes a Recovery Property Servicing Agreement, a Recovery Property Purchase and Sale Agreement, an Administration Agreement, and a Joinder Agreement, all dated August 1, 2024. The bonds were offered in accordance with a Prospectus dated July 24, 2024. This financial transaction is a critical step in the recovery and restructuring efforts of Pacific Gas and Electric Company.
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About PG&E Corporation
PG&E Corporation is a prominent energy infrastructure company engaged in delivering gas and electricity services to millions of customers, primarily in Northern and Central California. As a critical player in the utility sector, PG&E focuses on generating, transmitting, and distributing energy while upholding commitments to safety, reliability, and environmental stewardship. The company plays a vital role in supporting regional economies by facilitating energy needs for residential, commercial, and industrial users. PG&E Corporation is also at the forefront of integrating renewable energy sources, contributing to California's ambitious climate goals. By managing a vast network of power lines and gas pipelines, PG&E ensures consistent energy provision in a region prone to environmental challenges such as wildfires and earthquakes. As a major utility provider, PG&E's performance and strategic initiatives significantly impact regulatory environments, energy markets, and sustainability efforts in the burgeoning clean energy transition. Headquartered in San Francisco, California, PG&E Corporation's efforts in modernizing infrastructure and investing in technology aim to enhance grid resilience and customer service across its expansive service area.
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