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PG&E Corp., utility secure $34.35B in bridge financing commitment

PG&E Corp. and principal utility Pacific Gas and Electric Co., or PG&E, secured $34.35 billion in bridge financing commitment from a group of lenders.

The financing will comprise a $27.35 billion senior secured bridge loan facility for PG&E and a $7.0 billion senior unsecured bridge loan facility for the parent company. The commitments will expire Aug. 29, 2020, unless terminated earlier.

All the obligations under the borrowings will be secured by the companies' assets. The facilities have a scheduled maturity of 364 days following the date the facilities are funded, according to an Oct. 15 Form 8-K filing.

JPMorgan Chase Bank NA, Bank of America NA, BofA Securities Inc., Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC were the lenders, among others that may become lenders in the commitment.

On Sept. 30, both companies reached an agreement with additional backstop parties to issue up to $14 billion of new PG&E Corp. common shares to help the companies emerge from bankruptcy by June 30, 2020.