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Pacific Gas and Electric Company (NYSE:PCG), a subsidiary of PG&E Corp, finalized the sale of $1.25 billion in first mortgage bonds on Wednesday. The transaction, disclosed in a recent SEC filing, involved the issuance of two sets of bonds: $400 million with a 5.000% interest rate due in 2028, and $850 million with a 6.000% interest rate maturing in 2035.
The underwriting agreement for these bonds was signed on Monday, June 2, 2025, with several financial institutions including BMO Capital Markets Corp., BofA Securities, Inc., Citigroup (NYSE:C) Global Markets Inc., and J.P. Morgan Securities LLC involved in the process. The completion of the bond sale was officially reported on Wednesday, June 4, 2025.
These bonds are part of PG&E’s efforts to secure financing for ongoing operations and capital improvements. The financial details and terms of the bonds are outlined in the exhibits attached to the SEC filing.
PG&E Corp, headquartered in Oakland, California, operates as a provider of electricity and natural gas services. The company trades its common stock on the New York Stock Exchange under the symbol PCG. This report, submitted to the Securities and Exchange Commission, provides the latest update on the company’s financial activities and obligations.
This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, PG&E Corporation reported first-quarter 2025 earnings, revealing an adjusted earnings per share (EPS) of $0.33, which slightly missed the consensus estimate of $0.34. Revenue for the quarter also fell short of expectations, coming in at $5.98 billion compared to the anticipated $6.02 billion. Despite these misses, PG&E reaffirmed its full-year EPS guidance of $1.48 to $1.52. Additionally, PG&E plans a significant $63 billion capital investment through 2028, focusing on infrastructure and operational efficiency.
The company is also making strides towards achieving an investment-grade credit rating for its parent company, while securing funding through a low-cost loan from the Department of Energy. UBS analysts maintained a Neutral rating on PG&E with a price target of $19.00, emphasizing the company’s financial health and future plans. Guggenheim raised its price target for PG&E to $17.00, also maintaining a Neutral rating, following the first-quarter earnings that aligned with consensus estimates.
Mizuho (NYSE:MFG) adjusted its price target to $20.00 from $23.00 but kept an Outperform rating, highlighting investor focus on legislative developments around wildfire costs. In leadership news, PG&E appointed John O. Larsen to its Boards of Directors, bringing extensive experience in utility operations and sustainable energy investments. These developments reflect PG&E’s ongoing efforts to strengthen its financial and operational strategies.
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