PG&E Corp 8-K

What Happened

• PG&E Corp (through Pacific Gas and Electric Company, the Utility) announced on its Form 8‑K that it entered an underwriting agreement dated February 18, 2026 and completed the sale of first mortgage bonds on February 20, 2026.
• The offering totaled $2.2 billion across three series: $400 million of 6.100% bonds due 2029, $1.0 billion of 5.200% bonds due 2036, and $800 million of 6.000% bonds due 2056. The 2029 issuance is part of a series originally issued June 5, 2023; after this sale the outstanding principal of that 2029 series is $1.25 billion.

Key Details

• Offering completed: February 20, 2026.
• Series and amounts: $400M 6.100% due 2029; $1,000M 5.200% due 2036; $800M 6.000% due 2056.
• 2029 series outstanding after offering: $1,250,000,000.
• Underwriters named in the filing include BMO Capital Markets, BofA Securities, SMBC Nikko Securities America, and Wells Fargo Securities.

Why It Matters

• The transaction increases the Utility’s long‑term debt by $2.2 billion and establishes fixed interest obligations at the stated coupon rates, which will affect future interest expense and cash flow requirements.
• The maturities extend the company’s debt profile out to 2056, which may influence liquidity planning and capital structure for investors monitoring leverage and refinancing risk.
• Investors wanting full terms and legal documentation can review the underwriting agreement and supplemental indentures filed as exhibits to the 8‑K.