8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report:
July 24, 2024
(Date of earliest event reported)
 
 
 
             
Commission

File Number
  
Exact Name of Registrant
as specified in its charter
  
State or Other Jurisdiction of
Incorporation or Organization
  
IRS Employer

Identification Number
001-02348
  
PACIFIC GAS AND ELECTRIC COMPANY
  
California
  
94-0742640
333-256944-01
  
PG&E RECOVERY FUNDING LLC
  
Delaware
  
87-1047820
 
     
LOGO  
PG&E RECOVERY FUNDING LLC
300 Lakeside Drive
Oakland, California 94612
 
C/O Pacific Gas and Electric Company
300 Lakeside Drive
Oakland, California 94612
(Address of principal executive offices) (Zip Code)
 
(Address of principal executive offices) (Zip Code)
   
(415)
973-7000
 
(415)
973-7000
(Registrant’s telephone number, including area code)
 
(Registrant’s telephone number, including area code)
 
 
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting Material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
 
 
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
 
 
Pre-commencement communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
 
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable  
PCG-PA
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable  
PCG-PB
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable  
PCG-PC
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable  
PCG-PD
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable  
PCG-PE
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable  
PCG-PG
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable  
PCG-PH
  NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable  
PCG-PI
  NYSE American LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company       Pacific Gas and Electric Company 
Emerging growth company       PG&E Recovery Funding LLC 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Pacific Gas and Electric Company ☐
PG&E Recovery Funding LLC ☐
 
 
 

Item 8.01.
Other Events
On July 24, 2024, Pacific Gas and Electric Company (the “
Utility
”) and PG&E Recovery Funding LLC (the “
Issuing Entity
”) entered into an Underwriting Agreement (the “
Underwriting Agreement
”) with Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the underwriters party thereto with respect to the purchase and sale of $1,419,285,000 of Senior Secured Recovery Bonds, Series
2024-A
(the “
Recovery Bonds
”), to be issued by the Issuing Entity pursuant to an Indenture and Series Supplement (together, the “
Indenture
”), each to be dated as of August 1, 2024, the forms of which are annexed hereto as Exhibits 4.1 and 4.2, respectively. The Recovery Bonds were offered pursuant to the prospectus dated July 24, 2024 (the “
Prospectus
”). In connection with the issuance of the Recovery Bonds, the Utility and the Issuing Entity also expect to enter into a Recovery Property Servicing Agreement, Recovery Property Purchase and Sale Agreement, Administration Agreement, and Joinder Agreement, each to be dated as of August 1, 2024, the forms of which are annexed hereto as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively, and the Underwriting Agreement is annexed hereto as Exhibit 1.1.
 
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit
 No. 
  
Description
 1.1    Underwriting Agreement among PG&E Recovery Funding LLC, Pacific Gas and Electric Company and Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the Underwriters party thereto, dated July 24, 2024
 4.1    Form of Indenture between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A., to be dated as of August 1, 2024
 4.2    Form of Series Supplement between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. (including forms of the Recovery Bonds), to be dated as of August 1, 2024
10.1    Form of Recovery Property Servicing Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, to be dated as of August 1, 2024
10.2    Form of Recovery Property Purchase and Sale Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, to be dated as of August 1, 2024
10.3    Form of Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, to be dated as of August 1, 2024
10.4    Form of Joinder Agreement to Collection Account Intercreditor Agreement among Pacific Gas and Electric Company, CitiBank, N.A., in its role as Collection Account Agent and PG&E Recovery Funding LLC, to be dated as of August 1, 2024
104    Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
 
   
PACIFIC GAS AND ELECTRIC COMPANY
    By:  
/s/ Stephanie N. Williams
      Stephanie N. Williams
Dated: July 26, 2024       Vice President, Chief Financial Officer and Controller
   
PG&E RECOVERY FUNDING LLC
    By:  
/s/ Margaret K. Becker
      Margaret K. Becker
Dated: July 26, 2024       President