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: August 1, 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
1-12609
  
PG&E CORPORATION
  
California
  
94-3234914
1-2348
  
PACIFIC GAS AND ELECTRIC COMPANY
  
California
  
94-0742640
333-256944-01
  
PG&E RECOVERY FUNDING LLC
  
Delaware
  
87-1047820
 
 
 
LOGO   LOGO  
PG&E RECOVERY FUNDING LLC
300 Lakeside Drive
Oakland, California 94612
 
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)
 
(Address of principal executive offices) (Zip Code)
(415)
973-1000
 
(415)
973-7000
 
(415)
973-7000
(Registrant’s telephone number, including area code)
 
(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
Common stock, no par value   PCG   The New York Stock Exchange
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    PG&E Corporation      
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.
 
PG&E Corporation     
Pacific Gas and Electric Company     
PG&E Recovery Funding LLC     
 
 
 

Item 8.01.
Other Events
On August 1, 2024, PG&E Recovery Funding LLC (the “
Issuing Entity
”) issued $1,419,285,000 aggregate principal amount of Senior Secured Recovery Bonds, Series
2024-A
(the “
Recovery Bonds
”), pursuant to an Indenture and Series Supplement, each dated as of August 1, 2024, 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. In connection with this issuance of the Recovery Bonds, the Issuing Entity and Pacific Gas and Electric Company (the “
Utility
”) entered into the Recovery Property Servicing Agreement, the Recovery Property Purchase and Sale Agreement, the Administration Agreement and the Joinder Agreement, each dated as of August 1, 2024, which are annexed hereto as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively.
 
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit
No.
  
Description
4.1    Indenture between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A., dated as of August 1, 2024
4.2    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), dated as of August 1, 2024
5.1    Opinion of Hunton Andrews Kurth LLP with respect to legality
10.1    Recovery Property Servicing Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated as of August 1, 2024
10.2    Recovery Property Purchase and Sale Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, dated as of August 1, 2024
10.3    Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated as of August 1, 2024
10.4    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, dated as of August 1, 2024
23.1    Consent of Hunton Andrews Kurth LLP (included as part of its opinions filed as Exhibit 5.1 and Exhibit 99.1)
99.1    Opinion of Hunton Andrews Kurth LLP with respect to U.S. and California constitutional matters
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.
 
   
PG&E CORPORATION
    By:  
/s/ Carolyn J. Burke
      Carolyn J. Burke
Dated: August 1, 2024       Executive Vice President and Chief Financial Officer
   
PACIFIC GAS AND ELECTRIC COMPANY
    By:  
/s/ Stephanie N. Williams
      Stephanie N. Williams
Dated: August 1, 2024       Vice President, Chief Financial Officer and Controller
   
PG&E RECOVERY FUNDING LLC
    By:  
/s/ Margaret K. Becker
      Margaret K. Becker
Dated: August 1, 2024       President