PG&E borrows under revolving credit facilities for 'financial flexibility'
As of November 13, Pacific Gas and Electric Company, a subsidiary of PG&E Corporation, and PG&E have aggregate borrowings outstanding under their respective revolving credit facilities of $3.0B and $300M, respectively, the company disclosed night in a regulatory filing. The utility's aggregate borrowings under its revolving credit facility includes $2.85B of revolving credit loans, approximately $105M of letters of credit outstanding, and $10M of commercial paper. No additional amounts are available under the utility's and PG&E's respective revolving credit facilities, the company added. With these borrowings, PG&E's and the utility's balance of cash and cash equivalents increased to approximately $356M and $3.1B, respectively, at November 13. PG&E and the utility made the borrowings under their respective revolving credit facilities "for greater financial flexibility." PG&E and the utility plan to invest the cash proceeds from the borrowings in "highly liquid short-term investments and to use them for general corporate purposes, including upcoming debt maturities."