PG&E jumps after Bloomberg says $11B debt deal coming to end bankruptcy

PG&E is readying an $11B debt-financing package that could come as soon as next week as the company prepares to exit bankruptcy, Bloomberg reports, citing people with knowledge of the matter. The financing includes $4B of high-yield bonds and a $750M term loan led by JPMorgan Chase (JPM), sources told Bloomberg. The remaining package consists of an investment-grade bond portion led by Bank of America (BAC), the sources added. The debt to be sold to investors marks the near-conclusion of PG&E's Chapter 11 bankruptcy, Bloomberg notes. Shares of PG&E are up 6% to $12.62 following the report.