PG&E 2011 Annual Report Download - page 76

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NOTE 4: DEBT
Long-Term Debt
The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:
December 31,
2011 2010
(in millions)
PG&E Corporation
Senior notes, 5.75%, due 2014 .................................. 350 350
Unamortized discount ........................................ (1) (1)
Total senior notes ........................................ 349 349
Total PG&E Corporation long-term debt .......................... 349 349
Utility
Senior notes:
4.20% due 2011 ........................................... — 500
6.25% due 2013 ........................................... 400 400
4.80% due 2014 ........................................... 1,000 1,000
5.625% due 2017 .......................................... 700 700
8.25% due 2018 ........................................... 800 800
3.50% due 2020 ........................................... 800 800
4.25% due 2021 ........................................... 300 —
3.25% due 2021 ........................................... 250 —
6.05% due 2034 ........................................... 3,000 3,000
5.80% due 2037 ........................................... 950 950
6.35% due 2038 ........................................... 400 400
6.25% due 2039 ........................................... 550 550
5.40% due 2040 ........................................... 800 800
4.50% due 2041 ........................................... 250 —
Less: current portion ....................................... —(500)
Unamortized discount, net of premium .......................... (51) (52)
Total senior notes, net of current portion ....................... 10,149 9,348
Pollution control bonds:
Series 1996 C, E, F, 1997 B, variable rates(1), due 2026(2) ............. 614 614
Series 1996 A, 5.35%, due 2016(3) .............................. — 200
Series 2004 A-D, 4.75%, due 2023(3) ............................ 345 345
Series 2009 A-D, variable rates(4), due 2016 and 2026(5) .............. 309 309
Series 2010 E, 2.25%, due 2026(6) .............................. 50 50
Less: current portion ....................................... (50) (309)
Total pollution control bonds ............................... 1,268 1,209
Total Utility long-term debt, net of current portion ................... 11,417 10,557
Total consolidated long-term debt, net of current portion ................ $11,766 $10,906
(1) At December 31, 2011, interest rates on these bonds and the related loans ranged from 0.03% to 0.05%.
(2) Each series of these bonds is supported by a separate letter of credit that expires on May 31, 2016. Although the stated maturity
date is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or
otherwise obtains consent from the issuer to the continuation of the series without a credit facility.
(3) The Utility has obtained credit support from an insurance company for these bonds.
(4) At December 31, 2011, interest rates on these bonds and the related loans ranged from 0.02% to 0.05%.
(5) Each series of these bonds is supported by a separate direct-pay letter of credit that expires on May 31, 2016. Subject to certain
requirements, the Utility may choose not to provide a credit facility without issuer consent.
(6) These bonds bear interest at 2.25% per year through April 1, 2012; are subject to mandatory tender on April 2, 2012; and may be
remarketed in a fixed or variable rate mode.
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