PG&E 2014 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2014 PG&E annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 164

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164

90
NOTE 4: DEBT
Long-Term Debt
The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:
December 31,
(in millions) 2014 2013
PG&E Corporation
Senior notes, 5.75%, due 2014 - 350
Senior notes, 2.40%, due 2019 350 -
Less: current portion - (350)
Total senior notes 350 -
Total PG&E Corporation long-term debt 350 -
Utility
Senior notes:
4.80% due 2014 - 539
5.625% due 2017 700 700
8.25% due 2018 800 800
3.50% due 2020 800 800
4.25% due 2021 300 300
3.25% due 2021 250 250
2.45% due 2022 400 400
3.25% due 2023 375 375
3.85% due 2023 300 300
3.40% due 2024 350 -
3.75% due 2024 450 -
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 250 250
4.45% due 2042 400 400
3.75% due 2042 350 350
4.60% due 2043 375 375
5.125% due 2043 500 500
4.75% due 2044 675 -
4.30% due 2045 500 -
Less: current portion - (539)
Unamortized discount, net of premium (43) (51)
Total senior notes, net of current portion 13,432 11,449
Pollution control bonds:
Series 1996 C, E, F, 1997 B, variable rates (1), due 2026 (2) 614 614
Series 2004 A-D, 4.75%, due 2023 (3) 345 345
Series 2009 A-D, variable rates (1), due 2016 and 2026 (4) 309 309
Total pollution control bonds 1,268 1,268
Total Utility long-term debt, net of current portion 14,700 12,717
Total consolidated long-term debt, net of current portion $ 15,050 $ 12,717
(1) At December 31, 2014, interest rates on these bonds and the related loans ranged from 0.01% to 0.02%.
(2) Each series of these bonds is supported by a separate letter of credit. In April 2014, the letters of credit were extended to April 1, 2019.
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) Each series of these bonds is supported by a separate direct-pay letter of credit. In June 2014, Series A and B letters of credit were extended
to June 5, 2019. Series C and D letters expire on December 3, 2016 to coincide with the maturity of the underlying bonds. Subject to certain
requirements, the Utility may choose not to provide a credit facility without issuer consent.