California utility PG&E Corp is preparing an $11 billion debt-financing package as it prepares to exit from its bankruptcy, an investor involved with the company's funding plan said on Friday, sending its shares up more than 12%.
) is preparing an $11 billion debt-financing package as it prepares to exit from its bankruptcy, an investor involved with the company’s funding plan said on Friday, sending its shares up more than 12%.
PG&E’s debt financing package, which will consist of high-yield bonds and term loans, is part of the company’s previously announced plans to raise up to $27 billion in funding from future public offerings, said George Schultze, founder of Schultze Asset Management, which invests in distressed securities.
“While the company comes out of this slightly overleveraged, it has a strong business and will be able to pay down the debt,” Schultze said. “The debt market is so hot right now that I’m sure this offering will be oversubscribed.” Last month, PG&E’s Chapter 11 plan was confirmed by the California Public Utilities Commission, bringing the troubled utility a step closer to emerge from bankruptcy and participate in a state-backed wildfire fund.
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