Pacific Gas and Electric Company · Corporate

Pacific Gas and Electric Company: bankruptcy, 2019

Pacific Gas and Electric Company: bankruptcy credit event on 2019-01-29, worked through from its SEC filings. The 4.65% Senior Notes due August 1, 2028 (CUSIP 694308JA6) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 3 documents

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Verified answerPacific Gas and Electric Company · Bankruptcy · 2019

Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Yes, deliverable

4.65% Senior Notes due August 1, 2028 pass all 7 checks, each tied to its clause.

7 of 7 checks pass

See the 7 checks

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Verified outcome

EligibleIs the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

First Supplemental Indenture of 2018-08-06

Counterparts
The following additional terms are hereby established for purposes of this Supplemental
The following additional terms are hereby established for purposes of this Supplemental
None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any
Term
Term
PACIFIC GAS AND ELECTRIC COMPANY
Reverse of Senior Note
PACIFIC GAS AND ELECTRIC COMPANY
PACIFIC GAS AND ELECTRIC COMPANY

For 4.65% Senior Notes due August 1, 2028

Reference entity: Pacific Gas and Electric Company
Credit event: Bankruptcy · 2019-01-29
Entity type: Corporate
Documents: 3 in the record

Instruments

Each obligation has its own page with terms and questions.

4.65% Senior Notes due August 1, 2028Eligible
Pacific Gas and Electric Company · CUSIP 694308JA6
8 questions

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

#1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
Eligible
First Supplemental Indenture of 2018-08-06
#2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
Yes
First Supplemental Indenture of 2018-08-06
- None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any
- PACIFIC GAS AND ELECTRIC COMPANY
#3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
Yes
First Supplemental Indenture of 2018-08-06
- PACIFIC GAS AND ELECTRIC COMPANY
- PACIFIC GAS AND ELECTRIC COMPANY
#4 Does the instrument meet the Not Subordinated characteristic?
Yes
First Supplemental Indenture of 2018-08-06
- The following additional terms are hereby established for purposes of this Supplemental
- The following additional terms are hereby established for purposes of this Supplemental
#5 Does the instrument meet the Not Bearer characteristic?
Yes
First Supplemental Indenture of 2018-08-06
- Term
- Reverse of Senior Note
#6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
Yes
None: no clause making principal contingent was found.
#7 Does the instrument meet the Transferable characteristic?
Yes
None: no clause restricting transfer was found.
#8 Is the issuer of the instrument the Reference Entity?
Yes
First Supplemental Indenture of 2018-08-06
- Counterparts
- Term

#	Question	Verified answer	Source clauses
1	Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent? Deliverability	Eligible	First Supplemental Indenture of 2018-08-06 Counterparts The following additional terms are hereby established for purposes of this Supplemental The following additional terms are hereby established for purposes of this Supplemental None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any Term Term PACIFIC GAS AND ELECTRIC COMPANY Reverse of Senior Note PACIFIC GAS AND ELECTRIC COMPANY PACIFIC GAS AND ELECTRIC COMPANY
2	Does the instrument meet the Maximum Maturity characteristic (30 years)? Deliverable Obligation Characteristic	Yes	First Supplemental Indenture of 2018-08-06 None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any PACIFIC GAS AND ELECTRIC COMPANY
3	Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)? Deliverable Obligation Characteristic	Yes	First Supplemental Indenture of 2018-08-06 PACIFIC GAS AND ELECTRIC COMPANY PACIFIC GAS AND ELECTRIC COMPANY
4	Does the instrument meet the Not Subordinated characteristic? Deliverable Obligation Characteristic	Yes	First Supplemental Indenture of 2018-08-06 The following additional terms are hereby established for purposes of this Supplemental The following additional terms are hereby established for purposes of this Supplemental
5	Does the instrument meet the Not Bearer characteristic? Deliverable Obligation Characteristic	Yes	First Supplemental Indenture of 2018-08-06 Term Reverse of Senior Note
6	Is the instrument Not Contingent (principal not reducible for a reason other than payment)? Additional check	Yes	None: no clause making principal contingent was found.
7	Does the instrument meet the Transferable characteristic? Deliverable Obligation Characteristic	Yes	None: no clause restricting transfer was found.
8	Is the issuer of the instrument the Reference Entity? Reference Entity	Yes	First Supplemental Indenture of 2018-08-06 Counterparts Term

Documents

The case record. 10 sections support the verified answers.

DOC-1 PG&E Corporation / Pacific Gas and Electric Company 8-K filed 2019-01-29, Item 1.03 Bankruptcy (and Item 2.04), petition 2019-01-29excerpts
DOC-2 First Supplemental Indenture dated August 6, 2018, $300,000,000 4.65% Senior Notes due August 1, 2028 (EX-4.2)excerpts
DOC-3 Indenture dated August 6, 2018, Pacific Gas and Electric Company (base indenture, EX-4.1)excerpts

Timeline

2018-08-06First Supplemental Indenture for the 4.65% Senior Notes due August 1, 2028 (filed as Exhibit 4.2), under the indenture of the same date.
2019-01-29PG&E Corporation and Pacific Gas and Electric Company file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Northern District of California.

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