PG&E 2012 Annual Report Download - page 21

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PG&E Corporation and the Utility maintain separate bank accounts and primarily invest their cash in money
market funds. The following table summarizes PG&E Corporation’s and the Utility’s cash positions:
December 31,
2012 2011
(in millions)
PG&E Corporation .................................... $ 207 $ 209
Utility .............................................. 194 304
Total consolidated cash and cash equivalents ................. $ 401 $ 513
In addition to these cash and cash equivalents, PG&E Corporation and the Utility hold restricted cash that
primarily consists of cash held in escrow pending the resolution of the remaining disputed claims that were filed in
the Utility’s reorganization proceeding under Chapter 11 of the U.S. Bankruptcy Code (‘‘Chapter 11’’). (See Note 13
of the Notes to the Consolidated Financial Statements.)
Revolving Credit Facilities and Commercial Paper Program
The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings under their
revolving credit facilities and the Utility’s commercial paper program at December 31, 2012:
Letters of
Termination Facility Credit Commercial Facility
Date Limit Outstanding Borrowings Paper Availability
(in millions)
PG&E Corporation ................ May 2016 $ 300(1) $ — $ 120 $ — $ 180
Utility ......................... May 2016 3,000(2) 266 — 370(3) 2,364(3)
Total revolving credit facilities ........ $ 3,300 $ 266 $ 120 $ 370 $ 2,544
(1) Includes a $100 million sublimit for letters of credit and a $100 million commitment for loans that are made available on a same-day basis
and are repayable in full within 7 days.
(2) Includes a $1.0 billion sublimit for letters of credit and a $300 million commitment for loans that are made available on a same-day basis
and are repayable in full within 7 days.
(3) The Utility treats the amount of its outstanding commercial paper as a reduction to the amount available under its revolving credit facility.
For 2012, the average outstanding borrowings under PG&E Corporation’s revolving credit facility were
$21 million and the maximum outstanding balance during the year was $120 million. For 2012, the Utility’s average
outstanding commercial paper balance was $665 million and the maximum outstanding balance during the year was
$1.4 billion. The Utility did not borrow under its credit facility in 2012.
The revolving credit facilities include usual and customary covenants for revolving credit facilities of this type,
including covenants limiting liens to those permitted under PG&E Corporation’s and the Utility’s senior note
indentures, mergers, sales of all or substantially all of PG&E Corporation’s and the Utility’s assets, and other
fundamental changes. In addition, the revolving credit facilities require that PG&E Corporation and the Utility
maintain a ratio of total consolidated debt to total consolidated capitalization of at most 65% as of the end of each
fiscal quarter. PG&E Corporation’s revolving credit facility agreement also requires that PG&E Corporation own,
directly or indirectly, at least 80% of the common stock and at least 70% of the voting capital stock of the Utility. At
December 31, 2012, PG&E Corporation and the Utility were in compliance with all covenants under their respective
revolving credit facilities.
See Note 4 of the Notes to the Consolidated Financial Statements for additional information about the credit
facilities and the Utility’s commercial paper program.
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