7
Proposed Capital Structure
¨$7.3 billion in senior secured
securities, tranched as follows:
—$1.5 billion
senior secured term loan tranche which is structured to amortize over
five years
—remainder of
senior debt is first mortgage bonds split evenly into 5, 10 and 30 year
maturities
¨$1.5 billion in junior securities
to be backed by UBS's commitment letter pending bankruptcy court
approval
—$1.0 billion in
Senior Unsecured debt
—$500 million in
preferred securities
¨$1.9 billion in unfunded senior
secured revolving credit facilities
—$500 million
364-day senior secured tranche
—$500 million
3-year senior secured tranche
—$900 million
receivables securitization tranche
OCC/CPUC Plan capital structure takes
advantage of the inherent value of PG&E’s assets by focusing on
secured debt