13
Other Important Developments
¨OCC/CPUC Plan has received initial credit
assessments from S&P and Fitch
—S&P found that the $7.85
billion of senior secured debt exhibits “indicia of marginal investment grade credit quality”
—Fitch found the
creditworthiness of PG&E under the OCC/CPUC Plan to be “in the general category of BBB”
¨OCC/CPUC Plan has the financial support of
UBS Warburg
—UBS issued a Highly-Confident
letter stating that "we are confident of our ability to arrange an aggregate of $10.7 billion of
financing in the form of the Credit
Facilities and the Securities" underlying the OCC/CPUC Plan
—Submitted
for Bankruptcy Court approval a $1.5 billion Bridge Facility proposal, in which UBS commits to backstop the issuance of
the $1.5 billion in proposed senior unsecured
and preferred stock under the OCC/CPUC Plan
OCC/CPUC Plan