PG&E Jumps After Bloomberg Says $11 Billion Debt Deal Coming To End Bankruptcy

PG&E (PCG) is readying an $11 billion debt-financing package that could come as soon as next week, as the company prepares to exit bankruptcy, Bloomberg reports, citing people with knowledge of the matter.

The financing includes $4 billion of high-yield bonds and a $750 million term loan led by JPMorgan Chase (JPM), sources told Bloomberg. The remaining package consists of an investment-grade bond portion led by Bank of America (BAC), the sources added. The debt to be sold to investors marks the near-conclusion of PG&E's Chapter 11 bankruptcy, Bloomberg notes.

Shares of PG&E are up 6% to $12.62 following the report.

Disclosure: None.

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