PG&E Corp. and its utility Pacific Gas and Electric Co. secured credit facilities from JP Morgan Chase Bank NA and other commitment parties.

The commitment parties agreed to provide a $3.50 billion revolving credit facility and an up to $6 billion term loan credit facility to PG&E, according to a Form 8-K filed May 27.

The revolver will have a tenor of three years, subject to two one-year extension options, while the term loan will be comprised of two tranches with tenors of 364 days and 18 months. PG&E will use proceeds from both credit facilities to fund transactions under its $58 billion Chapter 11 reorganization plan.

Separately, the commitment parties agreed to provide a $500 million revolving credit facility to PG&E Corp. The revolver will also have a three-year tenor, subject to two one-year extension options.

PG&E Corp. said it will use proceeds to finance working capital needs, capital expenditures and other general corporate purposes.

Each credit facility will become effective upon the satisfaction or waiver of certain conditions including the companies' emergence from bankruptcy.

The commitment parties also include Bank of America NA, BofA Securities Inc., Citibank NA, Goldman Sachs Bank USA, BNP Paribas, Credit Suisse AG - New York branch, Mizuho Bank Ltd., MUFG Union Bank NA, Wells Fargo Bank NA, Bank of Montreal - Chicago branch and The Bank of New York Mellon.