PG&E Launches Concurrent, Series A Convertible Preferred Stocks

(RTTNews) - PG&E Corp. (PCG), a gas and electricity company, on Monday announced the launch of concurrent underwritten public offerings of $1.200 billion of shares, no par value, and $1.200 billion of newly issued Series A mandatory convertible preferred stock.

PG&E intends to use the net proceeds from the offerings for general corporate purposes.

Each preferred share will have a liquidation preference of $50 per share. Each preferred share will automatically convert into a variable number of shares of common stock on or around December 1, 2027, based on the applicable conversion rate.

The conversion rates, dividend rate, and other terms of the preferred stock will be determined at the time of pricing. Currently, there is no public market for the preferred stock.

PG&E intends to apply to list the preferred stock on the New York Stock Exchange under the symbol "PCG-PrA."

PG&E expects to grant to the underwriters of the offerings a 30-day option to purchase up to an additional $180 million of common shares and solely to cover over-allotments, if any, $180 million of proffered shares.