PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Mon, June 23, 1:30 AM
| This Slide: #16 of 644 |
Slide #16. PG&E Corporation — Preferred Stock Offering
Company:
PG&E Corporation (NYSE:PCG)
Date announced:
12/2/2024
Shares Offered:
48,661,800
Date of Pricing:
12/2/2024
Price Per Share:
$20.55
Preferred Stock Offering Details:
PG&E Corporation (NYSE: PCG) ("PG&E" or the "Company") announced today the launch of concurrent underwritten public offerings of (i) $1,200 million of shares of common stock, no par value ("Common Stock"), of the Company and (ii) $1,200 million of newly issued Series A Mandatory Convertible Preferred Stock ("Preferred Stock") of the Company (together, the "Offerings"). PG&E expects to grant to the underwriters of the Offerings a 30-day option to purchase up to an additional (i) $180 million of shares of Common Stock and (ii) solely to cover over-allotments, if any, $180 million of shares of Preferred Stock. PG&E intends to use the net proceeds from the Offerings for general corporate purposes, which may include, among other things, to fund PG&E's five-year capital investment plan. -updated 12/2- PG&E Corporation (NYSE: PCG) ("PG&E" or the "Company") announced today the pricing of its previously announced concurrent underwritten public offerings of (i) 48,661,800 shares of common stock, no par value ("Common Stock"), of the Company at a public offering price of $20.55 per share of Common Stock (the "Common Stock Offering") and (ii) 28,000,000 shares of newly issued Series A Mandatory Convertible Preferred Stock ("Preferred Stock") of the Company at a public offering price of $50.00 per share of Preferred Stock (the "Preferred Stock Offering" and, together with the Common Stock Offering, the "Offerings"). PG&E has granted the underwriters in each respective Offering a 30-day option to purchase up to an additional (i) 7,299,270 shares of Common Stock and (ii) solely to cover over-allotments, if any, 4,200,000 shares of Preferred Stock, in each case at the public offering price less the applicable underwriting discount. The Common Stock Offering is expected to be consummated on December 4, 2024, and the Preferred Stock Offering is expected to be consummated on December 5, 2024, each subject to customary closing conditions.
PG&E Corporation is a holding company. Co.'s primary operating subsidiary is Pacific Gas and Electric Co. (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service area in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides electricity, transmission, and distribution services in its service area.
Preferreds: PCG.PRA, PCG.PRB, PCG.PRC, PCG.PRD, PCG.PRE, PCG.PRG, PCG.PRH, PCG.PRI, PCG.PRX
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Avg. Broker Rec.
 
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Buy (3.22 out of 4) 41st percentile
(ranked lower than approx. 59% of all stocks covered)
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