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PG&E Corporation Announces Procedures to Participate in Previously Announced Reserved Allocation for its Underwritten Public Offering of Common Stock

$1.25 billion of common stock offering reserved for large shareholders who meet eligibility criteria as of 5:00 pm ET on June 19, 2020 SAN FRANCISCO--(BUSINESS WIRE)-- As previously announced, PG&E Corporation

Benzinga · -

$1.25 billion of common stock offering reserved for large shareholders who meet eligibility criteria as of 5:00 pm ET on June 19, 2020

SAN FRANCISCO--(BUSINESS WIRE)-- As previously announced, PG&E Corporation currently expects to pursue underwritten public offerings of common stock and equity units as part of its plan to fund its emergence from Chapter 11, subject to market conditions. The expected $5.75 billion of gross proceeds1 of the offerings of common stock and equity units are expected to be used to partially fund distributions under the company’s plan of reorganization. Also as previously announced, pursuant to a reserved allocation program (the “Reserved Allocation”), $1.25 billion of the common stock offering will be reserved for investors who are beneficial owners of at least 1,000,000 shares of PG&E common stock as of 5:00 p.m. ET on June 19, 2020 (such date and time, the “Eligibility Date”). PG&E also currently expects that up to 25% of the common stock offering will be allocated to individual investors (also known as “retail” investors) through brokerage firms.

An investor who can demonstrate that it, together with its affiliates, beneficially owns at least 1,000,000 shares of PG&E common stock as of the Eligibility Date will be eligible to purchase PG&E shares in the common stock offering through the Reserved Allocation. The terms and conditions of the purchases by any investors participating in the Reserved Allocation will be the same as any other person in the general offering to the public, including the purchase price, except that the underwriters will reserve $1.25 billion of shares to be offered in the common stock offering for purchase by prospective participants in the Reserved Allocation. There will be no obligation for any investor to participate in the Reserved Allocation.

Any investor that satisfies the eligibility criteria and is interested in participating in the Reserved Allocation should contact PG&E Investor Relations at (415) 972-7080 or invrel@pge-corp.com and request a copy of the Reserved Allocation Eligibility Form. Eligible investors must submit the Reserved Allocation Eligibility Form together with any supporting documents by 5:00 pm ET on June 23, 2020 (such date and time, “the Eligibility Application Deadline”). Investors that do not submit all required information by the Eligibility Application Deadline will not be able to participate in the Reserved Allocation.

For more detailed information regarding the Reserved Allocation, including the procedures required to participate, please see the preliminary prospectus supplement for the common stock offering filed by PG&E Corporation with the Securities and Exchange Commission (the “SEC”) on June 19, 2020. Information on how to obtain a copy of the preliminary prospectus supplement is provided below.

This description of the Reserved Allocation is for information purposes only. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any