PG&E raises $1.61B through 6% Series A mandatory convertible preferred stock offering

PG&E Corp

Issued 28M shares of 6.000% Series A Mandatory Convertible Preferred Stock at $50 liquidation preference; overallotment option for 4.2M shares fully exercised.
Dividends cumulative at 6% annually, payable quarterly starting March 1, 2025; may be paid in cash, common stock, or combination.
Each share automatically converts into 1.9465–2.4331 shares of common stock around Dec 1, 2027, based on VWAP.
Closing date December 5, 2024; filed certificate of determination with California Secretary of State.

item 1.01 item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PG&E Corp: PG&E Corporation filed a Certificate of Determination to establish the preferences, limitations and relative rights of a new series of Preferred Stock, effective December 5, 2024 (effective 2024-12-05).

Change: charter amendment
Effective: 2024-12-05

Exact text from the filing

On December 5, 2024, PG&E Corporation filed the Certificate of Determination with the Secretary of State of the State of California to establish the preferences, limitations and relative rights of the Preferred Stock. The Certificate of Determination became effective on December 5, 2024.

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PG&E Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-271513

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