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.

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