Plus   Neg

PG&E Launches Offerings Of Common Stock And Equity Units

PG&E Corp. (PCG) said that it has launched concurrent underwritten public offerings of its common stock and its equity units, seeking $4 billion and approximately $1.23 billion of gross proceeds, respectively, as part of its plan to fund its emergence
from Chapter 11.

The company plans to grant the underwriters in each offering a 30-day option to purchase additional shares of common stock and equity units representing up to $400 million and approximately $123 million of gross proceeds, respectively.

The offerings are currently expected to price during the week commencing June 22, 2020 and are expected to close on or about July 1, 2020. If the offerings are successfully consummated, PG&E currently anticipates emerging from Chapter 11 on or about July 1, 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT