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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.

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