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PG&E To Raise More Than $5 Bln Selling Shares, Equity Units

PG&E Corp. (PCG) said it has priced its underwritten public offering of 423.37 million shares of its common stock at a price per share to the public of $9.50 and its concurrent underwritten public offering of 14.55 million of its equity units at a price of $100 per unit, for total net proceeds to the company, before estimated offering expenses, of about $3.968 billion and about $1.186 billion, respectively.

The offerings are part of PG&E's plan to fund its emergence from Chapter 11.

PG&E has granted the underwriters in each offering a 30-day option to purchase up to an additional 42.34 million shares of common stock and 1.45 million prepaid stock contracts to create up to 1.45 million equity units, respectively.

The offerings are currently expected to close on July 1, 2020.

The completion of each offering is conditioned upon emergence from the Chapter 11 Cases on the effective date of the Plan of Reorganization. If the offerings are successfully consummated, PG&E Corp. currently anticipates emerging from Chapter 11 on July 1, 2020.

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