PG&E Corporation
PG&E Corporation Announces Offering of 6.000% Series A Mandatory Convertible Preferred Stock
Summary
On December 2, 2024, PG&E Corporation announced the launch and pricing of an offering of 28,000,000 shares of 6.000% Series A Mandatory Convertible Preferred Stock, with an initial liquidation preference of $50.00 per share. The offering, managed by J.P. Morgan Securities LLC, Barclays Capital Inc., and Citigroup Global Markets Inc., closed on December 5, 2024. The shares were sold pursuant to a shelf registration statement on Form S-3. Additionally, a Certificate of Determination was filed to establish the preferences and rights of the preferred stock, with the offering price and conversion details provided.
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About PG&E Corporation
PG&E Corporation is a prominent energy infrastructure company engaged in delivering gas and electricity services to millions of customers, primarily in Northern and Central California. As a critical player in the utility sector, PG&E focuses on generating, transmitting, and distributing energy while upholding commitments to safety, reliability, and environmental stewardship. The company plays a vital role in supporting regional economies by facilitating energy needs for residential, commercial, and industrial users. PG&E Corporation is also at the forefront of integrating renewable energy sources, contributing to California's ambitious climate goals. By managing a vast network of power lines and gas pipelines, PG&E ensures consistent energy provision in a region prone to environmental challenges such as wildfires and earthquakes. As a major utility provider, PG&E's performance and strategic initiatives significantly impact regulatory environments, energy markets, and sustainability efforts in the burgeoning clean energy transition. Headquartered in San Francisco, California, PG&E Corporation's efforts in modernizing infrastructure and investing in technology aim to enhance grid resilience and customer service across its expansive service area.
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