PG&E Corp. Announces Procedures to Participate in Previously Announced Reserved Allocation for its Underwritten Public Offeri...
June 19 2020 - 04:46PM
Business Wire
$1.25 billion of common stock offering
reserved for large shareholders who meet eligibility criteria as of
5:00 pm ET on June 19, 2020
As previously announced, PG&E Corporation currently expects
to pursue underwritten public offerings of common stock and equity
units as part of its plan to fund its emergence from Chapter 11,
subject to market conditions. The expected $5.75 billion of gross
proceeds1 of the offerings of common stock and equity units are
expected to be used to partially fund distributions under the
company’s plan of reorganization. Also as previously announced,
pursuant to a reserved allocation program (the “Reserved
Allocation”), $1.25 billion of the common stock offering will be
reserved for investors who are beneficial owners of at least
1,000,000 shares of PG&E common stock as of 5:00 p.m. ET on
June 19, 2020 (such date and time, the “Eligibility Date”).
PG&E also currently expects that up to 25% of the common stock
offering will be allocated to individual investors (also known as
“retail” investors) through brokerage firms.
An investor who can demonstrate that it, together with its
affiliates, beneficially owns at least 1,000,000 shares of PG&E
common stock as of the Eligibility Date will be eligible to
purchase PG&E shares in the common stock offering through the
Reserved Allocation. The terms and conditions of the purchases by
any investors participating in the Reserved Allocation will be the
same as any other person in the general offering to the public,
including the purchase price, except that the underwriters will
reserve $1.25 billion of shares to be offered in the common stock
offering for purchase by prospective participants in the Reserved
Allocation. There will be no obligation for any investor to
participate in the Reserved Allocation.
Any investor that satisfies the eligibility criteria and is
interested in participating in the Reserved Allocation should
contact PG&E Investor Relations at (415) 972-7080 or
invrel@pge-corp.com and request a copy of the Reserved Allocation
Eligibility Form. Eligible investors must submit the Reserved
Allocation Eligibility Form together with any supporting documents
by 5:00 pm ET on June 23, 2020 (such date and time, “the
Eligibility Application Deadline”). Investors that do not submit
all required information by the Eligibility Application Deadline
will not be able to participate in the Reserved Allocation.
For more detailed information regarding the Reserved Allocation,
including the procedures required to participate, please see the
preliminary prospectus supplement for the common stock offering
filed by PG&E Corporation with the Securities and Exchange
Commission (the “SEC”) on June 19, 2020. Information on how to
obtain a copy of the preliminary prospectus supplement is provided
below.
This description of the Reserved Allocation is for information
purposes only. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any shares of PG&E
common stock from any person.
About PG&E Corporation
PG&E Corporation is a holding company headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company (the “Utility”), an energy company that serves 16 million
Californians across a 70,000-square-mile service area in Northern
and Central California. Each of PG&E Corporation and the
Utility is a separate entity, with distinct creditors and
claimants, and is subject to separate laws, rules and
regulations.
Non-Solicitation
The common stock and equity units will be offered and sold
pursuant to an effective shelf registration statement on Form S-3
filed by PG&E Corporation with the SEC and only by means of
separate prospectus supplements, together with the accompanying
prospectus included in the registration statement. A preliminary
prospectus supplement relating to each offering has been filed with
the SEC. Before you invest, you should read the applicable
prospectus supplement and accompanying prospectus in that
Registration Statement and other documents filed with the SEC for
more complete information about PG&E Corporation and the
offerings. You may get these documents when available for free by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
PG&E Corporation will arrange to send you the prospectus and
the prospectus supplement if you request it by contacting PG&E
Investor Relations at (415) 972-7080.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements that are
not historical facts, including statements about the expected
offerings and the offering procedures. These statements are based
on current expectations and assumptions, which management believes
are reasonable, and on information currently available to
management, but are necessarily subject to various risks and
uncertainties. There can be no assurance that the expected
offerings will be consummated on the terms described in this press
release, or at all. In addition to the risk that these assumptions
prove to be inaccurate, factors that could cause actual results to
differ materially from those contemplated by the forward-looking
statements include factors disclosed in PG&E Corporation’s and
the Utility’s joint annual report on Form 10-K for the year ended
December 31, 2019, the joint quarterly report on Form 10-Q for the
quarter ended March 31, 2020 and other reports filed with the SEC,
which are available on the SEC website at www.sec.gov. Additional
factors include, but are not limited to, those associated with the
Chapter 11 cases of PG&E Corporation and the Utility that
commenced on January 29, 2019. PG&E Corporation and the Utility
undertake no obligation to publicly update or revise any
forward-looking statements, whether due to new information, future
events or otherwise, except to the extent required by law.
1 Amount excludes any proceeds of equity unit offering to be
applied to purchase U.S. treasury securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200619005488/en/
Media Relations 415.973.5930
PG&E (NYSE:PCG)
Historical Stock Chart
From Feb 2024 to Mar 2024
PG&E (NYSE:PCG)
Historical Stock Chart
From Mar 2023 to Mar 2024