SAN FRANCISCO, Calif. - PG&E Corporation (NYSE: PCG) announced today that it has commenced an underwritten public offering of 6,800,000 shares of its common stock. PG&E Corporation expects to contribute all of the net proceeds from the offering to its regulated utility subsidiary, Pacific Gas and Electric Company, which will use such proceeds primarily to satisfy payment of a portion of certain fines and penalties imposed by the California Public Utilities Commission.
Wells Fargo Securities is acting as underwriter of the offering. The common shares are being offered under PG&E Corporation's effective automatic shelf registration statement filed with the Securities and Exchange Commission on February 11, 2014.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The offering of these securities may be made only by means of the prospectus and related preliminary prospectus supplement relating to the offering. Copies of the preliminary prospectus supplement and the related prospectus, when available, may be obtained from Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152, or email at email@example.com or by telephone at (800) 326-5897.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, California's largest investor-owned utility. PG&E serves about 16 million Californians across a 70,000-square-mile service area in Northern and Central California.
This press release contains forward-looking statements of future expectations, including the consummation of this offering and the expected use of the proceeds therefrom. Actual results might differ materially from those anticipated. See "Cautionary Language Regarding Forward Looking Statements" and "Risk Factors" in PG&E Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, Quarterly Reports on Form 10-Q for the three months ended March 31, 2015 and six months ended June 30, 2015, and other reports that may be filed with the Securities and Exchange Commission.