PG&E raises $5.5 billion as it eyes exit from bankruptcy next week

This post was originally published on this site

The company sold just over 423 million shares at $9.50 apiece to raise about $4 billion, while a separate, previously announced equity units offering raised just under $1.20 billion, giving it net proceeds after costs of around $5.15 billion.

The share offering was at a 2.4% discount to the stock’s Thursday close.

The fund raising took place days after a U.S. bankruptcy court approved the company’s Chapter 11 reorganization plan, taking it a step closer to exiting from bankruptcy.

Earlier this month, PG&E had said that it would be raising $5.75 billion from public offerings.