(Bloomberg) — PG&E Corp. raised more than $5 billion in a common share and equity unit offering to help finance its exit from the biggest utility bankruptcy in U.S. history.The California power giant sold more than 420 million shares at $9.50 apiece, it said in a statement dated Friday, representing a 2.4% discount to Thursday’s close of $9.73. The share sale, as well as separate offering of equity units, which have a coupon of 5.50%, netted the company about $5.15 billion, according to the statement.The effort is one the year’s largest stock offerings and part of the company’s plan to raise $9 billion in equity to help pay for claims from wildfires through its Chapter 11 case. PG&E has also raised more than $13 billion in the debt markets to finance its bankruptcy, which began after its equipment sparked deadly blazes in Northern California.PG&E said it expects to emerge from Chapter 11 on or about July 1. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are underwriting the offering. Barclays Plc, Citigroup Inc. and BofA Securities Inc. are joint book-running managers.The raising announced Friday brought in $5.5 billion gross, according to people with knowledge of the matter, who asked not to be identified as the information isn’t public. The company launched the offering Monday intending to raise total gross proceeds $5.23 billion. PG&E filed for Chapter 11 last year facing $30 billion in liabilities from the fires, some of the worst in California history. They included the Camp Fire, which destroyed the town of Paradise and killed more than 80 people. The company pleaded guilty last week to 84 counts of involuntary manslaughter. State regulators fined PG&E $1.9 billion in connection with the blazes.PG&E is raising money to help cover $25.5 billion in damage claims it resolved in its bankruptcy through settlements with fire victims, insurers and local government agencies.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
