PG&E sells 32.2 million mandatory convertible preferred shares at $50 each
PG&E Corporation closed an offering of 6.000% Series A Mandatory Convertible Preferred Stock on December 5, 2024, after underwriters exercised their option in full for 4,200,000 additional shares. The preferred stock pays cumulative dividends when declared and converts automatically into common stock around December 1, 2027, at a ratio of between 1.9465 and 2.4331 common shares per preferred share, which could dilute existing common shareholders.
Key points
- Underwriters agreed to buy 28,000,000 preferred shares with a $50.00 liquidation preference each, and exercised the 4,200,000-share option in full on December 3, 2024.
- Dividends accrue at 6.000% annually on the $50.00 preference and are payable quarterly from March 1, 2025 through December 1, 2027.
- Preferred holders receive $50.00 per share plus unpaid dividends before common shareholders in a liquidation.
- While preferred shares are outstanding, PG&E cannot pay common dividends or repurchase common stock unless all accrued preferred dividends have been paid.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 7:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 05, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.