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

(Reuters) – PG&E Corp has raised about $5.5 billion from a share offering and sale of equity units as the biggest U.S. power provider by customers looks to emerge from Chapter 11 bankruptcy next week.

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.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Saumyadeb Chakrabarty)