California power producer PG&E Corp filed a Form S-3 shelf registration with the SEC on Tuesday for up to $25.675 billion via a range of debt and equity securities, amid the company’s restructuring through Chapter 11 proceedings.
The SEC filing covers a broad range of security types at the holding company level (PG&E):
- Debt
- Common stock
- Preferred stock
- Warrants to purchase any of the above
- Securities purchase contracts/units
- Depositary shares
- Subscription rights
The filing covers these securities at the operating subsidiary level (Pacific Gas & Electric Company):
- Debt
- Warrants to purchase debt
- Securities purchase contracts/units
PG&E needs to exit bankruptcy by June 30, 2020, with a plan of reorganization that is deemed to meet the requirements of AB 1054, California’s law providing for a $21 billion wildfire insurance fund.
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Sources: Equities News, Reuters, SEC
