Hedge Funds and Other Investors to Provide Equity Capital for PG&E After Chapter 11
Posted on 06/08/2020
San Francisco-based PG&E Corporation disclosed a common stock investment of a total of US$ 3.25 billion by investors including David Tepper’s Appaloosa, Third Point LLC, Fidelity Management & Research Co. LLC, and Zimmer Partners at a discount to current prices. Under terms of the investment, the investors will pay up to US$ 10.50 per share, depending on the price per share to be paid in an expected public offering of common stock. The shares are expected to be issued in a private placement upon PG&E’s emergence from Chapter 11 bankruptcy.
Advisors
Lazard acted as financial advisor, Cravath, Swaine & Moore LLP acted as legal advisor and Goldman Sachs & Co. LLC and J.P. Morgan acted as placement agents for PG&E.
