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PG&E Corp. Equity Units Due 8/16/2023
Ticker Symbol: PCGU* CUSIP: 69331C140 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/16/2023
QUANTUMONLINE.COM SECURITY DESCRIPTION: PG&E Corp. Equity Units Due 8/16/2023 stated amount $100 per unit, initially consisting of Equity Units which include a prepaid stock purchase contract and a 1/48,000th undivided beneficial ownership interest in specified U.S. treasury strips that mature on a quarterly basis from, and including, 08/15/2020 through, and including, 08/15/2023. The stock purchase contract requires the holder to purchase for $100 a variable number of shares of PG&E Corp. (NYSE: PCG) common stock no later than 08/16/2023. The stock purchase settlement rate will be 8.5929 shares per unit if the then current market price is equal to or greater than $11.6375 and 10.5263 shares per unit if the market price is equal to or less than $9.50. For market prices between those values the settlement rate will be $100 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on 06/25/2020 was $9.73 per share. The stock purchase contract may be settled any time at the holder’s option and the company will deliver 8.5929 shares of common stock for each purchase contract. Each Equity Unit will initially evidence a 1/48,000th beneficial ownership interest in U.S. treasury strips. The amount received from the U.S. government in respect of each U.S. treasury strip underlying the Equity Unit will be forwarded to each holder of the Equity Units on the business day immediately following the date such U.S. treasury strip matures on 2/15, 5/15, 8/15 & 11/15 of each year. The Issuer expects that the amount payable per Equity Unit per full quarter will be equal to $1.3750, which represents an annual rate of return on the Stated Amount per Equity Unit of 5.50%. Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. If a Fundamental Change occurs on or prior to 8/16/2023 holders of units may be able to convert the contract into common stock at the fundamental change conversion rate plus a fundamental change dividend make-whole amount (see prospectus for further information). The holder has the right at any time to withdraw its beneficial ownership interest in U.S. treasury strips evidenced by such Equity Units. Because each Equity Unit evidences a 1/48,000th beneficial ownership interest in specified U.S. treasury strips, any separation of Equity Units may be made only in integral multiples of 48,000 Equity Units. This security was not rated by Moody’s or S&P at the time of its IPO.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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5.50%
$5.5
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$100.00
$100.00
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Not callable
8/16/2023
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NR NF
10/25/2022
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8.5929@$11.6375+
11.6375@$9.50-
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2/15, 5/15, 8/15 & 11/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (PCG)
IPO - 6/25/2020 - 14.54 Million Units @ $100/unit.
Link to IPO Prospectus
Previous Ticker Symbol: PGEUU Changed: 7/07/2020
Market Value $ Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 77 Beale Street, San Francisco, California 94177 |
Main Phone Number |
415-973-1000 |
Fax Number |
415-267-7265 |
Investor Relations
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415-267-7080
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Toll Free Phone Number |
Unknown |
CEO - Patricia K. "Patti" Poppe |
CFO - Jason P. Wells |
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