To help repay debt, finance future capital expenditures, and fund "general corporate purposes," Portland General Electric will issue 11.1 million shares of common stock, the company announced in a recent SEC filing.
The offering will be made under the company's existing shelf registration statement filed with the SEC.
Underwriters for Portland General Electric's (PGE) stock issuance, including Barclays, Wells Fargo's Securities division, JPMorgan, Bank of America's Merrill Lynch, and co-manager Morgan Stanley, have an option to purchase up to an additional 1.665 million shares within 30 days of the SEC filing, which is dated June 10.
If the underwriters elect to exercise their options for additional shares, PGE would have a total of 88,443,969 shares of stock outstanding upon completion of the new offering. The newly issued shares should be made available to PGE investors this month, according to the SEC filing.
As of June 7, the final day of trading prior to the prospectus supplement being filed with the SEC, PGE's stock price closed at $31.19 a share. For the second quarter of 2013, through June 7, PGE traded between $32.91 to $30.15 a share.
Headquartered in Portland, Ore., Portland General Electric Co. is a fully integrated electric utility that serves some 830,000 residential, commercial and industrial customers.
The article Portland General Electric to Issue 11.1 Million Shares of Stock originally appeared on Fool.com.Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase & Co., and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.