PG&E (PCG) said Tuesday it priced its concurrent underwritten public offerings of about 48.6 million common shares at $20.55 per share and 28 million shares of series A mandatory convertible preferred stock at $50 per share.

Underwriters have been granted a 30-day option to buy up to about 7.3 million additional common shares and 4.2 million shares of preferred stock.

Net proceeds from the offering are estimated to be about $2.35 billion, or about $2.71 billion if the underwriters fully exercise their overallotment option.

The common stock offering is set to close Wednesday, while the preferred stock is expected to close Thursday.

Net proceeds will be used to fund general corporate purposes and the company's five-year capital investment plan.