PG&E (PCG) said Monday it launched concurrent public offerings of $1.2 billion in common stock and $1.2 billion in series A mandatory convertible preferred stock.

The company said it plans to grant underwriters a 30-day option to purchase up to an additional $180 million in each security.

Net proceeds will be used to fund general corporate purposes, including the implementation of a five-year capital investment plan, PG&E said.

The company said each preferred share, with a $50 liquidation preference, will convert to common stock by December 2027 unless converted earlier.

PG&E said it plans to list the preferred shares on the New York Stock Exchange under the symbol "PCG-PrA."

Shares of PG&E were down more than 3% in recent premarket activity.