Summary
This 8-K filing reports on the successful closing of a public offering by Southern California Gas Company (SoCalGas), a subsidiary of Sempra Energy. SoCalGas issued $550 million in aggregate principal amount of 4.30% First Mortgage Bonds, Series VV, due in 2049. The net proceeds to the company, after deducting underwriting discounts but before other expenses, were approximately 99.08% of the principal amount, indicating a favorable issuance for the company. These new bonds will mature on January 15, 2049, and carry a coupon rate of 4.30% per annum, with interest payments made semi-annually. The offering was registered under Sempra Energy's existing Form S-3 registration statement. This debt issuance likely supports SoCalGas's ongoing operational needs and capital expenditures, providing long-term financing at a fixed rate.
Key Highlights
- 1Southern California Gas Company (SoCalGas) successfully closed a public offering of $550 million in 4.30% First Mortgage Bonds, Series VV.
- 2The bonds have a long maturity of January 15, 2049.
- 3The interest rate on the new bonds is 4.30% per annum, payable semi-annually.
- 4Proceeds to SoCalGas were approximately 99.08% of the principal amount after underwriting discounts.
- 5The offering was registered under Sempra Energy's existing Form S-3 registration statement.
- 6The issuance of these bonds provides long-term debt financing for SoCalGas.