Chicago, March 31 – San Diego Gas & Electric Co. sold $400 million of 3.32% first mortgage bonds, series UUU (A2/A/A), due April 15, 2050, according to an FWP filing with the Securities and Exchange Commission and a market source.
The notes priced at 99.867 to yield 3.327%, or 200 basis points over Treasuries.
Guidance was for a spread in the Treasuries plus 250 bps area.
The bonds feature a make-whole call and then a par call.
BBVA Securities Inc., BMO Capital Markets Corp., Mizuho Securities USA Inc., RBC Capital Markets Corp. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for working capital and general corporate purposes, including debt repayment.
The San Diego-based gas and electric utility is a subsidiary of Sempra Energy.
Issuer: | San Diego Gas & Electric Co.
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Amount: | $400 million
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Description: | Series UUU first mortgage bonds
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Maturity: | April 15, 2050
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Bookrunners: | BBVA Securities Inc., BMO Capital Markets Corp., Mizuho Securities USA Inc., RBC Capital Markets Corp. and Wells Fargo Securities LLC
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Co-managers: | Samuel A. Ramirez & Co., Inc. and Telsey Advisory Group LLC
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Coupon: | 3.32%
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Price: | 99.867
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Yield: | 3.327%
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Spread: | Treasuries plus 200 bps
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Call feature: | Make-whole call before Oct. 15, 2049 at Treasuries plus 30 bps; thereafter at par
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Trade date: | March 31
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Settlement date: | April 7
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Ratings: | Moody’s: A2
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| S&P: A
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| Fitch: A
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 250 bps area
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