San Diego Gas & Electric offers series ZZZ first mortgage bonds

By Mary-Katherine Stinson

Lexington, Ky., March 6 – San Diego Gas & Electric Co. is in the Monday market with an offering of first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The series ZZZ notes will have optional make-whole redemptions followed by optional par calls.

Listed lead bookrunners are Barclays, BofA Securities, Inc., BMO Capital Markets Corp., Mizuho Securities USA LLC and Wells Fargo Securities, LLC. Blaylock Vann, LLC is a bookrunner.

U.S. Bank NA is the trustee.

The company will use in-house counsel and Latham & Watkins LLP. Sidley Austin LLP will act as counsel for the bookrunners.

Proceeds will be used for general corporate purposes, including repayment of outstanding commercial paper and potentially term loan and other debt.

The San Diego-based gas and electric utility is an indirect subsidiary of Sempra Energy.

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