By Andrea Heisinger
New York, May 10 - San Diego Gas & Electric Co. priced $250 million of 5.35% 30-year series HHH first mortgage bonds on Monday to yield Treasuries plus 95 basis points, a source close to the sale said.
Talk on the notes was initially for the low 100 bps, the source said, and then priced at the tight end of the revised guidance in the 100 bps area.
The bonds (Aa3/A+/AA) priced at 99.866 to yield 5.359%. They have a make-whole call at Treasuries plus 15 bps.
Bookrunners were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Loop Capital Markets LLC and UBS Investment Bank. Co-managers were CastleOak Securities LP and SL Hare Capital.
Proceeds are being used for general corporate purposes.
The electric and natural gas provider and subsidiary of Sempra Energy is based in San Diego.
| Issuer: | San Diego Gas & Electric Co.
|
| Issue: | Series HHH first mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | May 15, 2040
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Loop Capital Markets LLC, UBS Investment Bank
|
| Co-managers: | CastleOak Securities LP, SL Hare Capital
|
| Coupon: | 5.35%
|
| Price: | 99.866
|
| Yield: | 5.359%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | May 10
|
| Settlement date: | May 13
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA
|
| Price talk: | Low 100 bps (whispered), 100 bps area (revised)
|
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