By Andrea Heisinger
New York, Aug. 15 - San Diego Gas & Electric Co. sold $350 million of 3% 10-year first mortgage bonds, series JJJ, on Monday at a spread of 78 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Aa3/A+/AA-) were priced at 99.487 to yield 3.06%. There is a make-whole call at Treasuries plus 15 bps.
Bookrunners were CastleOak Securities, LP, Deutsche Bank Securities Inc., RBC Capital Markets LLC and UBS Securities LLC.
Co-managers were Guzman & Co. and Williams Capital Group LP.
Proceeds will become part of the company's general treasury funds and used for general working capital purposes, to support electric and gas procurement programs and to replenish amounts expended and to be expended for expansion and betterment of the utility plant.
The electric and natural gas company is based in San Diego.
| Issuer: | San Diego Gas & Electric Co.
|
| Issue: | First mortgage bonds, series JJJ
|
| Amount: | $350 million
|
| Maturity: | Aug. 15, 2021
|
| Bookrunners: | CastleOak Securities, LP, Deutsche Bank Securities Inc., RBC Capital Markets LLC, UBS Securities LLC
|
| Co-managers: | Guzman & Co., Williams Capital Group LP
|
| Coupon: | 3%
|
| Price: | 99.487
|
| Yield: | 3.06%
|
| Spread: | Treasuries plus 78 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
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