San Diego Gas & Electric to price $500 million 10-year bonds

By Lisa Kerner

Charlotte, N.C., May 16 – San Diego Gas & Electric Co. intends to price $500 million of first mortgage bonds, series QQQ, due 2026, according to a 424B5 filing with the Securities and Exchange Commission.

Barclays, Citigroup Global Markets Inc., Loop Capital Markets LLC, MUFG and RBC Capital Markets LLC are the bookrunners.

Proceeds will be used to redeem $105 million of outstanding 5% tax-exempt industrial development revenue bonds maturing in 2027, to repay about $200 million of outstanding commercial paper bearing interest at rates of 0.45% per annum or less and maturing at various dates in May 2016 and for other general corporate purposes.

The public utility serves San Diego and southern Orange counties in California.

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