By Cristal Cody
Tupelo, Miss., May 14 – San Diego Gas & Electric Co. sold $400 million of 4.15% 30-year first mortgage bonds on Monday at 99.558 to yield 4.176%, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Aa2/A+/AA-) priced with a spread of 105 basis points over Treasuries.
The bookrunners were Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Samuel A. Ramirez & Co. Inc.
Proceeds will be used to repay commercial paper.
The San Diego-based gas and electric utility is a subsidiary of Sempra Energy.
| Issuer: | San Diego Gas & Electric Co.
|
| Amount: | $400 million
|
| Description: | Series SSS first mortgage bonds
|
| Maturity: | May 15, 2048
|
| Bookrunners: | Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Samuel A. Ramirez & Co. Inc.
|
| Co-managers: | Blaylock Van, LLC and Guzman & Co.
|
| Coupon: | 4.15%
|
| Price: | 99.558
|
| Yield: | 4.176%
|
| Spread: | Treasuries plus 105 bps
|
| Call feature: | Make-whole call before Nov. 15, 2047 at Treasuries plus 15 bps; thereafter at par
|
| Trade date: | May 14
|
| Settlement date: | May 17
|
| Ratings: | Moody’s: Aa2
|
| S&P: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
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