By Cristal Cody
Tupelo, Miss., May 28 – San Diego Gas & Electric Co. sold $400 million of 4.1% 30-year first mortgage bonds at 99.895 to yield 4.106% on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A/A) priced with a spread of 140 basis points over Treasuries, on the tight side of guidance in the 145 bps area spread.
Bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and CastleOak Securities LP.
Proceeds will be used to repay commercial paper and for other general corporate purposes.
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 TTT first mortgage bonds
|
| Maturity: | June 15, 2049
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and CastleOak Securities LP
|
| Co-managers: | MFR Securities, Inc. and Penserra Securities LLC
|
| Coupon: | 4.1%
|
| Price: | 99.895
|
| Yield: | 4.106%
|
| Spread: | Treasuries plus 140 bps
|
| Call feature: | Make-whole call before Dec. 15, 2048 at Treasuries plus 25 bps; thereafter at par
|
| Trade date: | May 28
|
| Settlement date: | May 31
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 145 bps area, plus or minus 5 bps; initial talk at Treasuries plus 150 bps area
|
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