Southern California Gas to price series BBB first mortgage bonds

By Marisa Wong

Los Angeles, March 12 – Southern California Gas Co. is offering fixed-rate first mortgage bonds, series BBB, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature an optional make-whole call, followed by an optional par call.

BBVA Securities Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC and R. Seelaus & Co., LLC are the joint bookrunners.

U.S. Bank NA is the trustee.

Latham & Watkins LLP and in-house counsel will advise the issuer on legal matters. Sidley Austin LLP will act as counsel for the underwriters.

Proceeds will be used to repay outstanding debt and for other general corporate purposes. The outstanding debt consists of commercial paper that as of March 11 bore interest at rates of 5.4111% or less and matures at various dates in March 2024.

The Los Angeles-based public utility is an indirect subsidiary of Sempra, a California-based holding company with energy infrastructure investments in North America.

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