By Aleesia Forni
Virginia Beach, Sept. 8 – Southern California Gas Co. priced $500 million of 3.15% 10-year first mortgage bonds, series PP, at Treasuries plus 72 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
The bonds (Aa2/A+/AA-) sold at the tight end of talk.
Pricing was at 99.634 to yield 3.193%.
BNP Paribas Securities Corp., BofA Merrill Lynch, Ramirez & Co. Inc. and UBS Securities LLC were the bookrunners.
Proceeds will be used to repay commercial paper and for general corporate purposes.
The natural gas distributor is based in Los Angeles.
| Issuer: | Southern California Gas Co.
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| Amount: | $500 million
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| Description: | First mortgage bonds
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| Maturity: | Sept. 15, 2024
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| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Ramirez & Co. Inc., UBS Securities LLC
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| Co-managers: | Apto Partners LLC, MFR Securities Inc., U.S. Bancorp Investments Inc.
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| Coupon: | 3.15%
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| Price: | 99.634
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| Yield: | 3.193%
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| Spread: | Treasuries plus 72 bps
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| Trade date: | Sept. 8
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| Settlement date: | Sept. 11
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| Ratings: | Moody’s: Aa2
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| Standard & Poor's: A+
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| Fitch: AA-
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| Price talk: | Treasuries plus 75 bps area, tightened from Treasuries plus 85 bps area
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| Make-whole call: | Treasuries plus 12.5 bps prior to June 15, 2024, then callable at par
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