San Diego Gas to redeem pollution control revs, preferreds via bonds

By Tali David

Minneapolis, Sept. 4 - San Diego Gas & Electric Co. plans to use the proceeds of its first mortgage bond offering to redeem the following:

• $60 million of 5.85% 1993 series A pollution control revenue bonds due June 1, 2021;

• $115.47 million of 5.9% 1996 series A pollution control revenue bonds due June 1, 2014; and

• All $81.5 million of its cumulative preferred stock and preference stock.

Proceeds will also be used for general corporate purposes, according to a 424B5 filed with the Securities and Exchange Commission.

The San Diego-based utility is a subsidiary of Sempra Energy.

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