Southern California Gas Co. on May 10 sold $400 million of 4.125% first mortgage bonds due June 1, 2048, to repay outstanding commercial paper, according to company filings.
Interest on the bonds is payable semiannually on June 1 and Dec. 1 of each year, starting Dec. 1. The bonds have a spread to benchmark Treasury of 100 basis points and were expected to be rated Aa2 by Moody's, A+ by S&P Global Ratings and AA- by Fitch Ratings.
BNP Paribas Securities Corp., Mizuho Securities USA LLC, SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc. and Loop Capital Markets LLC acted as joint book-running managers. Great Pacific Securities and R. Seelaus & Co. Inc. served as co-managers.
Southern California Gas is a subsidiary of Sempra Energy.
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