San Diego Gas & Electric Co. has closed a $400 million public offering of its 4.10% series TTT first mortgage bonds due June 15, 2049.
Interest on the bonds will accrue from May 31 and is payable semiannually in arrears on June 15 and Dec. 15 of each year, beginning Dec. 15, according to company filings. The bonds have a spread to benchmark Treasury of 140 basis points.
The Sempra Energy subsidiary intends to use net proceeds to repay outstanding commercial paper and the remainder for other general corporate purposes.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and CastleOak Securities LP acted as joint book-running managers. MFR Securities Inc. and Penserra Securities LLC served as co-managers.