San Diego Gas & Electric Co. on May 17 closed a $400 million public offering of 4.15% series SSS first mortgage bonds due May 15, 2048, to repay outstanding commercial paper.

Interest is payable semiannually May 15 and Nov. 15 each year, beginning Nov. 15. The issue was expected to be rated Aa2 by Moody's, A+ by S&P Global Ratings and AA- by Fitch Ratings. The bonds have a spread to benchmark Treasury of 105 basis points, according to company filings.

Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Samuel A. Ramirez & Co. Inc. acted as joint book-running managers. Blaylock Van LLC and Guzman & Co. served as co-managers.

San Diego Gas & Electric is a Sempra Energy subsidiary.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.