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SoCalGas closes $350M offering of 1st mortgage bonds

Southern California Gas Co. on June 4 closed a $350 million public offering of its 3.950% first mortgage bonds, series WW, due Feb. 15, 2050.

Interest on the bonds will accrue from June 4 and will be payable on Feb. 15 and Aug. 15 of each year, starting Aug. 15. The bonds have a spread to benchmark Treasury of 130 basis points, according to company filings.

The Sempra Energy subsidiary intends to use a substantial portion of the net proceeds from the offering to repay outstanding commercial paper and other general corporate purposes.

Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., Santander Investment Securities Inc. and Great Pacific Securities are the joint book-running managers in the transaction. Cabrera Capital Markets LLC and Siebert Cisneros Shank & Co. LLC served as co-managers.