Research Reports

Key takeaways

Closed $650M Series FFF Bonds at 5.900% interest maturing June 1, 2056.

Net proceeds 98.661% of principal after underwriting discount, before $1.4M expenses.

Interest payable semiannually starting December 1, 2026.

Bonds redeemable at company's option per terms in Exhibit 4.1.

Issued under Supplemental Indenture with U.S. Bank National Association as trustee.

Registered under Form S-3 (File No. 333-295219).

Full analysis

Southern California Gas Company completed a $650 million bond issuance secured by first mortgage, providing long-term financing at a fixed 5.900% rate through 2056. The transaction nets approximately 98.661% of principal after underwriting costs, with additional expenses of $1.4 million, supporting liquidity for utility operations. Semiannual interest payments begin December 2026, offering predictable debt service. Optional redemption feature provides flexibility for refinancing if rates decline. The supplemental indenture supplements the 1940 base indenture with U.S. Bank as trustee, authorized by California Public Utilities Commission, ensuring regulatory compliance.

SRE · Sempra

Summary

Key takeaways

Full analysis