New Issue: Southern California Gas sells $500 million 2.6% 10-year bonds with 78 bps spread

By Cristal Cody

Eureka Springs, Ark., May 31 – Southern California Gas Co. priced $500 million of 2.6% 10-year first mortgage bonds with a spread of 78 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The series TT bonds (Aa2/A+/AA-) priced at 99.806 to yield 2.622%.

BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Samuel A. Ramirez & Co., Inc., UBS Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay about $200 million of outstanding commercial paper and for general corporate purposes.

The natural gas distributor is based in Los Angeles.

Issuer:	Southern California Gas Co.
Amount:	$500 million
Maturity:	June 15, 2026
Securities:	First mortgage bonds
Bookrunners:	BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Samuel A. Ramirez & Co., Inc., UBS Securities LLC, Wells Fargo Securities LLC
Co-managers:	MFR Securities, Inc., SG Americas Securities, LLC, Siebert Brandford Shank & Co., LLC
Coupon:	2.6%
Price:	99.806
Yield:	2.622%
Spread:	Treasuries plus 78 bps
Call feature:	Make-whole call before March 15, 2026 at Treasuries plus 15 bps; on or after March 15, 2026 at par
Pricing date:	May 31
Settlement date:	June 3
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.