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San Diego Gas & Electric issues $250 million of first-mortgage bonds


San Diego Gas & Electric (SDG&E), a unit of Sempra Energy (NYSE: SRE), today closed a public offering of $250 million of 30-year first-mortgage bonds.

The bonds have an interest rate of 6.125 percent, with a stated maturity date of Sept. 15, 2037. The proceeds of the bonds will be used to finance SDG&Es capital- investment program.

The joint lead managers for the bonds are Deutsche Bank Securities, Calyon and Wachovia Securities; co-managers are Merrill Lynch & Co., Morgan Stanley, Blaylock & Company, Guzman & Company, Loop Capital Markets and Utendahl Capital Partners. The bonds are rated A1 by Moodys Investors Service, A+ by Standard & Poors Corp. and AA by Fitch Ratings.


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