Sempra Announces Successful Closing of Public Offering and Sale of Junior Subordinated Notes

On November 18, 2024, Sempra announced the completion of its public offering and sale of $400,000,000 aggregate principal amount of its 6.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (referred to as the “Non-Call 5 2055 notes”) and $600,000,000 aggregate principal amount of its 6.550% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (referred to as the “Non-Call 10 2055 notes”). The total proceeds to Sempra from the sale of these notes, after deducting underwriting discounts, were around $990.0 million.

The notes were sold under a prospectus supplement and related prospectus filed with the U.S. Securities and Exchange Commission in accordance with Sempra’s effective shelf registration statement on Form S-3 (Registration No. 333-272237). Sempra engaged BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, and PNC Capital Markets LLC as representatives of the several underwriters named in the agreement for the purchase and sale of the notes on November 18, 2024.

Interest on the Non-Call 5 2055 notes will accrue from November 21, 2024, and will be payable semi-annually in arrears starting from April 1, 2025, and at maturity on April 1, 2055. Similarly, interest on the Non-Call 10 2055 notes will accrue from November 21, 2024, and will follow the same payment schedule with maturity on April 1, 2055.

Sempra has the option to defer interest payments on either or both series of notes for up to 20 consecutive semi-annual interest payment periods, subject to certain conditions. Additionally, the company may redeem some or all of the notes of each series at its discretion, either before or after the applicable First Reset Date.

The terms of the notes are further detailed in the Officers’ Certificate attached to the current report on Form 8-K. The issuance of the notes is governed by an indenture dated June 26, 2019, between Sempra and U.S. Bank Trust Company, National Association. This indenture, along with the form of the note and Officers’ Certificate, collectively outline the terms of the issuance.

Investors and stakeholders can find more information regarding this transaction and the terms of the notes in the filed Form 8-K, which contains detailed disclosures about the offering, underwriters, and the terms of the notes.

The exhibit also includes other relevant documents such as the Underwriting Agreement, Officers’ Certificate, an Opinion of Latham & Watkins LLP, and necessary consents related to the offering._EXECUTION_END

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sempra’s 8K filing here.

Sempra Company Profile

Sempra operates as an energy infrastructure company in the United States and internationally. It operates through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. The Sempra California segment provides electric services; and natural gas services to San Diego County.