SREA SEMPRA
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Executive Summary
Southern California Gas Company (an indirect subsidiary of Sempra) closed the public offering of $650 million aggregate principal amount of 5.900% First Mortgage Bonds, Series FFF, due 2056. Net proceeds to the company were approximately 98.661% of the principal amount before offering expenses. This is a routine debt financing transaction for the utility subsidiary with no material impact on Sempra's credit profile or its preferred stock (SREA).
Actionable Insight
This is a routine debt issuance by a regulated utility subsidiary. No near-term catalyst for SREA or SRE. Monitor for any future credit rating actions or changes in leverage at the Sempra parent level.
Key Facts
- Offering of $650,000,000 aggregate principal amount of 5.900% First Mortgage Bonds, Series FFF, due 2056.
- Net proceeds to the company were 98.661% of principal after underwriting discount, before estimated offering expenses of ~$1.4 million.
- The bonds are secured by a first mortgage on Southern California Gas Company's assets.
- Interest payable semi-annually on June 1 and December 1, commencing December 1, 2026.
Financial Impact
Increases Southern California Gas Company's long-term debt by $650 million at a 5.90% coupon, but no material impact on Sempra's consolidated financials or preferred dividend coverage.
Risk Factors
- Interest rate risk – the 5.90% fixed coupon may be above current market rates if rates decline.
- Increased leverage at the subsidiary level, though manageable for a regulated utility.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-226918 |
| Document: d298887d8k.htm | 0001193125-26-226918 |
| Document: d298887dex51.htm | 0001193125-26-226918 |
| Document: 0001193125-26-226918-index-headers.html | 0001193125-26-226918 |
| Document: 0001193125-26-226918-index.html | 0001193125-26-226918 |
| Document: 0001193125-26-226918.txt | 0001193125-26-226918 |
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| Type | Now | ||||
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Jun 4, 2026
5d ago
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424B5
| $21.30 $21.07 | ▼ −1.08% | ▲ +1.52% | $20.98 (−1.50%) |
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May 15, 2026
25d ago
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8-K
| $21.30 $21.17 | ▼ −0.61% | ▲ +0.04% | $20.98 (−1.50%) |
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May 14, 2026
26d ago
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144
| $21.29 $21.30 | ▲ +0.05% | ▲ +0.11% | $20.98 (−1.46%) |
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May 7, 2026
4w ago
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8-K
| $21.47 $21.62 | ▲ +0.70% | ▼ −0.13% | $20.98 (−2.28%) |
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Apr 17, 2026
7w ago
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8-K
| $21.93 $21.75 | ▼ −0.83% | ▼ −0.17% | $20.98 (−4.33%) |
US Market Status
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