Southern California Gas Co. Finalizes $650M Bond Offering Due 2056
SOCGM sits 19% above its 52-week low of $24.41.
Summary
Southern California Gas Company has finalized the terms for a $650 million offering of 5.900% First Mortgage Bonds due 2056, securing significant long-term financing.
Key Events · Financing and Capital Events · SOCGM
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Bond Offering Finalized
Southern California Gas Company will issue $650 million in 5.900% First Mortgage Bonds, Series FFF, due June 1, 2056.
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Pricing and Proceeds
The bonds are priced at 99.536% of par, yielding 5.933% to maturity, with net proceeds of approximately $641.3 million after underwriting discounts.
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Investment-Grade Ratings
The bonds received stable investment-grade ratings from Moody's (Aa3), S&P (A), and Fitch (AA-), reflecting the company's creditworthiness.
Analysis · SOCGM · Energy & Transportation
This filing details the final terms of Southern California Gas Company's $650 million bond offering. The issuance of these long-term, investment-grade bonds provides substantial capital, likely for general corporate purposes, capital expenditures, or refinancing existing debt, strengthening the company's financial position and ensuring funding for its operations.
At the time of this filing, SOCGM was trading at $29.06 on OTC in the Energy & Transportation sector. The 52-week trading range was $24.41 to $45.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.