AI English summary of an SEC filing — figures as filed
Sempra SRESempra said it closed the public offering of $500,000,000 in aggregate principal amount of its 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 on May 31, 2024. The notes are a further issuance of, and form a single series with, the $600,000,000 existing notes issued on March 14, 2024.
Key points
AI summarySempra said it closed the public offering of $500,000,000 in aggregate principal amount of its 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 on May 31, 2024. The notes are a further issuance of, and form a single series with, the $600,000,000 existing notes issued on March 14, 2024.
Sempra said it received about $490.2 million in proceeds after underwriting discounts, but before offering expenses estimated at about $1.3 million and excluding $7,352,430.56 in accrued interest payable to the company. The offering price was 99.044% of the principal amount.
The company said the notes bear interest at 6.875% per year from March 14, 2024 to October 1, 2029, and interest is paid semi-annually in arrears on April 1 and October 1 of each year. From October 1, 2029, the rate resets to the Five-year U.S. Treasury Rate plus a spread of 2.789%, and the notes mature on October 1, 2054.
The company may defer interest payments for up to 20 consecutive semi-annual interest payment periods, as long as no event of default has occurred and is continuing. It may also redeem the notes starting on the 90 days before October 1, 2029 at a redemption price in cash equal to 100% of the principal amount, plus accrued and unpaid interest.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Sempra completes $500,000,000 reopening of 2054 junior subordinated notes
Sempra said it closed the public offering of $500,000,000 in aggregate principal amount of its 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 on May 31, 2024. The notes are a further issuance of, and form a single series with, the $600,000,000 existing notes issued on March 14, 2024.
Source · Based on the filing body and exhibits
Net proceeds of about $490.2 million and terms
Sempra said it received about $490.2 million in proceeds after underwriting discounts, but before offering expenses estimated at about $1.3 million and excluding $7,352,430.56 in accrued interest payable to the company. The offering price was 99.044% of the principal amount.
Source · Based on the filing body and exhibits
Interest Rate, Payment Schedule and Reset Terms
The company said the notes bear interest at 6.875% per year from March 14, 2024 to October 1, 2029, and interest is paid semi-annually in arrears on April 1 and October 1 of each year. From October 1, 2029, the rate resets to the Five-year U.S. Treasury Rate plus a spread of 2.789%, and the notes mature on October 1, 2054.
Source · Based on the filing body and exhibits
Interest Deferral and Optional Redemption Terms
The company may defer interest payments for up to 20 consecutive semi-annual interest payment periods, as long as no event of default has occurred and is continuing. It may also redeem the notes starting on the 90 days before October 1, 2029 at a redemption price in cash equal to 100% of the principal amount, plus accrued and unpaid interest.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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