SEMPRA 8-K

What Happened

• Sempra Corp. reported that its indirect subsidiary, San Diego Gas & Electric Company (SDG&E), closed a public offering on March 20, 2026, issuing $625,000,000 of 5.200% First Mortgage Bonds, Series DDDD (maturing March 15, 2036) and $475,000,000 of 5.950% First Mortgage Bonds, Series EEEE (maturing March 15, 2056).
• Proceeds to SDG&E (after the underwriting discount but before other offering expenses of about $2.6 million) were 99.104% of Series DDDD and 98.517% of Series EEEE. Interest accrues from March 20, 2026 and is payable semiannually on March 15 and September 15 beginning September 15, 2026.
• The bonds were issued under supplemental indentures (Seventy‑Eighth and Seventy‑Ninth) filed as exhibits to the 8-K; the offering was registered under SDG&E’s Form S-3.

Key Details

• Amounts issued: $625.0 million (Series DDDD) and $475.0 million (Series EEEE) — total $1.1 billion.
• Coupon and maturities: 5.200% due March 15, 2036; 5.950% due March 15, 2056.
• Proceeds received (before ~$2.6M of other offering expenses): 99.104% (DDDD) and 98.517% (EEEE) of principal.
• Interest payments: semiannual, on March 15 and September 15 each year, starting September 15, 2026.

Why It Matters

• This transaction increases SDG&E’s long-term debt by $1.1 billion and locks in fixed interest costs for 10‑ and 30‑year maturities, which will affect the utility’s future interest expense and capital structure.
• For Sempra investors, the offering is a financing action at the subsidiary level that can support SDG&E’s funding needs (capital projects, refinancing, liquidity) without immediate changes to operating results; monitor consolidated debt metrics and interest expense disclosures in future reports.