Sempra closes $800M offering of 6.375% junior subordinated notes due 2056

SEMPRA

Net proceeds ~$792M after underwriting discounts; intended to redeem all outstanding 4.875% Series C preferred stock subject to board approval.
Notes bear interest at 6.375% through April 2031, then reset at 5-year UST rate plus 2.632% with a 6.375% floor.
Maturity on April 1, 2056; interest payable semi-annually on April 1 and October 1, beginning April 2026.
Sempra may defer interest for up to 20 consecutive semi-annual periods, subject to no event of default.
Offering underwritten by Barclays, Citigroup, Credit Agricole, MUFG, and Santander at 100% of principal.

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