San Diego Gas & Electric Announces Redemption Of Preferred And Preference Stock
Sep 3, 2013
SAN DIEGO, Sept. 3, 2013 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) today announced that, on Oct. 15, 2013, SDG&E will redeem all issued and outstanding shares of its Cumulative Preferred Stock and Preference Stock (Cumulative) at the following redemption prices:
The cost of the redemption will be approximately $81.5 million plus all accrued and accumulated dividends to the redemption date.
The redemption date will be Oct. 15. Dividends on shares of the Cumulative Preferred Stock and Preference Stock (Cumulative) will cease to accrue on the redemption date, on and after which the holders of Cumulative Preferred Stock and Preference Stock (Cumulative) will be entitled to receive only the respective redemption prices (including accrued and accumulated dividends to the redemption date), without interest, in respect of their shares.
Notices of redemption and related materials are being mailed to record holders of the outstanding shares of Cumulative Preferred Stock and Preference Stock (Cumulative) commencing on or about Sept. 3. To receive payment of the applicable redemption price, holders of shares of Cumulative Preferred Stock and Preference Stock (Cumulative) must surrender their shares and return a completed Letter of Transmittal to Wells Fargo Bank, N.A., which will serve as the redemption agent.
Questions regarding the redemption of preferred stock and preference stock may be directed to Wells Fargo Bank, N.A. at (800) 468-9716 (toll free) or (651) 450-4064, or to SDG&E at (619) 696-2020. Requests for additional copies of the notice of redemption and related materials should be directed to the redemption agent.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.4 million consumers through 1.4 million electric meters and 860,000 natural gas meters in San Diego and southern Orange counties. The utility's service area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, Twitter (@SDGE) and Facebook.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "intends," "plans," "forecasts," "estimates," "may," "will," "would," "could," "should," "potential," "target," "outlook," "project," "maintain," "depends," "pursue" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions by the California Public Utilities Commission, California State Legislature, Federal Energy Regulatory Commission, U.S. Department of Energy, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries where the company does business; capital market conditions, including the availability of credit and the liquidity of investments; inflation, interest and exchange rates; the impact of benchmark interest rates, generally Moody's A-rated utility bond yields, on our cost of capital; the timing and success of business development efforts and construction, maintenance and capital projects, including risks inherent in the ability to obtain, and the timing of the granting of, permits, licenses, certificates and other authorizations; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas, including disruptions caused by failures in the North American transmission grid, pipeline explosions, equipment failure and the decommissioning of San Onofre Nuclear Generating Station; weather conditions, natural disasters, catastrophic accidents, and conservation efforts; risks inherent with nuclear power facilities and radioactive materials storage, including catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight; risks posed by decisions and actions of third parties who control the operations of investments in which the company does not have a controlling interest; wars, terrorist attacks and cyber security threats; business, regulatory, environmental and legal decisions and requirements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of SDG&E's electric transmission and distribution system due to increased power supply from renewable energy sources; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through our electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q that SDG&E has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com.
We caution you not to rely unduly on any forward-looking statement. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not the same companies as San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas) and Sempra International, LLC and Sempra U.S. Gas & Power, LLC are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SOURCE San Diego Gas & Electric (SDG&E)
For further information: Media, Allison Zaragoza, San Diego Gas & Electric, (877) 866-2066, www.sdge.com, Twitter: @sdge or Financial, Victor Vilaplana, Sempra Energy, (877) 736-7727, email@example.com