Feb. 25, 2013
(NYSE:SRE) today announced that its
unit intends to offer, subject to market and other conditions, shares of its common stock in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act").
The shares in this private offering will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the U.S., in accordance with Regulation S under the Securities Act. The shares have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in
the United States
absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
Concurrent with the private offering, Sempra Mexico intends to offer, subject to market, regulatory and other conditions, shares of its common stock to investors in
in an initial public offering to be registered in Mexico. Sempra Mexico has filed applications with the Mexican National Banking and Securities Commission (Comision Nacional Bancaria y de Valores, or CNBV) for the registration of its shares with the Mexican National Securities Registry (Registro Nacional de Valores) maintained by the CNBV, and with the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.) to list its shares for trading. The registration and listing of the shares is expected to be obtained on or before the closing of the offerings as required under the Mexican Securities Market Law (Ley del
Mercado de Valores
Sempra Mexico is expected to sell shares representing between 15 percent and 20 percent of its ownership interest. The exact number of shares to be sold and the offering price of the shares will be determined at the time of the pricing of the offerings. The closings of the offerings, which are expected to occur by
, are conditioned on each other.
Sempra Mexico expects to use the net proceeds of the offerings primarily for general corporate purposes, including the funding of its current investments and ongoing expansion plans.