SAN DIEGO, March 22, 2013 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its subsidiary Infraestructura Energetica Nova, S.A.B. de C.V. (formerly Sempra Mexico and referred to as IEnova) has priced its private offering of 91,037,426 shares of Class II, Single Series, common stock at an initial offering price of Ps.34.00 per share, which is equivalent to approximately US$2.75, based upon an exchange rate of Ps.12.3841 to US$1.00 as of March 21, 2013, as published by Banco de Mexico. Concurrent with the private offering, IEnova also priced its initial public offering registered in Mexico of 98,623,879 shares of common stock at the same initial offering price. Settlement of the offerings is expected to occur on March 27, 2013, subject to the completion of customary closing conditions.
The initial purchasers in the private offering and the underwriters in the Mexican public offering have been granted a 30-day option to purchase up to an additional 28,449,195 shares of common stock at the initial offering price, less the underwriting discount, to cover overallotments, if any. The aggregate shares of common stock to be sold in the offerings represent approximately 16.85 percent of IEnova's outstanding ownership interest (and approximately 18.9 percent of IEnova's outstanding ownership interest if the 30-day overallotment option is exercised in full).
The net proceeds of the offerings are estimated to be approximately Ps.6.1 billion ( US$496 million, based upon an exchange rate of Ps.12.3841 to US$1.00 as of March 21, 2013, as published by Banco de Mexico), after deducting underwriting discounts and commissions and estimated offering expenses payable by IEnova, and prior to any exercise of the 30-day overallotment option. IEnova 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.The private offering is exempt from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The shares in the private offering will be offered and sold 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. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the shares of IEnova. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
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