March 25, 2013
(NYSE:SRE) today announced that the initial purchasers and Mexican underwriters in the previously disclosed global offering of 189,661,305 shares of Class II, Single Series, common stock of its subsidiary Infraestructura Energetica Nova, S.A.B. de C.V. (formerly Sempra Mexico and referred to as IEnova) have exercised their options to purchase an additional 28,449,195 shares of common stock at the initial offering price of Ps.34.00 per share, less underwriting discounts and commissions. With the exercise of the options, the aggregate shares of common stock to be sold in the global offering represent approximately 18.9 percent of IEnova's outstanding ownership interest. Settlement of the global offering, including the additional option shares, is expected to occur on
March 27, 2013
, subject to the completion of customary closing conditions.
The net proceeds of the global offering, including the additional option shares, are estimated to be approximately Ps.7.1 billion (
, based upon an exchange rate of Ps.12.3841 to
, as of
March 21, 2013
, as published by Banco de
), after deducting underwriting discounts and commissions and estimated offering expenses payable by IEnova. 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 that is part of the global offering described above 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.