Business Context and Reporting Period
This Form 8-K Current Report, dated March 20, 2026, is filed by SEMPRA and its indirect subsidiary, San Diego Gas & Electric Company (SDG&E). The filing reports the closing of a previously announced public debt offering by SDG&E.
Key Financial Metrics and Transaction Details
SDG&E completed the sale of two series of First Mortgage Bonds with the following terms:
- Series DDDD Bonds: $625,000,000 aggregate principal amount, 5.200% interest rate, due March 15, 2036.
- Series EEEE Bonds: $475,000,000 aggregate principal amount, 5.950% interest rate, due March 15, 2056.
- Total Principal Amount: $1,100,000,000.
- Net Proceeds: Proceeds to the Company (after underwriting discount but before other offering expenses estimated at approximately $2.6 million) were:
- 99.104% of the aggregate principal amount for Series DDDD Bonds.
- 98.517% of the aggregate principal amount for Series EEEE Bonds.
- Interest Payments: Semiannual in arrears on March 15 and September 15, beginning September 15, 2026.
The filing does not provide specific values for revenue, profit, cash flow, margins, or existing debt levels outside of this transaction.
Material Changes
The primary material change is the increase in long-term debt obligations for SDG&E resulting from the issuance of $1.1 billion in new bonds. This transaction was registered under the Company's Registration Statement on Form S-3 (File No. 333-269677).
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard legal disclosures regarding the bond terms. The bonds are redeemable prior to maturity under circumstances described in the Supplemental Indentures filed as exhibits. The filing notes that the descriptions of bond terms are qualified in their entirety by the forms of the bonds and indentures.
Investor Verification Checklist
- Verify the exact net proceeds calculation after deducting the estimated $2.6 million in offering expenses.
- Review the Seventy-Eighth and Seventy-Ninth Supplemental Indentures (Exhibits 4.1 and 4.2) for specific redemption prices and call provisions.
- Confirm the use of proceeds for the $1.1 billion issuance, as the filing does not explicitly state the intended allocation of funds.
- Check the Underwriting Agreement filed on March 17, 2026, for additional details on the sale.