Sempra Energy 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 (US$571 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. 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.
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