This is a preliminary filing with all key terms TBD. Monitor for the final prospectus supplement to determine the offering size, coupon, and pricing. The refinancing of near-term maturities (Series TT bonds due 2026) is routine for a regulated utility. No immediate trading signal for SOCGP.
Price Chart
Executive Summary
Southern California Gas Company filed a preliminary prospectus supplement for an offering of First Mortgage Bonds, Series FFF, due 2056, under its existing shelf registration. The offering size, interest rate, and pricing are all placeholder values (marked as TBD), and the filing is subject to completion. Proceeds are intended to repay outstanding indebtedness, including $500 million of Series TT bonds due 2026 and commercial paper.
Key Facts
- Offering of First Mortgage Bonds, Series FFF, due June 1, 2056, under Rule 424(b)(5) and shelf registration 333-295219.
- All key terms (offering size, interest rate, public offering price, underwriting discount) are placeholder values marked as TBD.
- Net proceeds estimated at approximately $[●] million; intended to repay $500.0 million Series TT bonds (2.600%, due 2026) and commercial paper.
- Estimated offering expenses (excluding underwriting discount) are $1,500,000.
- As of March 31, 2026, the company had $7.4 billion of first mortgage bonds outstanding and Net Investment in Mortgaged Property of approximately $17.5 billion.
- Net Earnings Available for Interest were approximately 6.3 times annual interest charges on outstanding first mortgage bonds for the twelve months ended March 31, 2026.
- The bonds are secured by a first lien on substantially all real and personal property (subject to exceptions).
- No established trading market; underwriters intend to make a market but are not obligated.
- Cross-filing context: S-3ASR filed April 21, 2026 (20 days prior) established the shelf for this offering.
Financial Impact
Offering size is undisclosed (placeholder). Proceeds will refinance $500M of Series TT bonds and commercial paper. Estimated expenses $1.5M.
Risk Factors
- Final terms (size, coupon, spread) are unknown and could be less favorable depending on market conditions.
- No established secondary market for the bonds; liquidity risk for bondholders.
- Potential conflict of interest: underwriters may receive proceeds from repayment of indebtedness they hold, subject to FINRA Rule 5121.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-215830 |
| Document: 0001193125-26-215830-index-headers.html | 0001193125-26-215830 |
| Document: 0001193125-26-215830-index.html | 0001193125-26-215830 |
| Document: 0001193125-26-215830.txt | 0001193125-26-215830 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 10w ago | 15-12G | $31.10 | awaiting T+20 | — | — |
Jul 13, 2026 15w ago | DEFA14A | $30.00 $31.05 | ▲ +3.50% | ▲ +0.32% | — |
May 12, 2026 24w ago | DEFA14A | $29.70 $29.70 | · 0.00% | ▲ +0.61% | — |
May 11, 2026 24w ago | 424B5 | $29.75 $29.45 | ▼ −1.03% | ▼ −0.72% | — |
US Market Status
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