FONT-SIZE Plus   Neg

Sempra Energy's IEnova Prices IPO At Ps 34.00 Per Share - Quick Facts

Sempra Energy (SRE) announced that its subsidiary Infraestructura Energetica Nova, S.A.B. de C.V. or IEnova has priced its private offering of about 91.04 million shares of Class II, Single Series, common stock at an initial offering price of 34.00 Mexican pesosper share, or about US$2.75.

Simultaneously, IEnova also priced its initial public offering registered in Mexico of about 98.62 million shares of common stock at the same initial offering price. Settlement of the offerings is expected to occur on March 27, 2013.

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 28.45 million 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 about 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 company estimates the net proceeds of the offerings to be about Ps.6.1 billion or US$496 million, 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a profit for the third quarter beating Wall Street estimates by a large margin, driven primarily by record production and deliveries. Shares of the company gained over 5 percent in extended hours after the company reaffirmed its delivery... Auvi-Q, the rival for EpiPen, will be coming back in 2017, pharmaceutical company Kaleo announced on Wednesday. Auvi-Q is a epinephrine injection used to treat life-threatening allergic reactions, including anaphylaxis, in people who are at risk for or have a history of serious allergic reactions. Auvi-Q... Uber's self-driving technology start-up Otto has partnered with Anheuser-Busch InBev to complete the world's first shipment by a self-driving truck. Otto said in a blog post that the company and Anheuser-Busch delivered 51,744 cans of Budweiser beer from Fort Collins, through downtown Denver, to Colorado Springs.
comments powered by Disqus
Follow RTT