|
Sempra Energy, 6.00% Mandatory Convertible Preferred Stock Series A
Ticker Symbol: SRE-A* CUSIP: 816851406 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/15/2021
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Sempra Energy, 6.00% Mandatory Convertible Preferred Stock Series A, liquidation preference $100 per share. The preferred shares are mandatorily convertible on 1/15/2021 into a variable number of Sempra Energy (NYSE: SRE) common shares based on the then current price of the common shares for 20 consecutive trading days immediately prior to the conversion date. The conversion settlement rate will be 0.7629 shares per unit if the then current market price is equal to or greater than $131.075 and 0.9345 shares per unit if the market price is equal to or less than $107.00. For market prices between those values the settlement rate will be $100 divided by the market value. The last reported sale price of the common stock on 1/4/2018 was $107.42 per share. The preferred shares are convertible any time at the holder’s option into 0.7629 shares of common stock. Distributions of 6.00% per annum ($6.00 per annum or $1.50 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be 1/1, 4/1, 7/1 & 10/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). If the proposed Merger has not closed on or before 12/1/2018 or if an Acquisition Termination Event occurs Sempra Energy may give notice of acquisition termination redemption to the holders of the Preferred Stock and will be required to redeem the Mandatory Convertible Preferred Stock at a redemption amount per share of Preferred Stock equal to the acquisition termination make-whole amount (see prospectus for further details). If a fundamental change occurs on or prior to 1/15/2021, holders of the Preferred Stock will have the right to convert their shares of Mandatory Convertible Preferred Stock into shares of Common Stock at the fundamental change conversion rate and will also receive a fundamental change dividend make-whole amount (see prospectus for further details). Dividends paid by this preferred are eligible for a preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under normal holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-101 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (SRE)
IPO - 1/4/2018 - 15.00 Million Shares @ $100.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: SSYYP Changed: 1/12/2018
Market Value $1.5 Billion
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 488 8th Avenue, San Diego, CA 92101 |
| Main Phone Number |
619-696-2000 |
| Fax Number |
Not Available |
| Investor Relations
|
619-696-2901
|
| Toll Free Phone Number |
877-736-7727 |
| CEO - Jeffrey W. Martin |
CFO - Trevor I. Mihalik |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
