Sempra Energy announced its Mexican subsidiary has raised more than anticipated in a public and private offering of common stock set to close Oct. 19, selling the equivalent of $1.575 billion, or 10 percent more than originally expected.
The San Diego-based energy services holding company announced Oct. 17 that Mexican underwriters and initial buyers of the offering by Infraestructura Energética Nova S.A.B. de C.V exercised their option for an over-allotment of about 35 million shares.
The stock sold at 80 pesos per share, or about $4.22 per share based on the exchange rate published Oct. 13 by Banco de México, minus an underwriting discount. All told, the offering amounts to 24.8 percent of the subsidiary’s stock.
Ienova, as the subsidiary is known, has said it plans to spend part of the proceeds to repay Sempra’s bridge financing of the subsidiary’s recent acquisition of the 50-percent stake Mexican government-owned petroleum company Pemex owned in Gasoductos de Chihuahua, a pipeline builder and operator. The rest of the proceeds are earmarked for the Mexican subsidiary’s previously announced plan to acquire two Mexican windfarms, as well as capital expenditures and “general corporate purposes,” Ienova said in a news release Oct. 14.
Sempra, a Fortune 500 company with 2015 revenues exceeding $10 billion, has agreed to purchase about $350.7 million worth of Ienova’s stock, giving it about 66.4 percent of its subsidiary’s outstanding shares.
Ienova, one of Mexico’s largest private energy companies, builds and operates Mexican energy infrastructure.
