OREANDA-NEWS. Sempra Energy today announced that the Mexican underwriters and the initial purchasers of the previously announced global offering of shares of common stock of its Mexican subsidiary, Infraestructura Energetica Nova, S.A.B. de C.V. (IEnova) have exercised their over-allotment options to acquire 35,067,736 additional shares at a price of 80 pesos per share, equivalent to approximately US$4.22 per share based on an exchange rate of 18.96 pesos to US$1 as of Oct. 13, 2016, as published by Banco de Mexico, less the underwriting discount. 

The aggregate number of shares to be sold in the global follow-on offerings, including the additional option shares, will represent approximately 24.8 percent of IEnova's outstanding shares. Settlement of the offerings, including the additional option shares, is expected to occur on Oct. 19, 2016, subject to the completion of customary closing conditions.

The net proceeds of the offerings including the additional option shares are estimated to be approximately 29.86 billion pesos (US$1.575 billion, based on the above exchange rate), after deducting underwriting discounts, commissions and estimated offering expenses payable by IEnova.

IEnova expects to use the net proceeds of the offerings for repayment of Sempra Energy's bridge financing of the recent purchase of PEMEX's 50-percent stake in Gasoductos de Chihuahua; funding a portion of the potential acquisition of the Ventika windfarms; capital expenditures; and general corporate purposes.

As previously reported, through a wholly owned subsidiary, Sempra Energy agreed to purchase approximately US$350.70 million of common stock in the offerings. Immediately following the closing of the offerings, Sempra Energy will own approximately 66.4 percent of IEnova's outstanding shares.

The international private offering 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.

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the shares of IEnova.