Including the additional option shares, the collective number of shares to be sold will represent approximately 24.8% of IEnova's outstanding shares. Settlement of the offerings is expected to occur on 19 October, subject to the completion of customary closing conditions.
The net proceeds of all of offerings 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 to repay Sempra Energy's bridge financing of the recent purchase of PEMEX's 50% stake in Gasoductos de Chihuahua.
Sempra Energy agreed to purchase approximately US$350.70 million of common stock in the offerings. Immediately after the closing of the offerings, Sempra Energy will own approximately 66.4% of IEnova's outstanding shares.
