Sempra to Sell 15 Million Shares to Pay Off Debt
From Bloomberg News
Sempra Energy said it would sell 15 million new shares and might use at least some of the proceeds to pay off short-term debt.
The company said the additional stock would reduce its 2004 earnings to $2.60 to $2.90 a share. Sempra left unchanged its 2003 profit forecast of $2.70 to $2.90 a share, including 90 cents to 95 cents in the third quarter.
Standard & Poor’s cut the credit rating for Sempra and two utility units, which will increase the company’s cost of borrowing.
Shares of Sempra fell 25 cents to $30.40 on the NYSE.
From Bloomberg News
