Sempra to Sell 15 Million Shares to Pay Off Debt
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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.
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