Sempra Energy announces intention to sell publicly traded equity units

SAN DIEGO, April 23, 2002 — Sempra Energy Tuesday announced plans to offer $450 million in publicly traded Equity Units this week, subject to market conditions.

The Equity Units will include a senior debt security and an equity purchase contract. The debt security will have a term of five years. The equity purchase contract will require the holder to purchase from Sempra Energy shares of its common stock after three years at an agreed rate. The Equity Units will be issued pursuant to Sempra Energy’s existing shelf registration statement on file with the Securities and Exchange Commission.

Sempra Energy intends to use the net proceeds of the offering to repay a portion of its short-term debt, including debt used to finance the capital expenditure program for Sempra Energy Global Enterprises.

The offering will be made by a group of underwriters led by Merrill Lynch & Co. and Salomon Smith Barney Inc. as joint book-running managers.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2001 revenues of $8 billion. The Sempra Energy companies’ nearly 12,000 employees serve about 9 million customers in the United States, Europe, Canada, Mexico, South America and Asia.

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