Sempra Energy, Sempra Global expand revolvers by $1.1 billion

By Marisa Wong

Morgantown, W.Va., Jan. 17 – Sempra Energy exercised the $250 million accordion under its five-year credit facility dated October 2015 in full, increasing the maximum borrowing capacity under the facility to $1.25 billion, according to an 8-K filing with the Securities and Exchange Commission.

Sempra’s subsidiary, Sempra Global, exercised the $977.5 million accordion under its five-year credit facility dated October 2015 in part, increasing the maximum borrowing capacity by $850 million to $3,185,000,000 from $2,335,000,000.

Both increases are effective as of Jan. 17.

Sempra and Sempra Global also amended their respective facilities to update ERISA and E.U. bail-in provisions.

No borrowings are outstanding under the facilities, the filing noted.

Borrowings would bear interest at benchmark rates plus a margin that varies with Sempra’s credit ratings.

The credit facilities require Sempra to maintain at the end of each quarter a ratio of total debt to total capitalization of no more than 65%.

Citibank, NA is the administrative agent under both credit facilities.

Sempra is a San Diego-based energy services company.

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