Company: SREA
Filing Date: 2025-09-23
Form Type: 8-K
Source: 0001032208-25-000055
Chunk: 0

Company: SEMPRA
Filing Date: 2025-09-23
Form: 8-K
Item: Item 8.01
Chunk 0
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Item 8.01 Other Events.

Sempra Infrastructure Partners Equity Selldown

Purchase and Sale Agreement

On September 22, 2025, certain subsidiaries of Sempra entered into a purchase and sale agreement (the “ PSA”) to sell 45% of the outstanding Class A Units and all the general partner interests of Sempra Infrastructure Partners, LP (“ Sempra Infrastructure Partners”) to affiliates of Kohlberg Kravis Roberts & Co. L. P. (“ KKR”) and indirect co-investor Canada Pension Plan Investment Board (collectively, the “ KKR Partners”), for an aggregate base purchase price of $9.99 billion, subject to the adjustments described below. Affiliates of KKR are existing owners in Sempra Infrastructure Partners, and following consummation of the transactions, the KKR Partners will own 65% of the outstanding Class A Units of Sempra Infrastructure Partners. In this equity selldown discussion, references to “ Sempra” are inclusive of its subsidiaries that hold its ownership interest in Sempra Infrastructure Partners.

Subject to adjustments described herein, the purchase price will be paid to Sempra as follows: (i) $4.65 billion will be paid in cash at the closing (the “ Closing”); (ii) $4.14 billion plus interest compounded quarterly at 7.5% per annum (totaling $4.72 billion with principal and accrued interest unless paid early) will be due on December 31, 2027 under instruments backed by equity commitment letters (the “ Instruments”); and (iii) $1.2 billion plus interest compounded quarterly at 8.5% per annum before January 1, 2031 and 10.0% per annum thereafter (totaling $2.24 billion with principal and accrued interest unless paid early) will be due seven years and 91 days after the Closing under promissory notes (the “ Notes”). The Instruments and Notes will be issued by indirect equity holders of the KKR Partners and will be ranked behind senior debt incurred by subsidiaries of the issuers.

The purchase price is subject to adjustments for changes in net debt, net working capital and capital expenditures as of December 31, 2025, among others. The purchase price is subject to further adjustments for certain capital contributions by and distributions to Sempra in 2026 before the Closing. In addition, transaction fees of the KKR Partners of $337.5 million will be deducted from the purchase price at the Closing and a development credit