Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 323

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 323
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 the amount of commercial paper outstanding and any letters of credit outstanding as a reduction to the available unused credit.

Short-Term Borrowings

We use short-term debt primarily to meet liquidity requirements, fund shareholder dividends, and temporarily finance capital expenditures or acquisitions. SDG&E and SoCalGas use short-term debt primarily to meet working capital needs or to help fund event-specific costs. Commercial paper and lines of credit were our primary sources of short-term debt funding in the first six months of 2025.

We discuss our short-term debt activities in Note 7 of the Notes to Condensed Consolidated Financial Statements and below in “Sources and Uses of Cash.”

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Long-Term Debt Activities

Significant issuances of and payments on long-term debt in the first six months of 2025 included the following:

LONG-TERM DEBT ISSUANCES AND PAYMENTS(Dollars in millions)Issuances:Amount at issuanceMaturitySDG&E 5.40% first mortgage bonds$850 2035SoCalGas 5.45% first mortgage bonds600 2035SoCalGas 6.00% first mortgage bonds500 2055Sempra Infrastructure variable rate notes (ECA LNG Phase 1 project)125 2027Sempra Infrastructure variable rate term loan (PA LNG Phase 1 project)1,542 2030Sempra Infrastructure 6.27% senior secured notes (PA LNG Phase 1 project)750 2042Sempra Infrastructure 6.32% senior secured notes (PA LNG Phase 1 project)250 2042Payments:PaymentsMaturitySoCalGas 3.20% first mortgage bonds$350 2025Sempra 3.30% notes750 2025Sempra Infrastructure variable rate term loan (PA LNG Phase 1 project)983 2030Sempra Infrastructure loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 203425 2034

We discuss our long-term debt activities, including the use of proceeds on long-term debt issuances, in Note 7 of the Notes to Condensed Consolidated Financial Statements.

Credit Ratings

We provide additional information about the credit ratings of Sempra, SDG&E and SoCalGas in “Part I – Item 1A. Risk Factors” and “Part II – Item 2. MD&A – Capital Resources and Liquidity” in the Annual Report