Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 214

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 214
---
 to expiration of the waiting period under the Hart-Scott-Rodino Act; receipt of applicable regulatory approvals, such as antitrust approvals in Mexico and approval by the FERC; receipt of certain other third-party consents or waivers; the absence of a material adverse effect on SI Partners; the absence of specific downgrade events under certain financing arrangements; and other customary closing conditions. As a result of satisfying all applicable criteria, we classified SI Partners’ assets and liabilities as held for sale and ceased depreciation and amortization.

Subject to adjustments described in Note 6 of the Notes to Condensed Consolidated Financial Statements, the purchase price will be paid to Sempra as follows:

▪$4.65 billion in cash at closing;

▪$4.14 billion plus interest compounded quarterly at 7.5% per annum (totaling $4.72 billion with principal and accrued interest unless paid early) due December 31, 2027 under instruments backed by equity commitment letters; and

▪$1.2 billion plus interest compounded quarterly at 8.5% per annum before January 1, 2031 and 10.0% per annum thereafter (totaling $2.29 billion with principal and accrued interest unless paid early) due seven years and 91 days after closing under promissory notes.

Subject to closing, the KKR Partners will own 65% of SI Partners, Sempra will retain a 25% interest and ADIA will retain a 10% interest, and we will deconsolidate SI Partners and account for our 25% interest in SI Partners under the equity method within the existing Sempra Infrastructure segment.

125

Additionally, upon closing, we expect Sempra’s ownership interests in the following LNG projects to change as follows:OWNERSHIP INTERESTSPre-salePost-saleSempra:Cameron LNG Phase 1 facility35.1 %12.6 %ECA LNG Phase 1 project(1)58.4 %20.9 %PA LNG Phase 1 project(1)19.6 %7.0 %PA LNG Phase 2 project35.1 %12.5 %

(1)    SI Partners will continue to be subject to substantially the same funding obligations post-sale as it is pre-sale for cost overruns in the construction of this project.

LNG

Cameron LNG Phase 2 Project. Cameron LNG JV is developing a proposed expansion project that would add one electric drive liquefaction train with an expected