Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 40

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 40
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 outstanding under these agreements.UNCOMMITTED LETTERS OF CREDIT OUTSTANDING(Dollars in millions)Expiration date rangeMarch 31, 2025SDG&EMay 2025 - January 2026$21 SoCalGasJune 2025 - March 202615 Other SempraApril 2025 - November 2054451 Total Sempra$487 Term LoanIn May 2024, SoCalGas entered into a $500 million, 364-day term loan facility with a maturity date of May 22, 2025, and in December 2024, SoCalGas increased the amount of the term loan to $700 million. SoCalGas borrowed the full $700 million available under the term loan, net of negligible debt issuance costs, which is included in Short-Term Debt on SoCalGas’ Balance Sheets. SoCalGas may request a further increase in the term loan facility of up to $300 million prior to the maturity date, subject to lender approval. The outstanding borrowings bear interest at a per annum rate equal to term SOFR, plus 80 bps and a credit adjustment spread of 10 bps. SoCalGas used the proceeds to repay commercial paper and for other general corporate purposes.Weighted-Average Interest RatesThe weighted-average interest rates on all short-term debt were as follows:WEIGHTED-AVERAGE INTEREST RATESMarch 31, 2025December 31, 2024Sempra5.02 %5.03 %SDG&E4.73 4.76 SoCalGas5.11 5.02 LONG-TERM DEBTSDG&EIn March 2025, SDG&E issued $850 million aggregate principal amount of 5.40% first mortgage bonds due in full upon maturity on April 15, 2035 and received proceeds of $840 million (net of debt discount, underwriting discounts and debt issuance costs of $10 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SDG&E intends to use the net proceeds for general corporate purposes, including repayment of outstanding commercial paper and potentially other indebtedness.Other SempraECA LNG Phase 1 ECA LNG Phase 1 has a five-year loan agreement with a syndicate of seven external lenders that matures on December 9, 2025 for an aggregate principal amount of up to $1.3 billion. I