Daily News: January 18, 2018

Citibank Upsizes Sempra Energy Facility to $1.25B

Sempra Energy increased the maximum borrowing capacity under its credit facility from $1 billion to $1.25 billion. According to a related 8-K filing, Citibank served as administrative agent for the transaction.

The increase came as a result of Sempra utilizing the accordion feature on its credit facility, which allows the company to increase the aggregate amount of the facility in $250 million increments. Effective January 17, 2018, the company has exercised that utility in full.

The facility was also amended to include certain representations by the lenders related to the Employee Retirement Income Security Act of 1974 and to include certain agreements among the parties related to European Union Bail-In contractual recognition provisions. All other material terms, conditions and covenants with respect to the Sempra Credit Facility remain unchanged.

Borrowings under the Sempra Credit Facility, none of which are outstanding, would bear interest at benchmark rates plus a margin that varies with Sempra’s credit ratings.