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Sempra Energy, subsidiaries refinance $6.7B of revolving credit facilities

Sempra Energy and three of its subsidiaries entered into five-year credit agreements with a syndicate of 23 lenders for an aggregate borrowing amount of $6.69 billion.

The agreements replace the companies' previous five-year credit agreements, which were set to expire in 2020. The agreements allow revolving credit borrowings through May 17, 2024, according to a Form 8-K filed May 20.

Parent company Sempra Energy can borrow up to $1.25 billion issue up to $500 million of letters of credit under its credit agreements. The borrowings may be increased by $250 million.

Sempra Global may borrow up to $3.185 billion, and the commitments may be increased by $750 million. The obligations under the credit facility are guaranteed by the parent company.

San Diego Gas & Electric Co., or SDG&E, may borrow up to $1.50 billion and issue up to $250 million of letters of credit under its credit agreement. The borrowings may be increased by $400 million.

Southern California Gas Co., or SoCalGas, may borrow up to $750 million and issue up to $250 million of letters of credit on behalf . The commitments may be increased by $200 million.

SDG&E and SoCalGas previously had a borrowing capacity of up to $750 million each under their now-terminated credit agreements.

Citibank NA served as administrative agent for Sempra and Sempra Global's credit agreements, while JPMorgan Chase Bank NA acted as administrative agents for SDG&E and SoCalGas' credit agreements.