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DEBT AND CREDIT FACILITIES
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES
The principal terms of our debt arrangements are described below and in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report.
SHORT-TERM DEBT
Committed Lines of Credit
At June 30, 2022, Sempra had an aggregate capacity of $9.5 billion under seven primary committed lines of credit, which provide liquidity and support commercial paper programs. Because our commercial paper programs are supported by some of these lines of credit, we reflect the amount of commercial paper outstanding, before reductions of any unamortized discounts, and any letters of credit outstanding as a reduction to the available unused credit capacity.
COMMITTED LINES OF CREDIT
(Dollars in millions)
June 30, 2022
BorrowerExpiration date of facilityTotal facilityCommercial paper outstandingAmounts outstandingAvailable unused credit
SempraMay 2024$3,185 $(42)$— $3,143 
SempraMay 20241,250 — — 1,250 
SDG&EMay 20241,500 — — 1,500 
SoCalGasMay 2024750 — — 750 
SI PartnersNovember 20241,000 — (285)715 
IEnovaSeptember 2023350 — (310)40 
IEnovaFebruary 20241,500 — — 1,500 
Total$9,535 $(42)$(595)$8,898 
Sempra, SDG&E and SoCalGas each must maintain a ratio of indebtedness to total capitalization (as defined in each of the applicable credit facilities) of no more than 65% at the end of each quarter. At June 30, 2022, each entity was in compliance with this ratio under its respective credit facility.
SI Partners must maintain a ratio of consolidated adjusted net indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (as defined in its credit facility) of no more than 5.25 to 1.00 as of the end of each quarter. At June 30, 2022, SI Partners was in compliance with this ratio.
Uncommitted Lines of Credit
In addition to our committed lines of credit, Sempra Infrastructure’s foreign operations in Mexico have uncommitted lines of credit with an aggregate capacity of $570 million at June 30, 2022, which are generally used for working capital requirements. We reflect amounts outstanding under these uncommitted lines of credit before reductions of any unamortized discounts.
FOREIGN UNCOMMITTED LINES OF CREDIT
(Dollars and U.S. dollar equivalent in millions)
June 30, 2022
BorrowerExpiration date of facilityBorrowing denominationTotal facilityAmounts outstandingAvailable unused credit
IEnovaSeptember 2022U.S. dollars$250 $(250)$— 
ECA LNG Phase 1(1)
August 2023U.S. dollars or Mexican pesos200 (32)168 
IEnova(2)
October 2023U.S. dollars100 (36)64 
IEnovaOctober 2023U.S. dollars or Mexican pesos20 — 20 
Total$570 $(318)$252 
(1)    In March 2022, the facility was amended to increase the borrowing capacity from $100 to $200.
(2)    Advances are due in full within 180 days of the disbursement date, which may be extended in increments of 180 days provided that no advance may have a maturity date that falls more than three years after the date of disbursement.
Uncommitted Letters of Credit
Outside of our domestic and foreign credit facilities, we have bilateral unsecured standby letter of credit capacity with select lenders that is uncommitted and supported by reimbursement agreements. At June 30, 2022, we had approximately $730 million in standby letters of credit outstanding under these agreements.
UNCOMMITTED LETTERS OF CREDIT
(Dollars in millions)
June 30, 2022
Expiration date rangeUncommitted letters of credit outstanding
SDG&EJanuary 2023 to May 2023$15 
SoCalGasNovember 2022 to October 202320 
Sempra InfrastructureJuly 2022 to October 2043525 
Parent and otherSeptember 2022 to June 2023170 
Total
$730 
Term Loan
In July 2022, SoCalGas entered into an $800 million, 364-day term loan agreement with a maturity date of July 6, 2023. SoCalGas may request one borrowing of up to $800 million through October 7, 2022. The borrowings will bear interest at benchmark rates plus 70 bps and are due in full upon maturity. The term loan provides SoCalGas with additional liquidity outside of its line of credit, which may include payment of a portion of the costs associated with civil litigation related to the Leak.
Weighted-Average Interest Rates
The weighted-average interest rates on all short-term debt were as follows:
WEIGHTED-AVERAGE INTEREST RATES
June 30, 2022December 31, 2021
Sempra2.70 %0.60 %
SDG&E— 0.65 
SoCalGas— 0.21 
LONG-TERM DEBT
Sempra
In March 2022, we issued $750 million aggregate principal amount of 3.30% senior unsecured notes due in full upon maturity on April 1, 2025 and received proceeds of $745 million (net of debt discount, underwriting discounts and debt issuance costs of $5 million), and $500 million of 3.70% senior unsecured notes due in full upon maturity on April 1, 2029 and received proceeds of $494 million (net of debt discount, underwriting discounts and debt issuance costs of $6 million). Each series of the notes is redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. We used a portion of the net proceeds for general corporate purposes and repayment of commercial paper.
SDG&E
In February 2022, SDG&E entered into a $400 million, two-year term loan with a maturity date of February 18, 2024. SDG&E borrowed $200 million in the three months ended March 31, 2022 and an additional $200 million in the three months ended June 30, 2022. The borrowings bear interest at benchmark rates plus 62.5 bps and are due in full upon maturity. The margin is based on SDG&E’s long-term senior unsecured credit rating. SDG&E used the net proceeds for repayment of commercial paper and for general corporate purposes.
In March 2022, SDG&E issued $500 million aggregate principal amount of 3.00% first mortgage bonds due in full upon maturity on March 15, 2032 and received proceeds of $494 million (net of debt discount, underwriting discounts and debt issuance costs of $6 million), and $500 million aggregate principal amount of 3.70% first mortgage bonds due in full upon maturity on March 15, 2052 and received proceeds of $492 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million). Each of the first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SDG&E used a portion of the net proceeds for repayment of commercial paper and its 364-day term loan
and intends to use the remaining proceeds for capital expenditures and other general corporate purposes.
SoCalGas
In March 2022, SoCalGas issued $700 million aggregate principal amount of 2.95% senior unsecured notes due in full upon maturity on April 15, 2027 and received proceeds of $691 million (net of debt discount, underwriting discounts and debt issuance costs of $9 million). The notes are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SoCalGas used a portion of the net proceeds for repayment of commercial paper and intends to use the remaining proceeds for general corporate purposes, which may include payment of a portion of the costs relating to civil litigation pertaining to the Leak.
Sempra Infrastructure
SI Partners
In January 2022, SI Partners completed a private offering of $400 million in aggregate principal of 3.25% senior notes due in full upon maturity on January 15, 2032 to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and non-U.S. persons outside the U.S. under Regulation S under the Securities Act. The notes are senior unsecured obligations that rank equally with all of SI Partners’ existing and future outstanding unsecured senior indebtedness and are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. Sempra Infrastructure received proceeds of $390 million (net of debt discount, underwriting discounts and debt issuance costs of $10 million). Sempra Infrastructure used the net proceeds for general corporate purposes, including the repayment of certain indebtedness of its subsidiaries.
ECA LNG Phase 1
In December 2020, ECA LNG Phase 1 entered into a five-year loan agreement with a syndicate of nine banks for an aggregate principal amount of up to $1.6 billion. Sempra and TotalEnergies SE have provided guarantees for repayment of the loans plus accrued and unpaid interest based on their proportionate ownership interest in ECA LNG Phase 1 of 83.4% and 16.6%, respectively. At June 30, 2022 and December 31, 2021, $455 million and $341 million, respectively, was outstanding under the loan agreement, with a weighted-average interest rate of 4.37% and 2.93%, respectively.
In July 2022, ECA LNG Phase 1 replaced Sempra with IEnova as the guarantor and replaced two of the nine banks and their combined principal commitment of $203 million ($61 million of which was outstanding at June 30, 2022) with a shareholder loan from IEnova, thereby reducing the syndicate to seven banks.