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DEBT AND CREDIT FACILITIES | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES SHORT-TERM DEBT Committed Lines of Credit At December 31, 2024, Sempra had an aggregate capacity of $9.9 billion under seven primary committed lines of credit, which provide liquidity and support our 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 in the following table.
COMMITTED LINES OF CREDIT
(Dollars in millions)
|  |  | December 31, 2024
Borrower | Expiration date of facility |  | Total facility |  | Commercial paper outstanding |  | Amounts outstanding |  | Letters of credit outstanding |  | Available unused credit
Sempra | October 2029 |  | $ | 4,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,000 |
SDG&E | October 2029 |  | 1,500 |  |  | (417) |  |  | — |  |  | — |  |  | 1,083 |
SoCalGas | October 2029 |  | 1,200 |  |  | (337) |  |  | — |  |  | — |  |  | 863 |
SI Partners and IEnova | September 2025 |  | 500 |  |  | — |  |  | (368) |  |  | — |  |  | 132 |
SI Partners and IEnova | August 2026 |  | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 1,000 |
SI Partners and IEnova | August 2028 |  | 1,500 |  |  | — |  |  | (186) |  |  | — |  |  | 1,314 |
Port Arthur LNG | March 2030 |  | 200 |  |  | — |  |  | — |  |  | (64) |  |  | 136 |
Total |  |  | $ | 9,900 |  |  | $ | (754) |  |  | $ | (554) |  |  | $ | (64) |  |  | $ | 8,528 |
The principal terms of Sempra’s, SDG&E’s and SoCalGas’ lines of credit reflected in the table above include the following: ▪Each facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in any facility. ▪Sempra’s, SDG&E’s and SoCalGas’ facilities provide for the issuance of $200 million, $100 million and $150 million, respectively, of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra, SDG&E and SoCalGas each has the right to increase its letter of credit commitment to up to $500 million, $250 million and $250 million, respectively. ▪Borrowings bear interest at a benchmark rate plus a margin that varies with the borrower’s credit rating. ▪Each borrower 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 December 31, 2024, each Registrant was in compliance with this ratio under its respective credit facility. SI Partners and IEnova have three combined lines of credit, reflected in the table above, that require borrowings to be issued in U.S. dollars only and include the following principal terms: ▪Borrowings on the $500 million revolving credit facility bear interest at a per annum rate equal to term SOFR plus 80 bps (including a credit adjustment spread). ▪The $1.0 billion facility provides for borrowings of up to $1.0 billion through a syndicate of 12 lenders available to SI Partners and up to $910 million through a syndicate of 11 lenders available to IEnova, subject to a combined borrowing limit of $1.0 billion. This facility: ◦Charges interest on borrowings at a benchmark rate plus a margin that varies with SI Partners’ credit rating (plus a term SOFR credit adjustment spread of 10 bps in all tenors). ◦Provides for issuance of up to $200 million of letters of credit, subject to a combined letter of credit commitment of $200 million, which can be issued in U.S. dollars or Mexican pesos, and which reduces available unused credit. ◦Includes a $100 million swingline loan sub-limit, whereby any outstanding amounts would reduce available unused credit. No swingline loan borrowings were outstanding at December 31, 2024. ◦Gives either SI Partners or IEnova the right to increase the total facility to $1.5 billion, subject to lender approval, with borrowings of up to $1.5 billion through a syndicate of 12 lenders available to SI Partners and up to $1,365 million through a syndicate of 11 lenders available to IEnova. ▪Borrowings on the $1.5 billion revolving credit facility, with borrowings of up to $1.5 billion through a syndicate of 12 lenders available to SI Partners and up to $1,365 million through a syndicate of 11 lenders available to IEnova, subject to a combined borrowing limit of $1.5 billion, bear interest at a per annum rate equal to term SOFR plus 90 bps (including a credit adjustment spread). Additionally, the three lines of credit that are shared by SI Partners and IEnova require that SI Partners maintain a ratio of consolidated adjusted net indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (as defined in each credit facility) of no more than 5.25 to 1.00 at the end of each quarter. At December 31, 2024, SI Partners was in compliance with this ratio. Port Arthur LNG has a working capital facility agreement, reflected in the table above, that permits borrowings of up to $200 million, which bear interest by reference to term SOFR plus the applicable margin and a credit adjustment spread. The credit facility also provides for the issuance of up to $200 million of letters of credit, which reduces available unused credit. Uncommitted Line of Credit ECA LNG Phase 1 has an uncommitted line of credit with an aggregate capacity of $100 million that expires in August 2026. Borrowings are generally used for working capital requirements and can be in U.S. dollars or Mexican pesos. At December 31, 2024, ECA LNG Phase 1 had outstanding borrowings of $8 million, before reductions of any unamortized discounts, in Mexican pesos that bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 154 bps. Borrowings made in U.S. dollars bear interest at a variable rate based on the one-month or three-month SOFR plus 164 bps and a credit adjustment spread of 10 bps. 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 December 31, 2024, we had $497 million in standby letters of credit outstanding under these agreements.
UNCOMMITTED LETTERS OF CREDIT OUTSTANDING |
(Dollars in millions) |
| Expiration date range | December 31, 2024
SDG&E | January 2025 - November 2025 | $ | 26 |
SoCalGas | January 2025 - December 2025 | 20 |
Other Sempra | January 2025 - November 2054 | 451 |
Total Sempra | $ | 497 |
Term Loan In 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. At December 31, 2024, SoCalGas had borrowed the full $700 million then available under the term loan, net of negligible debt issuance costs, which is included in Short-Term Debt on SoCalGas’ Balance Sheet. 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 Rates The weighted-average interest rates on all short-term debt were as follows:
WEIGHTED-AVERAGE INTEREST RATES
| December 31,
| 2024 |  | 2023
Sempra | 5.03 | % |  | 5.96 | %
SDG&E | 4.76 |  |  | — |
SoCalGas | 5.02 |  |  | 5.44 |
LONG-TERM DEBT The following tables show the detail and maturities of long-term debt outstanding.
LONG-TERM DEBT AND FINANCE LEASES |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2024 |  | 2023
SDG&E: |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
2.50% May 15, 2026 | $ | 500 |  |  | $ | 500 |
6.00% June 1, 2026 | 250 |  |  | 250 |
4.95% August 15, 2028 | 600 |  |  | 600 |
1.70% October 1, 2030 | 800 |  |  | 800 |
3.00% March 15, 2032 | 500 |  |  | 500 |
5.35% May 15, 2035 | 250 |  |  | 250 |
6.125% September 15, 2037 | 250 |  |  | 250 |
6.00% June 1, 2039 | 300 |  |  | 300 |
5.35% May 15, 2040 | 250 |  |  | 250 |
4.50% August 15, 2040 | 500 |  |  | 500 |
3.95% November 15, 2041 | 250 |  |  | 250 |
4.30% April 1, 2042 | 250 |  |  | 250 |
3.75% June 1, 2047 | 400 |  |  | 400 |
4.15% May 15, 2048 | 400 |  |  | 400 |
4.10% June 15, 2049 | 400 |  |  | 400 |
3.32% April 15, 2050 | 400 |  |  | 400 |
2.95% August 15, 2051 | 750 |  |  | 750 |
3.70% March 15, 2052 | 500 |  |  | 500 |
5.35% April 1, 2053 | 800 |  |  | 800 |
5.55% April 15, 2054 | 600 |  |  | — |
| 8,950 |  |  | 8,350 |
Other long-term debt (uncollateralized): |  |  |
Notes at variable rates (5.99% at December 31, 2023) February 18, 2024(1) | — |  |  | 400 |
Finance lease obligations: |  |  |
Power purchase agreements | 1,138 |  |  | 1,166 |
Other | 67 |  |  | 67 |
| 1,205 |  |  | 1,633 |
| 10,155 |  |  | 9,983 |
Current portion of long-term debt and finance leases | (42) |  |  | (441) |
Unamortized discount on long-term debt | (33) |  |  | (29) |
Unamortized debt issuance costs | (62) |  |  | (60) |
Total SDG&E | $ | 10,018 |  |  | $ | 9,453 |
(1) Callable long-term debt not subject to make-whole provisions.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2024 |  | 2023
SoCalGas: |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
3.15% September 15, 2024 | $ | — |  |  | $ | 500 |
3.20% June 15, 2025 | 350 |  |  | 350 |
2.60% June 15, 2026 | 500 |  |  | 500 |
2.55% February 1, 2030 | 650 |  |  | 650 |
5.20% June 1, 2033 | 500 |  |  | 500 |
5.05% September 1, 2034 | 600 |  |  | — |
5.75% November 15, 2035 | 250 |  |  | 250 |
5.125% November 15, 2040 | 300 |  |  | 300 |
3.75% September 15, 2042 | 350 |  |  | 350 |
4.45% March 15, 2044 | 250 |  |  | 250 |
4.125% June 1, 2048 | 400 |  |  | 400 |
4.30% January 15, 2049 | 550 |  |  | 550 |
3.95% February 15, 2050 | 350 |  |  | 350 |
6.35% November 15, 2052 | 600 |  |  | 600 |
5.75% June 1, 2053 | 500 |  |  | 500 |
5.60% April 1, 2054 | 500 |  |  | — |
| 6,650 |  |  | 6,050 |
Other long-term debt (uncollateralized): |  |  |
1.875% Notes May 14, 2026(1) | 4 |  |  | 4 |
2.95% Notes April 15, 2027 | 700 |  |  | 700 |
5.67% Notes January 18, 2028(2) | 5 |  |  | 5 |
Finance lease obligations | 110 |  |  | 107 |
| 819 |  |  | 816 |
| 7,469 |  |  | 6,866 |
Current portion of long-term debt and finance leases | (373) |  |  | (523) |
Unamortized discount on long-term debt | (18) |  |  | (13) |
Unamortized debt issuance costs | (47) |  |  | (42) |
Total SoCalGas | $ | 7,031 |  |  | $ | 6,288 |
(1) Callable long-term debt not subject to make-whole provisions. (2) Debt is not callable.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2024 |  | 2023
Other Sempra: |  |  |
Sempra - Other long-term debt (uncollateralized): |  |  |
3.30% Notes April 1, 2025 | $ | 750 |  |  | $ | 750 |
5.40% Notes August 1, 2026 | 550 |  |  | 550 |
3.25% Notes June 15, 2027 | 750 |  |  | 750 |
3.40% Notes February 1, 2028 | 1,000 |  |  | 1,000 |
3.70% Notes April 1, 2029 | 500 |  |  | 500 |
5.50% Notes August 1, 2033 | 700 |  |  | 700 |
3.80% Notes February 1, 2038 | 1,000 |  |  | 1,000 |
6.00% Notes October 15, 2039 | 750 |  |  | 750 |
4.00% Notes February 1, 2048 | 800 |  |  | 800 |
4.125% (next rate reset on April 1, 2027) Junior Subordinated Notes April 1, 2052(1) | 1,000 |  |  | 1,000 |
6.40% (next rate reset on October 1, 2034) Junior Subordinated Notes October 1, 2054(1) | 1,250 |  |  | — |
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1) | 600 |  |  | — |
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1) | 500 |  |  | — |
6.55% (next rate reset on April 1, 2035) Junior Subordinated Notes April 1, 2055(1) | 600 |  |  | — |
6.625% (next rate reset on April 1, 2030) Junior Subordinated Notes April 1, 2055(1) | 400 |  |  | — |
5.75% Junior Subordinated Notes July 1, 2079(1) | 758 |  |  | 758 |
| 11,908 |  |  | 8,558 |
Sempra Infrastructure - Other long-term debt (uncollateralized unless otherwise noted): |  |  |
Loan at variable rates (weighted-average rate of 7.29% and 8.31% at December 31, 2024 and 2023, respectively) December 9, 2025 | 1,063 |  |  | 832 |
3.75% Notes January 14, 2028 | 300 |  |  | 300 |
Loan at variable rates (includes $1,090 and $200 at December 31, 2024 and 2023, respectively, (5.329% after floating-to-fixed rate swaps effective 2023) and $58 at December 31, 2023 (weighted-average rate of 7.37% at December 31, 2023)) March 20, 2030, collateralized by plant assets(1) | 1,090 |  |  | 258 |
3.25% Notes January 15, 2032 | 400 |  |  | 400 |
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034(1) | 90 |  |  | 96 |
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034(1) | 90 |  |  | 96 |
Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020) payable June 15, 2022 through November 19, 2034(1) | 90 |  |  | 96 |
2.90% Loan payable June 15, 2022 through November 19, 2034(1) | 219 |  |  | 231 |
4.875% Notes January 14, 2048 | 540 |  |  | 540 |
4.75% Notes January 15, 2051 | 800 |  |  | 800 |
| 4,682 |  |  | 3,649 |
| 16,590 |  |  | 12,207 |
Current portion of long-term debt | (1,859) |  |  | (11) |
Unamortized discount on long-term debt | (78) |  |  | (66) |
Unamortized debt issuance costs | (144) |  |  | (112) |
Total Other Sempra | 14,509 |  |  | 12,018 |
Total Sempra | $ | 31,558 |  |  | $ | 27,759 |
(1) Callable long-term debt not subject to make-whole provisions. At December 31, 2024, scheduled maturities of long-term debt are as follows:
MATURITIES OF LONG-TERM DEBT(1)
(Dollars in millions)
| SDG&E |  | SoCalGas |  | Other Sempra |  | Total Sempra
2025 | $ | — |  |  | $ | 350 |  |  | $ | 1,862 |  |  | $ | 2,212 |
2026 | 750 |  |  | 504 |  |  | 599 |  |  | 1,853 |
2027 | — |  |  | 700 |  |  | 799 |  |  | 1,499 |
2028 | 600 |  |  | 5 |  |  | 1,358 |  |  | 1,963 |
2029 | — |  |  | — |  |  | 584 |  |  | 584 |
Thereafter | 7,600 |  |  | 5,800 |  |  | 11,388 |  |  | 24,788 |
Total | $ | 8,950 |  |  | $ | 7,359 |  |  | $ | 16,590 |  |  | $ | 32,899 |
(1) Excludes finance lease obligations, discounts, and debt issuance costs. Various long-term obligations totaling $16.2 billion at Sempra at December 31, 2024 are unsecured. This includes unsecured long-term obligations totaling $709 million at SoCalGas. Callable Long-Term Debt At the option of Sempra, SDG&E and SoCalGas, certain debt at December 31, 2024 is callable subject to premiums:
CALLABLE LONG-TERM DEBT |
(Dollars in millions) |
| SDG&E |  | SoCalGas |  | Other Sempra |  | Total Sempra
Not subject to make-whole provisions | $ | — |  |  | $ | 4 |  |  | $ | 6,687 |  |  | $ | 6,691 |
Subject to make-whole provisions | 8,950 |  |  | 7,350 |  |  | 9,903 |  |  | 26,203 |
First Mortgage Bonds SDG&E and SoCalGas issue first mortgage bonds secured by liens on their respective utility plant assets. SDG&E and SoCalGas may issue additional first mortgage bonds if in compliance with the provisions of their bond agreements (indentures). These indentures require, among other things, the satisfaction of pro forma earnings-coverage tests on first mortgage bond interest and the availability of sufficient mortgaged property to support the additional bonds, after giving effect to prior bond redemptions. The most restrictive of these tests (the property test) would permit the issuance, subject to CPUC authorization, of additional first mortgage bonds of $8.8 billion at SDG&E and $1.6 billion at SoCalGas at December 31, 2024. SDG&E In March 2024, SDG&E issued $600 million aggregate principal amount of 5.55% first mortgage bonds due in full upon maturity on April 15, 2054 and received proceeds of $587 million (net of debt discount, underwriting discounts and debt issuance costs of $13 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 used the net proceeds to repay commercial paper and for other general corporate purposes. SoCalGas In March 2024, SoCalGas issued $500 million aggregate principal amount of 5.60% first mortgage bonds due in full upon maturity on April 1, 2054 and received proceeds of $491 million (net of debt discount, underwriting discounts and debt issuance costs of $9 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SoCalGas used the net proceeds to repay outstanding indebtedness and for other general corporate purposes. In August 2024, SoCalGas issued $600 million aggregate principal amount of 5.05% first mortgage bonds due in full upon maturity on September 1, 2034 and received proceeds of $592 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SoCalGas used the net proceeds to repay outstanding indebtedness and for other general corporate purposes. Other Long-Term Debt Other Sempra Sempra. Sempra issued the following fixed-to-fixed reset rate junior subordinated notes in 2024: ▪In March 2024, Sempra issued $600 million aggregate principal amount of 6.875% junior subordinated notes maturing on October 1, 2054, and received proceeds of $593 million (net of debt discount, underwriting discounts and debt issuance costs of $7 million). In May 2024, Sempra issued an additional $500 million aggregate principal amount of these junior subordinated notes and received proceeds of $489 million (net of debt discount, underwriting discounts and debt issuance costs of $11 million, but excluding $7 million paid to us in respect of accrued interest from and including March 14, 2024 to, but excluding, May 31, 2024. Interest accrues from and including March 14, 2024 to, but excluding, October 1, 2029 at the rate of 6.875% per annum. ▪In September 2024, Sempra issued $1.25 billion aggregate principal amount of 6.40% junior subordinated notes maturing on October 1, 2054, and received proceeds of $1.235 billion (net of underwriting discounts and debt issuance costs of $15 million). Interest accrues from and including September 9, 2024 to, but excluding, October 1, 2034 at the rate of 6.40% per annum. ▪In November 2024, Sempra issued $400 million aggregate principal amount of 6.625% junior subordinated notes maturing on April 1, 2055, and received proceeds of $395 million (net of underwriting discounts and debt issuance costs of $5 million). Interest accrues from and including November 21, 2024 to, but excluding, April 1, 2030 at the rate of 6.625% per annum. ▪In November 2024, Sempra issued $600 million aggregate principal amount of 6.55% junior subordinated notes maturing on April 1, 2055, and received proceeds of $593 million (net of underwriting discounts and debt issuance costs of $7 million). Interest accrues from and including November 21, 2024 to, but excluding, April 1, 2035 at the rate of 6.55% per annum. The interest rates on the notes will be reset on: ▪October 1, 2029 (for the March 2024 and May 2024 issuances), ▪October 1, 2034 (for the September 2024 issuance), ▪April 1, 2030 (for the $400 million November 2024 issuance), and ▪April 1, 2035 (for the $600 million November 2024 issuance), and on each subsequent five-year period beginning on October 1 or April 1, as applicable, of every fifth year thereafter, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the notes) as of the day falling two business days before the first day of such five-year period plus a spread of: ▪2.789% (for the March 2024 and May 2024 issuances), ▪2.632% (for the September 2024 issuance), ▪2.354% (for the $400 million November 2024 issuance), and ▪2.138% (for the $600 million November 2024 issuance). Interest is payable on the notes semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024 (for the March 2024 and May 2024 issuances) or April 1, 2025 (for the September 2024 and November 2024 issuances). We may redeem some or all of the notes before their maturity, as follows: ▪in whole or in part, (i) on any day in the period commencing on the date falling 90 days prior to, and ending on and including October 1, 2029 (for the March 2024 and May 2024 issuances), October 1, 2034 (for the September 2024 issuance), April 1, 2030 (for the $400 million November 2024 issuance), and April 1, 2035 (for the $600 million November 2024 issuance), and (ii) after those respective dates, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date; ▪in whole but not in part, at any time following the occurrence and during the continuance of a tax event (as defined in the notes) at a redemption price in cash equal to 100% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date; and ▪in whole but not in part, at any time following the occurrence and during the continuance of a rating agency event (as defined in the notes) at a redemption price in cash equal to 102% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date. The notes described above are unsecured obligations and rank junior and subordinate in right of payment to our existing and future senior indebtedness. The notes rank equally in right of payment with each other and with our existing 4.125% fixed-to-fixed reset rate junior subordinated notes due 2052 and 5.75% junior subordinated notes due 2079 and with any future unsecured indebtedness that we may incur if the terms of such indebtedness provide that it ranks equally with the notes in right of payment. The notes are effectively subordinated in right of payment to any secured indebtedness we have incurred or may incur (to the extent of the value of the collateral securing such secured indebtedness) and to all existing and future indebtedness and other liabilities and any preferred equity of our subsidiaries. We used, or plan to use, the proceeds from the offerings for general corporate purposes, including repayment of commercial paper and other indebtedness. ECA 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. IEnova and TotalEnergies SE have provided guarantees for repayment of the loans plus accrued and unpaid interest of 83.4% and 16.6%, respectively. At December 31, 2024 and 2023, $1.1 billion and $832 million, respectively, of borrowings from external lenders were outstanding under the loan agreement, with a weighted-average interest rate of 7.29% and 8.31%, respectively. Port Arthur LNG. Port Arthur LNG has a seven-year term loan facility agreement with a syndicate of lenders that matures on March 20, 2030, for an aggregate principal amount of approximately $6.8 billion. At December 31, 2024 and 2023, $1.1 billion and $258 million, respectively, of borrowings were outstanding under the loan agreement, with an all-in weighted-average interest rate of 5.33% and 5.81%, respectively. Proceeds from the loan are being used to finance the cost of construction of the PA LNG Phase 1 project. In November 2024, Port Arthur LNG signed an agreement to issue senior secured notes in January 2025 for $750 million and April 2025 for $250 million. The net proceeds from the January 2025 issuance and the expected net proceeds from the April 2025 issuance were or will be used to pay transaction fees and repay borrowings under the existing Port Arthur LNG term loan facility. The senior secured notes mature in December 2042 and the January 2025 and April 2025 issuances bear interest at the rate of 6.27% and 6.32% per annum, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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