San Diego-based Sempra Energy has completed a $1bn two year senior secured revolver, arranged by BNP Paribas.
There are four borrowers that form part of Sempra Energy Trading, the group?s commodity trading unit. These borrowers are called the ?borrowing base? in the terms of the deal, which also features a $500m sub-facility for borrowers outside the borrowing base and is guaranteed by Baa1/BBB+ rated parent Sempra Energy.
BNP Paribas says 14 lenders from Europe and the US have committed to the facility. The bank says the deal is unique in the commodities sector for the size and complexity of the borrowing base structure, which enables multiple borrowers to draw down in different currencies.
