The facility has a tenor of 2 years with a 364-day extension option and will be used for credit extensions that are within the borrowing base with a sub-facility of up to $500 million for credit extensions in excess of the borrowing base. BNP acted as sole lead arrange and the facility is guaranteed by BBB+/Baa1-rated parent Sempra Energy.

BNP said the transaction is unique in the commodities sector given its size and the complexity of the BB structure, which allows for multiple borrowers