Shearman & Sterling advises on $4bn Sempra credit deal

August 24, 2008 Shearman & Sterling recently represented the lead arrangers in three separate credit facilities totaling over $4 billion for Sempra Energy subsidiaries.

The firm represented Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as co-lead arrangers and co-bookrunners of a $2.5 billion three-year credit facility for Sempra Global and also represented Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as global coordinators of a $1 billion three-year credit facility for Sempra Generation. Additionally, the firm represented J.P. Morgan Securities Inc. and Citigroup Utilities Markets Inc. as co-lead arrangers and co-bookrunners of a $800 million three-year credit facility for Southern California Gas Company and San Diego Gas & Electric Company.

Sempra Energy is a Fortune 500 company based in San Diego. Sempra Generation is focused on bringing clean power to North America and has a wind-power generation project in development in Baja California, Mexico. Through the nation’s largest natural gas distribution utility, Southern California Gas Company services customers throughout central and southern California. The San Diego Gas & Electric Company is a full-service utility which provides electricity and natural gas to California consumers from Orange County to the Mexican border.

Shearman & Sterling’s New York-based Finance team included partner Bill Hirschberg and counsel Susan Hobart and Benjamin Cheng.

Read more at www.shearman.com.

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