STAMFORD, Conn., June 21, 2004 (PRIMEZONE) -- Sempra Energy Trading, the energy-trading unit of Sempra Energy (NYSE:SRE), today announced it has completed a two-year committed credit facility for $1 billion to help finance the company's global operations.
The line of credit, extended by a consortium of 12 major financial institutions, allows for borrowing-base loans and letters of credit of up to $1 billion, secured by certain trading company assets.
"As Sempra Energy Trading continues to grow, this new credit facility will provide us financial flexibility and new resources to take advantage of opportunities in the marketplace," said David A. Messer, president of Sempra Energy Trading.
Based in Stamford, Conn., Sempra Energy Trading -- a subsidiary of Sempra Energy Global Enterprises, the umbrella for Sempra Energy's growth businesses -- is a leading participant in marketing and trading physical and financial commodity products, including natural gas, power, petroleum products and base metals. Sempra Energy Trading combines trading and risk-management experience with physical-commodity expertise to provide innovative solutions for its customers worldwide.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2003 revenues of $7.9 billion. The Sempra Energy companies' nearly 13,000 employees serve more than 10 million customers in the United States, Europe, Canada, Mexico, South America and Asia.
Sempra Energy Trading is not the same company as the utilities SDG&E/SoCalGas, and it is not regulated by the California Public Utilities Commission.