2.2.0.7 false DEBT AND CREDIT FACILITIES 010600 - Disclosure - DEBT AND CREDIT FACILITIES true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Notes to Condensed Consolidated Financial Statements 0 sre_NotesToConsolidatedFinancialStatementsAbstract sre false na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Debt and Credit Facilities 1 sre_DebtAndCreditFacilitiesTextBlock sre false na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 NOTE 6. DEBT AND CREDIT FACILITIES COMMITTED LINES OF CREDITAt June 30, 2010, Sempra Energy Consolidated had $4.3 billion in committed lines of credit to provide liquidity and to support commercial paper and variable-rate demand notes, the major components of which we detail below. Available unused credit on these lines at June 30, 2010 was $3.1 billion. We discuss the terms of our credit agreements in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report.Sempra EnergySempra Energy has a $1 billion, three-year syndicated revolving credit agreement expiring in August 2011. Borrowings bear interest at benchmark rates plus a margin that varies with market index rates and Sempra Energy's credit ratings. At June 30, 2010, Sempra Energy had no outstanding borrowings under the facility. Sempra GlobalSempra Global has a $2.5 billion, three-year syndicated revolving credit agreement expiring in August 2011. The facility also provides for issuance of up to $300 million of letters of credit on behalf of Sempra Global with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. Sempra Energy guarantees Sempra Global's obligations under the credit facility. Borrowings bear interest at benchmark rates plus a margin that varies with market index rates and Sempra Energy's credit ratings. At June 30, 2010, Sempra Global had letters of credit of $7 million outstanding and no outstanding borrowings under the facility. The facility provides support for $860 million of commercial paper outstanding at June 30, 2010. Sempra UtilitiesSDG&E and SoCalGas have a combined $800 million, three-year syndicated revolving credit agreement expiring in August 2011. The agreement permits each utility to individually borrow up to $600 million, subject to a combined limit of $800 million for both utilities. It also provides for the issuance of letters of credit on behalf of each utility subject to a combined letter of credit commitment of $200 million for both utilities. The amount of borrowings otherwise available under the facility is reduced by the amount of outstanding letters of credit. Borrowings under the facility bear interest at benchmark rates plus a margin that varies with market index rates and the borrowing utility's credit rating. Each utility's obligations under the agreement are individual obligations, and a default by one utility would not constitute a default by the other utility or preclude borrowings by, or the issuance of letters of credit on behalf of, the other utility.At June 30, 2010, SDG&E and SoCalGas had no outstanding borrowings under this facility. SDG&E had $25 million of outstanding letters of credit and $237 million of variable-rate demand notes outstanding supported by this facility at June 30, 2010. The facility also provides support for $63 million of commercial paper outstanding at SDG&E at June 30, 2010. Available unused credit on these lines at June 30, 2010 was $275 million at SDG&E and $475 million at SoCalGas; SoCalGas' availability reflects the impact of SDG&E's use of the combined credit available on the line. GUARANTEESRBS Sempra CommoditiesOn July 1, 2010, Sempra Energy, RBS and RBS Sempra Commodities completed the sale of certain businesses within the partnership, as we discuss in Note 4. J.P. Morgan is in the process of replacing any guarantees that we have issued in connection with the businesses sold to J.P. Morgan Ventures with J.P. Morgan guarantees. In the meantime, J.P. Morgan is indemnifying us for any claims or losses in connection with the guarantees that we issued in connection with the businesses sold to J.P. Morgan Ventures. RBS is obligated to provide RBS Sempra Commodities with all growth capital, working-capital requirements and credit support. However, as a transitional measure, we continue to provide back-up guarantees for a portion of RBS Sempra Commodities' trading obligations. Some of these back-up guarantees may continue for a prolonged period of time. RBS, which is controlled by the government of the United Kingdom, has fully indemnified us for any claims or losses in connection with these arrangements. RBS Sempra Commodities' net trading liabilities supported by Sempra Energy's guarantees at June 30, 2010 were $632 million, consisting of guaranteed trading obligations net of collateral. The amount of guaranteed net trading liabilities varies from day to day with the value of the trading obligations and related collateral.Other Guarantees Sempra Energy, Conoco Phillips (Conoco) and Kinder Morgan Energy Partners, L.P. (KMP) currently hold 25-percent, 25-percent and 50-percent ownership interests, respectively, in Rockies Express. Rockies Express operates a natural gas pipeline linking natural gas producing areas in the Rocky Mountain region to the upper Midwest and the eastern United States. In April 2010, Rockies Express' $2 billion, five-year credit facility expiring in May 2011 that provided for revolving extensions of credit guaranteed by Sempra Energy, Conoco and KMP in proportion to their respective ownership percentages was reduced to $200 million, and Sempra Energy, Conoco and KMP were released from their guarantor obligations. Long-term debt of $1.7 billion issued in March 2010 was used to pay down the credit facility; this new debt is not separately guaranteed by the partners.   WEIGHTED AVERAGE INTEREST RATESAt June 30, 2010, the weighted average interest rate on the total short-term debt outstanding at Sempra Energy was 0.47 percent. At June 30, 2010, the weighted average interest rate on the total short-term debt outstanding at SDG&E was 0.24 percent. The weighted average interest rate on the total short-term debt outstanding at Sempra Energy was 0.79 percent at December 31, 2009. The short-term debt outstanding at SDG&E at December 31, 2009 was a non-interest bearing loan at Orange Grove VIE.LONG-TERM DEBTIn May 2010, SDG&E publicly offered and sold $250 million of 5.35-percent first mortgage bonds, maturing in 2040.SDG&E has two power purchase agreements with peaker plant facilities that went into commercial operation in June 2010 and are accounted for as capital leases. As of June 30, 2010, capital lease obligations for these leases, both with a 25-year term, were $183 million. INTEREST RATE SWAPSWe discuss our fair value interest rate swaps and interest rate swaps to hedge cash flows in Note 7. NOTE 6. DEBT AND CREDIT FACILITIES COMMITTED LINES OF CREDITAt June 30, 2010, Sempra Energy Consolidated had $4.3 billion in committed lines of credit to false false false us-types:textBlockItemType textblock No definition available. 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