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Long-Term Debt And Equity Financings (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents long-term debt outstanding, including maturities due within one year, as of December 31, 2019 and 2018:



	2019			2018
Ameren (Parent):
2.70% Senior unsecured notes due 2020	$	350		$	350
2.50% Senior unsecured notes due 2024	450			—
3.65% Senior unsecured notes due 2026	350			350
Total long-term debt, gross	1,150			700
Less: Unamortized debt issuance costs	(6		)	(3		)
Less: Maturities due within one year	(350		)	—
Long-term debt, net	$	794		$	697
Ameren Missouri:
Bonds and notes:
6.70% Senior secured notes due 2019	$	—		$	329
5.10% Senior secured notes due 2019	—			244
5.00% Senior secured notes due 2020^(a)	85			85
1.60% 1992 Series bonds due 2022^(b)(c)	47			47
3.50% Senior secured notes due 2024^(a)	350			350
2.95% Senior secured notes due 2027^(a)	400			400
5.45% First mortgage bonds due 2028	—			(d)
3.50% First mortgage bonds due 2029^(f)	450			—
2.90% 1998 Series A bonds due 2033^(b)(c)	60			60
2.90% 1998 Series B bonds due 2033^(b)(c)	50			50
2.75% 1998 Series C bonds due 2033^(b)(c)	50			50
5.50% Senior secured notes due 2034^(a)	184			184
5.30% Senior secured notes due 2037^(a)	300			300
8.45% Senior secured notes due 2039^(a)(e)	350			350
3.90% Senior secured notes due 2042^(a)(e)	485			485
3.65% Senior secured notes due 2045^(a)	400			400
4.00% First mortgage bonds due 2048^(f)	425			425
3.25% First mortgage bonds due 2049^(f)	330			—
Finance obligations:
City of Bowling Green agreement (Peno Creek CT) due 2022^(g)	23			30
Audrain County agreement (Audrain County CT) due 2023^(g)	240			240
Total long-term debt, gross	4,229			4,029
Less: Unamortized discount and premium	(9		)	(9		)
Less: Unamortized debt issuance costs	(30		)	(22		)
Less: Maturities due within one year	(92		)	(580		)
Long-term debt, net	$	4,098		$	3,418



	2019			2018
Ameren Illinois:
Bonds and notes:
2.70% Senior secured notes due 2022^(h)(i)	$	400		$	400
5.90% First mortgage bonds due 2023	—			(d)
5.70% First mortgage bonds due 2024	—			(d)
3.25% Senior secured notes due 2025^(h)	300			300
6.125% Senior secured notes due 2028^(h)	60			60
1993 Series B-1 Senior unsecured notes due 2028^(c)	—			17
3.80% First mortgage bonds due 2028^(j)	430			430
6.70% Senior secured notes due 2036^(h)	61			61
6.70% Senior secured notes due 2036^(h)	42			42
4.80% Senior secured notes due 2043^(h)	280			280
4.30% Senior secured notes due 2044^(h)	250			250
4.15% Senior secured notes due 2046^(h)	490			490
3.70% First mortgage bonds due 2047^(j)	500			500
4.50% First mortgage bonds due 2049^(j)	500			500
3.25% First mortgage bonds due 2050^(j)	300			—
Total long-term debt, gross	3,613			3,330
Less: Unamortized discount and premium	(4		)	(3		)
Less: Unamortized debt issuance costs	(34		)	(31		)
Long-term debt, net	$	3,575		$	3,296
ATXI:
3.43% Senior notes due 2050^(k)	$	450		$	450
Total long-term debt, gross	450			450
Less: Unamortized debt issuance costs	(2		)	(2		)
Long-term debt, net	$	448		$	448
Ameren consolidated long-term debt, net	$	8,915		$	7,859

(a)

These notes are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Missouri mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2049 maturity of the 3.25% first mortgage bonds and the restrictions preventing a release date to occur that are attached to certain senior secured notes described in footnote (e) below, Ameren Missouri does not expect the first mortgage lien protection associated with these notes to fall away.


(b)	These bonds are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture and have a fall-away lien provision similar to that of Ameren Missouri’s senior secured notes.

(c)

Prior to the change in the method of determining the interest rates applicable to the Ameren Missouri bonds and the extinguishment of Ameren Illinois’ senior unsecured notes, the interest rates and the periods during which such rates apply varied depending on our selection of defined rate modes. The average interest rates for the respective applicable period in 2019 and the year ended December 31, 2018 were as follows:



	2019	2018
Ameren Missouri 1992 Series due 2022	2.58%	2.37%
Ameren Missouri 1998 Series A due 2033	3.43%	2.76%
Ameren Missouri 1998 Series B due 2033	3.57%	2.79%
Ameren Missouri 1998 Series C due 2033	3.43%	2.83%
Ameren Illinois 1993 Series B-1 due 2028	1.68%	1.58%


(d)	Amount less than $1 million.


(e)	Ameren Missouri has agreed that so long as any of the 3.90% senior secured notes due 2042 are outstanding, Ameren Missouri will not permit a release date to occur, and so long as any of the 8.45% senior secured notes due 2039 are outstanding, Ameren Missouri will not optionally redeem, purchase, or otherwise retire in full the outstanding first mortgage bonds not subject to release provisions.


(f)	These bonds are first mortgage bonds issued by Ameren Missouri under the Ameren Missouri bond indenture. They are secured by substantially all Ameren Missouri property and franchises.

(g)

Payments due related to these financing obligations are paid to a trustee, which is authorized to utilize the cash only to pay equal amounts due to Ameren Missouri under related bonds issued by the city/county and held by Ameren Missouri. The timing and amounts of payments due from Ameren Missouri under the agreements are equal to the timing and amount of bond service payments due to Ameren Missouri, resulting in no net cash flow. The balance of both the financing obligations and the related investments in debt securities, recorded in “Other Assets,” was $263 million and $270 million, respectively, as of December 31, 2019 and 2018.

(h)

These notes are collaterally secured by first mortgage bonds issued by Ameren Illinois under its mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises. The notes have a fall-away lien provision and will remain secured only as long as any series of first mortgage bonds issued under its mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2050 maturity date of the 3.25% first mortgage bonds, Ameren Illinois does not expect the first mortgage lien protection associated with these notes to fall away.


(i)	Ameren Illinois has agreed that so long as any of the 2.70% senior secured notes due 2022 are outstanding, Ameren Illinois will not permit a release date to occur.

(j)

These bonds are first mortgage bonds issued by Ameren Illinois under its mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises.

Schedule Of Maturities Of Long-Term Debt

The following table presents the principal maturities schedule for the 3.43% senior notes due 2050:



Payment Date		Principal Payment
August 2022	$	49.5
August 2024		49.5
August 2027		49.5
August 2030		49.5
August 2032		49.5
August 2038		49.5
August 2043		76.5
August 2050		76.5
Total	$	450.0

The following table presents the aggregate maturities of long-term debt, including current maturities, at December 31, 2019:



	Ameren (parent)^(a)		Ameren Missouri^(a)		Ameren Illinois^(a)		ATXI^(a)		Ameren Consolidated^(a)
2020	$	350	$	92	$	—	$	—	$	442
2021	—		8		—		—		8
2022	—		55		400		50		505
2023	—		240		—		—		240
2024	450		350		—		50		850
Thereafter	350		3,484		3,213		350		7,397
Total	$	1,150	$	4,229	$	3,613	$	450	$	9,442

(a)

Excludes unamortized discount, unamortized premium, and debt issuance costs of $6 million, $39 million, $38 million and $2 million at Ameren (parent), Ameren Missouri, Ameren Illinois and ATXI, respectively.

Schedule Of Outstanding Preferred Stock

The following table presents the outstanding preferred stock of Ameren Missouri and Ameren Illinois, which is redeemable at the option of the issuer, at the prices shown below as of December 31, 2019 and 2018:



	Shares Outstanding	Redemption Price (per share)			2019		2018
Ameren Missouri:
Without par value and stated value of $100 per share, 25 million shares authorized
$3.50 Series	130,000 shares	$	110.00		$	13	$	13
$3.70 Series	40,000 shares	104.75			4		4
$4.00 Series	150,000 shares	105.625			15		15
$4.30 Series	40,000 shares	105.00			4		4
$4.50 Series	213,595 shares	110.00		^(a)	21		21
$4.56 Series	200,000 shares	102.47			20		20
$4.75 Series	20,000 shares	102.176			2		2
$5.50 Series A	14,000 shares	110.00			1		1
Total					$	80	$	80
Ameren Illinois:
With par value of $100 per share, 2 million shares authorized
4.00% Series	144,275 shares	$	101.00		$	14	$	14
4.08% Series	45,224 shares	103.00			5		5
4.20% Series	23,655 shares	104.00			2		2
4.25% Series	50,000 shares	102.00			5		5
4.26% Series	16,621 shares	103.00			2		2
4.42% Series	16,190 shares	103.00			2		2
4.70% Series	18,429 shares	103.00			2		2
4.90% Series	73,825 shares	102.00			7		7
4.92% Series	49,289 shares	103.50			5		5
5.16% Series	50,000 shares	102.00			5		5
6.625% Series	124,274 shares	100.00			12		12
7.75% Series	4,542 shares	100.00			1		1
Total					$	62	$	62
Total Ameren					$	142	$	142

(a)

In the event of voluntary liquidation, $105.50.

Schedule of Remarketed Bonds

The following table provides additional information on the bonds:



	1992 Series	1998 Series A	1998 Series B	1998 Series C
Transaction month	June 2019	July 2019	July 2019	June 2019
Principal amount	$47	$60	$50	$50
Fixed interest rate	1.60%	2.90%	2.90%	2.75%
Variable interest rate^(a)	2.58%	3.43%	3.57%	3.43%
Maturity	December 2022	September 2033	September 2033	September 2033
Interest payment dates	June 1 and December 1	March 1 and September 1	March 1 and September 1	March 1 and September 1
Initial interest payment date	December 2019	September 2019	September 2019	September 2019

(a)

Represents the variable interest rate of the bonds effective prior to the change in method of determining the interest rate.

Schedule of Required and Actual Debt Ratios

The following table summarizes the required and actual interest coverage ratios for interest charges, dividend coverage ratios, and bonds and preferred stock issuable as of December 31, 2019, at an assumed interest rate of 5% and dividend rate of 6%.



	Required Interest Coverage Ratio^(a)	Actual Interest Coverage Ratio	Bonds Issuable^(b)		Required Dividend Coverage Ratio^(c)	Actual Dividend Coverage Ratio	Preferred Stock Issuable
Ameren Missouri	>2.0	4.0	$	5,251	>2.5	125.7	$	2,808
Ameren Illinois	>2.0	6.8	6,668		>1.5	3.2	203		^(d)


(a)	Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds.


(b)	Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $2,358 million and $643 million at Ameren Missouri and Ameren Illinois, respectively.


(c)	Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation.

(d)

Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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