(9) Short-Term Debt and Revolving Credit Facilities

The following table summarizes MEHC's and its subsidiaries' availability under their revolving credit facilities as of December 31, (in millions):



										Northern
							MidAmerican			Powergrid			Home-
	MEHC			PacifiCorp			Funding			Holdings			Services		Total⁽¹⁾
2011:
Revolving credit facilities	$	552		$	1,355		$	654		$	233		$	50	$	2,844
Less:
Short-term debt	(108		)	(688		)	—			(69		)	—		(865		)
Tax-exempt bond support and letters of credit	(25		)	(304		)	(195		)	—			—		(524		)
Net revolving credit facilities	$	419		$	363		$	459		$	164		$	50	$	1,455

2010:
Revolving credit facilities	$	585		$	1,395		$	654		$	234		$	50	$	2,918
Less:
Short-term debt	(284		)	(36		)	—			—			—		(320		)
Tax-exempt bond support and letters of credit	(40		)	(304		)	(195		)	—			—		(539		)
Net revolving credit facilities	$	261		$	1,055		$	459		$	234		$	50	$	2,059


(1)	The above table does not include unused revolving credit facilities and letters of credit for investments that are accounted for under the equity method.

As of December 31, 2011, the Company was in compliance with the covenants of its revolving credit facilities and letter of credit arrangements.

MEHC

MEHC has an unsecured credit facility with $552 million available until July 2012 and $479 million until July 2013. The credit facility has a variable interest rate based on the London Interbank Offered Rate ("LIBOR") plus a spread, which varies based on MEHC's credit ratings for its senior unsecured long-term debt securities, or a base rate, at MEHC's option. This facility is for general corporate purposes and also supports letters of credit for the benefit of certain subsidiaries and affiliates. As of December 31, 2011, MEHC had $108 million of borrowings outstanding under its credit facility at an average rate of 0.787% and had letters of credit issued under the credit agreement totaling $25 million. As of December 31, 2010, MEHC had $284 million of borrowings outstanding under its credit facility at an average rate of 0.508% and had letters of credit issued under the credit agreement totaling $40 million. The revolving credit agreement requires that MEHC's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.70 to 1.0 as of the last day of any quarter.

In January 2012, MEHC entered into a $500 million revolving loan agreement with a subsidiary of Berkshire Hathaway that is available until June 2012. The revolving loan facility has a variable interest rate based on LIBOR plus a spread.

PacifiCorp

PacifiCorp has a $635 million unsecured credit facility expiring in October 2012 and an unsecured credit facility with $720 million available until July 2012 and $630 million until July 2013. The credit facilities include a fixed or variable borrowing option for which rates vary based on the borrowing option and PacifiCorp's credit ratings for its senior unsecured long-term debt securities. These facilities support PacifiCorp's commercial paper program and certain variable-rate tax-exempt bond obligations. As of December 31, 2011, PacifiCorp had $688 million of commercial paper borrowings outstanding at a weighted-average interest rate of 0.5% and no borrowings outstanding under its credit facilities. As discussed in Note 12, in January 2012, PacifiCorp issued $650 million of long-term debt, the proceeds of which were in part used to repay a significant portion of the commercial paper borrowings outstanding as of December 31, 2011. As of December 31, 2010, PacifiCorp had $36 million of commercial paper borrowings outstanding at a weighted-average interest rate of 0.3% and no borrowings outstanding under its credit facilities.

As of December 31, 2011 and 2010, PacifiCorp had $601 million of letters of credit issued under committed arrangements, of which $304 million were issued under the revolving credit agreements. These letters of credit support PacifiCorp's variable-rate tax-exempt bond obligations, were fully available as of December 31, 2011 and 2010, and expire periodically from May 2012 through November 2012.

Each revolving credit agreement and letter of credit arrangement requires that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization at no time exceed 0.65 to 1.0.

MidAmerican Funding

MidAmerican Energy has an unsecured credit facility with $645 million available until July 2012 and $530 million until July 2013, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations. The facility has a variable interest rate based on LIBOR plus a spread that varies based on MidAmerican Energy's credit ratings for its senior unsecured long-term debt securities, or a base rate, at MidAmerican Energy's option. In addition, MidAmerican Energy has a $5 million unsecured credit facility, which expires in June 2012 and has a variable interest rate based on LIBOR plus a spread. As of December 31, 2011 and 2010, MidAmerican Energy had no borrowings outstanding under its credit facilities, had no commercial paper borrowings outstanding and had $195 million of the $645 million revolving credit facility reserved to support the variable-rate tax-exempt bond obligations. The $645 million revolving credit agreement requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

MHC Inc., a direct wholly-owned subsidiary of MidAmerican Funding, has a $4 million unsecured credit facility, which expires in June 2012 and has a variable interest rate based on LIBOR plus a spread. As of December 31, 2011 and 2010, there were no borrowings outstanding under this credit facility.

Northern Powergrid Holdings

Northern Powergrid Holdings has a £150 million unsecured credit facility expiring in March 2013. The facility has a variable interest rate based on sterling LIBOR plus a spread that varies based on its credit ratings. As of December 31, 2011, Northern Powergrid Holdings had $69 million of borrowings outstanding under its credit facility at a weighted average interest rate of 2.14%. As of December 31, 2010, Northern Powergrid Holdings had no borrowings outstanding under its credit facility. The revolving credit agreement requires that Northern Powergrid Holdings' ratio of consolidated senior net debt, including current maturities, to regulated asset value not exceed 0.8 to 1.0 at Northern Powergrid Holdings and 0.65 to 1.0 at Northern Powergrid (Northeast) Limited and Northern Powergrid (Yorkshire) plc as of June 30 and December 31. Additionally, Northern Powergrid Holdings' interest coverage ratio shall not be less than 2.5 to 1.0.

HomeServices

HomeServices has a $50 million unsecured credit facility expiring in December 2013. The facility has a variable interest rate based on the prime lending rate or LIBOR, at HomeServices' option, plus a spread that varies based on HomeServices' senior debt ratio. There were no borrowings outstanding as of December 31, 2011 and 2010. The revolving credit agreement requires that HomeServices maintain no borrowings under the facility for at least 45 consecutive days on a rolling twelve month basis and borrowings under the facility cannot exceed a ratio of senior debt to EBITDA of 2.0 to 1.0 at the end of any fiscal quarter.