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Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt And Credit Facilities DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
 
 
 
Duke

 
Duke

 
Duke

 
Maturity
Interest

 
Duke

 
Energy

 
Energy

 
Energy

Issuance Date
Date
Rate

 
Energy

 
(Parent)

 
Carolinas

 
Indiana

Unsecured Debt
 
 
 
 
 
 
 
 
 
 
March 2020(a)
March 2021
1.400
%
(b) 
$
1,688

 
$
1,688

 
$
—

 
$
—

First Mortgage Bonds
 
 
 
 
 
 
 
 
 
 
January 2020(c)
February 2030
2.450
%
 
500

 
—

 
500

 
—

January 2020(c)
August 2049
3.200
%
 
400

 
—

 
400

 
—

March 2020(d)
April 2050
2.750
%
 
550

 
—

 
—

 
550

Total issuances
 
 
 
$
3,138

 
$
1,688


$
900


$
550

(a)
Debt issued in response to market volatility concerns related to the COVID-19 pandemic. Refer to Note 1 for additional information on the COVID-19 pandemic. Proceeds will be used to reduce outstanding commercial paper and for general corporate purposes.
(b)
Debt issuance has a floating interest rate.
(c)
Debt issued to repay at maturity $450 million first mortgage bonds due June 2020 and for general corporate purposes.
(d)
Debt issued to repay at maturity $500 million first mortgage bonds due July 2020 and to pay down short-term debt.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current Maturities of Long-Term Debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)
Maturity Date
 
Interest Rate

 
March 31, 2020

Unsecured Debt
 
 
 
 
 
Duke Energy (Parent)
June 2020
 
2.100
%
 
$
330

Duke Energy Progress
December 2020
 
2.292
%
(a) 
700

Progress Energy, Inc
January 2021
 
4.400
%
 
500

Duke Energy (Parent)
March 2021
 
1.400
%
(a) 
1,688

First Mortgage Bonds
 
 
 
 
 
Duke Energy Florida
April 2020
 
4.550
%
 
250

Duke Energy Carolinas
June 2020
 
4.300
%
 
450

Duke Energy Indiana
July 2020
 
3.750
%
 
500

Duke Energy Progress
September 2020
 
1.076
%
(a) 
300

Other(b)
 
 
 
 
359

Current maturities of long-term debt
 
 
 
 
$
5,077


(a)    Debt issuance has a floating interest rate.
(b)    Includes finance lease obligations, amortizing debt and small bullet maturities.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2020, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2025. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. Duke Energy Carolinas and Duke Energy Progress are also required to each maintain $250 million of available capacity under the Master Credit Facility as security to meet obligations under plea agreements reached with the U.S. Department of Justice in 2015 related to violations at North Carolina facilities with ash basins. This requirement expires on May 15, 2020.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
 
March 31, 2020
 


 
Duke

 
Duke

 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Energy

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
(Parent)

 
Carolinas

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Facility size(a)
$
8,000

 
$
2,650

 
$
1,500

 
$
1,250

 
$
800

 
$
600

 
$
600

 
$
600

Reduction to backstop issuances
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper(b)
(2,540
)
 
(1,140
)
 
(300
)
 
(275
)
 
(167
)
 
(243
)
 
(150
)
 
(265
)
Outstanding letters of credit
(49
)
 
(42
)
 
(4
)
 
(2
)
 
—

 
—

 
—

 
(1
)
Tax-exempt bonds
(81
)
 
—

 
—

 
—

 
—

 
—

 
(81
)
 
—

Coal ash set-aside
(500
)
 
—

 
(250
)
 
(250
)
 
—

 
—

 
—

 
—

Available capacity under the Master Credit Facility
$
4,830


$
1,468


$
946


$
723


$
633


$
357


$
369

 
$
334

(a)
Represents the sublimit of each borrower.
(b)
Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Other Credit Facilities
 
March 31, 2020
(in millions)
Facility size

 
Amount drawn

Duke Energy (Parent) Three-Year Revolving Credit Facility(a)
$
1,000

 
$
1,000

Duke Energy Progress Term Loan Facility
700

 
700

(a)
In March 2020, Duke Energy (Parent) drew down the remaining $500 million.