Short-Term Debt And Liquidity

3 Months Ended

Mar. 31, 2020

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.

Credit Agreements

The Missouri Credit Agreement and the Illinois Credit Agreement are available to support issuances under Ameren (parent)’s, Ameren Missouri’s and Ameren Illinois’ commercial paper programs, respectively, subject to borrowing sublimits and issue letters of credit. As of March 31, 2020, based on credit facility borrowings, commercial paper outstanding, and letters of credit issued under the Credit Agreements, along with cash and cash equivalents, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was $1.7 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of March 31, 2020. As of March 31, 2020, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 55%, 51%, and 46% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

The following table presents the credit facility borrowings and commercial paper outstanding, net of issuance discounts, as of March 31, 2020, and December 31, 2019:



	March 31, 2020						December 31, 2019
	Credit Facility Borrowings		Commercial Paper		Total Short-term Debt		Credit Facility Borrowings		Commercial Paper		Total Short-term Debt
Ameren (parent)	$	275	$	150	$	425	$	—	$	153	$	153
Ameren Missouri	130		—		130		—		234		234
Ameren Illinois	60		—		60		—		53		53
Ameren consolidated	$	465	$	150	$	615	$	—	$	440	$	440

The following table summarizes the borrowing activity and relevant interest rates under the Credit Agreements for the three months ended March 31, 2020. There were no borrowings under the Credit Agreements for the three months ended March 31, 2019.



	Ameren (parent)			Ameren Missouri			Ameren Illinois			Total
Missouri Credit Agreement
Average daily credit facility borrowings outstanding during the period	$	1		$	12		$	—		$	13
Weighted-average interest rate	2.06		%	2.36		%	—		%	2.33		%
Peak credit facility borrowings during the period^(a)	$	100		$	130		$	—		$	230
Peak interest rate	2.06		%	3.33		%	—		%	3.33		%
Illinois Credit Agreement
Average daily credit facility borrowings outstanding during the period	$	2		$	—		$	5		$	7
Weighted-average interest rate	2.06		%	—		%	2.05		%	2.06		%
Peak credit facility borrowings during the period^(a)	$	175		$	—		$	60		$	235
Peak interest rate	2.06		%	—		%	2.05		%	2.06		%


(a)	The timing of peak credit facility borrowings varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak credit facility borrowings for the period.

Commercial Paper

The following table summarizes the borrowing activity and relevant interest rates under Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs for the three months ended March 31, 2020 and 2019:



	Ameren (parent)			Ameren Missouri				Ameren Illinois			Ameren Consolidated
2020
Average daily commercial paper outstanding at par value	$	154		$	383			$	71		$	608
Weighted-average interest rate	1.94		%	1.84		%		1.99		%	1.88		%
Peak commercial paper during period at par value^(a)	$	225		$	521			$	137		$	854
Peak interest rate	3.30		%	5.05		%	^(b)	3.40		%	5.05		%	^(b)
2019
Average daily commercial paper outstanding at par value	$	480		$	246			$	89		$	815
Weighted-average interest rate	2.87		%	2.84		%		2.76		%	2.85		%
Peak commercial paper during period at par value^(a)	$	618		$	549			$	130		$	1,113
Peak interest rate	3.10		%	2.97		%		2.90		%	3.10		%


(a)	The timing of peak outstanding commercial paper issuances varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak commercial paper issuances for the period.


(b)	In the first quarter of 2020, Ameren Missouri’s peak interest rate was affected by temporary disruptions in the commercial paper market.

Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements. The average interest rate for borrowings under the money pool for the three months ended March 31, 2020, was 1.93% (2019 – 2.87%). See Note 8 – Related-party Transactions for the amount of interest income and expense from the money pool arrangements recorded by the Ameren Companies for the three months ended March 31, 2020 and 2019.