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Debt (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
Long-term debt is as follows:
InterestJune 30,December 31,
$ in millionsRateMaturity20212020
First Mortgage Bonds3.95%2049$425.0 $425.0 
First Mortgage Bonds3.20%2040140.0 140.0 
U.S. Government note4.20%206117.3 17.4 
Unamortized deferred financing costs(5.7)(5.7)
Unamortized debt discounts, net(2.6)(2.6)
Total long-term debt at AES Ohio
574.0 574.1 
Senior unsecured bonds4.125%2025415.0 415.0 
Senior unsecured bonds4.35%2029400.0 400.0 
Note to DPL Capital Trust II (a)8.125%203115.6 15.6 
Unamortized deferred financing costs(9.3)(10.2)
Unamortized debt discounts, net(0.9)(0.9)
Total long-term debt1,394.4 1,393.6 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,394.2 $1,393.4 

(a)Note payable to related party.

Lines of credit
At June 30, 2021 and December 31, 2020, the DPL revolving credit facility had outstanding borrowings of $80.0 million and $80.0 million, respectively. At June 30, 2021 and December 31, 2020, the AES Ohio revolving credit facility had outstanding borrowings of $100.0 million and $20.0 million, respectively.

Significant transactions
On June 19, 2020 DPL closed a $415.0 million issuance of senior unsecured notes. These notes carry an interest rate of 4.125% and mature on July 1, 2025. Proceeds from the issuance and cash on hand were used to redeem in-full the remaining balance of $380.0 million of DPL's 7.25% senior unsecured notes. These bonds were redeemed at par plus accrued interest and a make-whole premium of $30.8 million on July 20, 2020.

DPL agreed to register the 2025 DPL Senior Unsecured Bonds under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement dated June 19, 2020. DPL filed a registration statement on Form S-4 with respect to the 2025 DPL Senior Unsecured Bonds with the SEC on March 15, 2021, and this registration statement was declared effective on March 31, 2021. The exchange offer closed on May 5, 2021.

On June 1, 2020 DPL amended its secured revolving credit facility. As a result of the amendment, the borrowing limit was reduced from $125.0 million to $110.0 million, the Total Debt to EBITDA covenant was eliminated, the EBITDA to Interest Expense covenant was reduced from 2.25 to 1.00 to 1.70 to 1.00, increasing to 1.75 to 1.00 as of September 30, 2022 and 2.00 to 1.00 as of December 31, 2022, and a trailing-twelve months minimum EBITDA covenant of $125.0 million was added, increasing to $130.0 million as of September 30, 2022 and $150.0 million as of December 31, 2022. Starting with the quarter ended September 30, 2021, the borrowing limit will be reduced by $5.0 million per quarter should DPL’s Total Debt to EBITDA ratio calculated for the period of four consecutive quarters exceed 7.00 to 1.00.

Long-term debt covenants and restrictions
DPL’s revolving credit agreement has two financial covenants. The first financial covenant, a minimum EBITDA, calculated at the end of each fiscal quarter for the four prior fiscal quarters, of $125.0 million is required, stepping up to $130.0 million on September 30, 2022 and $150.0 million on December 31, 2022. As of June 30, 2021, DPL was in compliance with this financial covenant.

The second financial covenant is an EBITDA to Interest Expense ratio that is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. The ratio, per the agreement, is to be not less than 1.70 to 1.00, and steps up to 1.75 to 1.00 on September
30, 2022 and 2.00 to 1.00 as of December 31, 2022. As of June 30, 2021, DPL was in compliance with this financial covenant.

DPL’s secured revolving credit agreement also restricts dividend payments from DPL to AES, such that DPL cannot make dividend payments unless at the time of, and/or as a result of the distribution, (i) DPL’s leverage ratio does not exceed 0.67 to 1.00 and DPL’s interest coverage ratio is not less than 2.50 to 1.00 or, if such ratios are not within the parameters, (ii) DPL’s senior long-term debt rating from two of the three major credit rating agencies is at least investment grade. As a result, as of June 30, 2021, DPL was prohibited from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries).

AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has one financial covenant. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of June 30, 2021, AES Ohio was in compliance with this financial covenant.

As of June 30, 2021, DPL and AES Ohio were in compliance with all debt covenants, including the financial covenants described above.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL.

Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.
Schedule of Long-term Debt Instruments Long-term debt is as follows:
InterestJune 30,December 31,
$ in millionsRateMaturity20212020
First Mortgage Bonds3.95%2049$425.0 $425.0 
First Mortgage Bonds3.20%2040140.0 140.0 
U.S. Government note4.20%206117.3 17.4 
Unamortized deferred financing costs(5.7)(5.7)
Unamortized debt discounts, net(2.6)(2.6)
Total long-term debt at AES Ohio
574.0 574.1 
Senior unsecured bonds4.125%2025415.0 415.0 
Senior unsecured bonds4.35%2029400.0 400.0 
Note to DPL Capital Trust II (a)8.125%203115.6 15.6 
Unamortized deferred financing costs(9.3)(10.2)
Unamortized debt discounts, net(0.9)(0.9)
Total long-term debt1,394.4 1,393.6 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,394.2 $1,393.4 

(a)Note payable to related party.
Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
Long-term debt is as follows:
InterestJune 30,December 31,
$ in millionsRateMaturity20212020
First Mortgage Bonds3.95 %2049$425.0 $425.0 
First Mortgage Bonds3.20 %2040140.0 140.0 
U.S. Government note4.20 %206117.3 17.4 
Unamortized deferred financing costs(5.7)(5.7)
Unamortized debt discounts, net(2.6)(2.6)
Total long-term debt574.0 574.1 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$573.8 $573.9 

Line of credit
At June 30, 2021 and December 31, 2020, AES Ohio had outstanding borrowings on its line of credit of $100.0 million and $20.0 million, respectively.

Long-term debt covenants and restrictions
AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has one financial covenant. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of June 30, 2021, AES Ohio was in compliance with this financial covenant.
As of June 30, 2021, AES Ohio was in compliance with all debt covenants, including the financial covenants described above.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL.

Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.
Schedule of Long-term Debt Instruments Long-term debt is as follows:
InterestJune 30,December 31,
$ in millionsRateMaturity20212020
First Mortgage Bonds3.95 %2049$425.0 $425.0 
First Mortgage Bonds3.20 %2040140.0 140.0 
U.S. Government note4.20 %206117.3 17.4 
Unamortized deferred financing costs(5.7)(5.7)
Unamortized debt discounts, net(2.6)(2.6)
Total long-term debt574.0 574.1 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$573.8 $573.9