Spire, Spire Missouri and Spire Alabama have a syndicated revolving credit facility pursuant to a loan agreement with 11 banks, expiring October 31, 2023. The loan agreement has an aggregate credit commitment of $975.0, including sublimits of $300.0 for Spire, $475.0 for Spire Missouri, and $200.0 for Spire Alabama. These sublimits may be reallocated from time to time among the three borrowers within the $975.0 aggregate commitment, with commitments fees applied for each borrower relative to its credit rating. Spire may use its line to provide for the funding needs of various subsidiaries. The agreement also contains financial covenants limiting each borrower’s consolidated total debt, including short-term debt, to no more than 70% of its total capitalization. As defined in the line of credit, on March 31, 2020, total debt was 54% of total capitalization for the consolidated Company, 45% for Spire Missouri, and 34% for Spire Alabama.

Spire has a commercial paper program (“CP Program”) pursuant to which Spire may issue short-term, unsecured commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the notes outstanding under the CP Program at any time not to exceed $975.0. The notes may have maturities of up to 365 days from date of issue.

On March 26, 2020, Spire entered into a new loan agreement with two banks providing for a term loan of $150.0, which was immediately fully funded and matures on March 25, 2021, subject to optional prepayment by Spire. The term loan bears interest at the LIBOR Rate (as defined in the loan agreement) plus 0.85% per annum. Proceeds were used for working capital and general corporate purposes.

Information about Spire’s consolidated short-term borrowings and about Spire Missouri’s and Spire Alabama’s borrowings from Spire is presented in the following table. As of March 31, 2020, $91.7 of Spire’s short-term borrowings were used to support lending to the Utilities.

	Spire (Parent Only)									Spire Missouri						Spire Alabama						Spire
	Credit			Term			CP			Credit			Spire			Credit			Spire			Consol-
	Facility			Loan			Program			Facility			Note			Facility			Note			idated
Six Months Ended March 31, 2020
Weighted average borrowings outstanding	$	0.2		$	5.7		$	615.6		$	12.0		$	283.9		$	2.9		$	97.4		$	636.4
Lowest borrowings outstanding		—			—			175.5			—			39.6			—			18.5			436.1
Highest borrowings outstanding		23.1			150.0			856.6			185.1			429.5			50.0			161.3			856.6
Weighted average interest rate		1.9	%		2.1	%		2.1	%		1.8	%		2.1	%		1.8	%		2.1	%		2.1	%
As of March 31, 2020
Borrowings outstanding	$	—		$	150.0		$	175.5		$	185.1		$	39.6		$	50.0		$	33.0		$	560.6
Weighted average interest rate	n/a				2.1	%		1.8	%		1.8	%		1.9	%		1.9	%		1.9	%		1.9	%
As of September 30, 2019
Borrowings outstanding	$	—		$	—		$	743.2		$	—		$	386.4		$	—		$	128.7		$	743.2
Weighted average interest rate	n/a			n/a				2.3	%	n/a				2.3	%	n/a				2.3	%		2.3	%
As of March 31, 2019
Borrowings outstanding	$	—		$	—		$	512.0		$	—		$	232.9		$	—		$	73.7		$	512.0
Weighted average interest rate	n/a			n/a				2.8	%	n/a				2.8	%	n/a				2.8	%		2.8	%

The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary covenants and default provisions. As of March 31, 2020, there were no events of default under these covenants.

Interest expense shown on Spire’s consolidated statements of income and Spire Missouri’s statements of comprehensive income is net of the capitalized interest amounts shown in the following table.

On November 12, 2019, Spire Missouri issued and sold to certain institutional purchasers in a private placement $275.0 of 2.84% first mortgage bonds due November 15, 2029. Interest is payable semi-annually. The bonds are secured by a mortgage and deed of trust and rank equal in right to payment with all Spire Missouri’s other first mortgage bonds. Spire Missouri used the proceeds to repay its $100.0 floating-rate note and for other general corporate purposes.

On December 2, 2019, Spire Alabama issued and sold to certain institutional investors in a private placement $100.0 of 2.88% Series 2019B Senior Notes due December 1, 2029. Interest is payable semi-annually. The notes are senior unsecured obligations of Spire Alabama and rank equal in right to payment with all its other senior unsecured indebtedness. Spire Alabama used the proceeds to repay short-term debt and for general corporate purposes.

On December 23, 2019, Spire STL Pipeline issued and sold notes to certain institutional investors in a $135.0 private placement. Interest is payable semi-annually at 2.95%, and principal repayment is scheduled annually in accordance with a 15-year amortization schedule with an average life of 9.2 years. Proceeds were used to repay short-term debt.