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 December 31, 2020, total debt was less than 60% of total capitalization for each borrower.

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. It was repaid on December 16, 2020. The term loan bore 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 December 31, 2020, $455.5 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
Three Months Ended December 31, 2020
Weighted average borrowings	$	—	$	125.5		$	609.2		$	—	$	341.3		$	—	$	111.6		$	734.7
Lowest borrowings outstanding		—		—			497.0			—		292.8			—		1.5			631.1
Highest borrowings outstanding		—		150.0			701.1			—		396.7			—		152.2			850.5
Weighted average interest rate	n/a			1.1	%		0.2	%	n/a			0.2	%	n/a			0.2	%		0.4	%
As of December 31, 2020
Borrowings outstanding	$	—	$	—		$	696.1		$	—	$	393.7		$	—	$	27.0		$	696.1
Weighted average interest rate	n/a		n/a				0.3	%	n/a			0.3	%	n/a			0.3	%		0.3	%
As of September 30, 2020
Borrowings outstanding	$	—	$	150.0		$	498.0		$	—	$	301.2		$	—	$	121.3		$	648.0
Weighted average interest rate	n/a			1.1	%		0.2	%	n/a			0.2	%	n/a			0.2	%		0.6	%
As of December 31, 2019
Borrowings outstanding	$	—	$	—		$	518.9		$	—	$	288.1		$	—	$	67.1		$	518.9
Weighted average interest rate	n/a		n/a				2.1	%	n/a			2.1	%	n/a			2.1	%		2.1	%

The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary covenants and default provisions. As of December 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 December 15, 2020, Spire Alabama issued and sold to certain institutional investors in a private placement $150.0 of 2.04% Series 2020 Senior Notes due December 15, 2030. 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.