SHORT-TERM DEBT AND LINES OF CREDIT

Short-term notes payable balances and their corresponding weighted-average interest rates as of December 31 consist of:



	2015			2014
(in millions, except percentages)	Balance			Balance
Commercial paper
Amount outstanding at December 31	$	1,095.0		$	617.6
Average interest rate on amounts outstanding at December 31	0.68		%	0.22		%
Average amounts outstanding during the year *	817.8			468.1


*	Based on daily outstanding balances during the year.

WEC Energy Group, Wisconsin Electric, WPS, Wisconsin Gas, and PGL have entered into bank back-up credit facilities to maintain short-term credit liquidity which, among other terms, require us to maintain, subject to certain exclusions, a minimum total funded debt to capitalization ratio of less than 70.0%, 65.0%, 65.0%, 65.0%, and 65.0% respectively. All companies are in compliance with their respective ratio.

As of December 31, 2015, we had $1,387.0 million of available capacity under our bank back-up credit facilities and $1,095.0 million of commercial paper outstanding that was supported by the credit facilities.

The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing program, including remaining available capacity under these facilities as of December 31:



(in millions)	Maturity	2015
WEC Energy Group	December 2020	$	1,050.0
Wisconsin Electric	December 2020	500.0
WPS *	December 2016	250.0
Wisconsin Gas	December 2020	350.0
PGL	December 2020	350.0
Total short-term credit capacity		$	2,500.0

Less:
Letters of credit issued inside credit facilities		$	18.0
Commercial paper outstanding		1,095.0

Available capacity under existing agreements		$	1,387.0


*	WPS plans to request approval from the PSCW to extend the maturity through December 2020.

In December 2015, WEC Energy Group, Wisconsin Electric, and Wisconsin Gas amended their credit facilities to extend their expirations to December 2020. At the same time, WPS and PGL terminated their prior credit facilities and entered into new credit facilities. The lenders under the WPS facility have agreed that its maturity can be extended to December 2020, subject to the receipt of PSCW approval. Each of these facilities has a renewal provision for two one-year extensions, subject to lender approval.

The bank back-up credit facilities contain customary covenants, including certain limitations on the respective companies' ability to sell assets. The credit facilities also contain customary events of default, including payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy proceedings, certain judgments, Employee Retirement Income Security Act of 1974 defaults, and change of control. In addition, pursuant to the terms of our credit agreement, we must ensure that certain of our subsidiaries comply with several of the covenants contained therein.