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SHORT-TERM DEBT AND LINES OF CREDIT
 6 Months Ended
Jun. 30, 2020
Short-term Debt [Abstract]  
SHORT-TERM DEBT AND LINES OF CREDIT SHORT-TERM DEBT AND LINES OF CREDIT
The following table shows our short-term borrowings and their corresponding weighted-average interest rates:
(in millions, except percentages)June 30, 2020December 31, 2019
Commercial paper
Amount outstanding$871.5  $830.8  
Weighted-average interest rate on amounts outstanding 0.26 %2.00 %
Term loan
Amount outstanding$340.0  $—  
Weighted-average interest rate on amounts outstanding 1.06 %N/A

Our average amount of commercial paper borrowings based on daily outstanding balances during the six months ended June 30, 2020 was $715.9 million with a weighted-average interest rate during the period of 1.50%.

In order to enhance our liquidity position in response to the COVID-19 pandemic, in March 2020, WEC Energy Group entered into a $340.0 million 364-day term loan that will mature on March 29, 2021. The proceeds from this term loan were used to pay down commercial paper. The weighted-average interest rate on the term loan during the six months ended June 30, 2020 was 2.11%.
The information in the table below relates to our term loan agreement and our revolving credit facilities used to support our commercial paper borrowing programs, including available capacity under these credit agreements:
(in millions)MaturityJune 30, 2020
Term loan agreement (WEC Energy Group)March 2021$340.0  
Revolving credit facility (WEC Energy Group)October 20221,200.0  
Revolving credit facility (WE) October 2022500.0  
Revolving credit facility (WPS) October 2022400.0  
Revolving credit facility (WG) October 2022350.0  
Revolving credit facility (PGL) October 2022350.0  
Total short-term credit capacity $3,140.0  
Less:  
Letters of credit issued inside credit facilities $2.3  
Term loan outstanding340.0  
Commercial paper outstanding 871.5  
Available capacity under existing credit agreements $1,926.2