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Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Debt And Credit Facilities
DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
Duke

 
Duke

 
Duke

 
 
Maturity
Interest

 
Duke

 
Energy

 
Energy

 
Energy

 
Issuance Date
Date
Rate

 
Energy

 
(Parent)

 
Progress

 
Ohio

 
Unsecured Debt
 
 
 
 
 
 
 
 
 
 
 
March 2019(a)
March 2022
3.251
%
(b) 
$
300

 
$
300

 
$
—

 
$
—

 
March 2019(a)
March 2022
3.227
%
 
300

 
300

 
—

 
—

 
First Mortgage Bonds
 
 
 
 
 
 
 
 
 
 
 
January 2019(c)
February 2029
3.650
%
 
400

 
—

 
—

 
400

 
January 2019(c)
February 2049
4.300
%
 
400

 
—

 
—

 
400

 
March 2019(d)
March 2029
3.450
%

600


—

 
600

 
—

 
Total issuances
 
 
 
$
2,000

 
$
600


$
600

 
$
800


(a)
Debt issued to pay down short-term debt and for general corporate purposes.
(b)
Debt issuance has a floating interest rate.
(c)
Debt issued to repay at maturity $450 million first mortgage bonds due April 2019, pay down short-term debt and for general corporate purposes.
(d)
Debt issued to fund eligible green energy projects in the Carolinas.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current Maturities of Long-Term Debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)
Maturity Date
 
Interest Rate

 
March 31, 2019

Unsecured Debt
 
 
 
 
 
Duke Energy (Parent)
September 2019
 
5.050
%
 
$
500

Piedmont
September 2019
 
3.181
%
(b) 
350

Duke Energy Kentucky
October 2019
 
4.650
%
 
100

Progress Energy
December 2019
 
4.875
%
 
350

First Mortgage Bonds
 
 
 
 
 
Duke Energy Ohio
April 2019
 
5.450
%
 
450

Duke Energy Florida
January 2020
 
1.850
%
 
250

Other(a)
 
 
 
 
501

Current maturities of long-term debt
 
 
 
 
$
2,501


(a)    Includes finance lease obligations, amortizing debt and small bullet maturities.
(b)    Amount drawn under the Piedmont senior unsecured term loan facility has a floating interest rate.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2019, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2024. The Duke Energy Registrants, excluding Progress Energy (Parent), have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. Duke Energy Carolinas and Duke Energy Progress are also required to each maintain $250 million of available capacity under the Master Credit Facility as security to meet obligations under plea agreements reached with the U.S. Department of Justice in 2015 related to violations at North Carolina facilities with ash basins. The table below includes the current borrowing sublimits and available capacity under the Master Credit Facility.
 
March 31, 2019
 


 
Duke

 
Duke

 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Energy

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
(Parent)

 
Carolinas

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Facility size(a)
$
8,000

 
$
2,650

 
$
1,750

 
$
1,400

 
$
650

 
$
450

 
$
600

 
$
500

Reduction to backstop issuances
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper(b)
(2,657
)
 
(884
)
 
(859
)
 
(150
)
 
(299
)
 
(62
)
 
(252
)
 
(151
)
Outstanding letters of credit
(53
)
 
(45
)
 
(4
)
 
(2
)
 
—

 
—

 
—

 
(2
)
Tax-exempt bonds
(81
)
 
—

 
—

 
—

 
—

 
—

 
(81
)
 
—

Coal ash set-aside
(500
)
 
—

 
(250
)
 
(250
)
 
—

 
—

 
—

 
—

Available capacity under the Master Credit Facility
$
4,709


$
1,721


$
637


$
998


$
351


$
388


$
267

 
$
347

(a)
Represents the sublimit of each borrower.
(b)
Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Other Credit Facilities
 
March 31, 2019
(in millions)
Facility size

 
Amount Drawn

Duke Energy (Parent) Three-Year Revolving Credit Facility
$
1,000

 
$
500

Duke Energy Progress Term Loan Facility(a)
700

 
700

Piedmont Term Loan Facility
350

 
350

(a)
$650 million was drawn under the term loan in January and February 2019.