Long-term debt consists of first mortgage notes payable to the United States of America acting through the Federal Financing Bank and the Rural Utilities Service, first mortgage bonds payable, first mortgage notes issued in conjunction with the sale by public authorities of pollution control bonds, first mortgage notes payable to CoBank and CFC and unsecured notes payable to three commercial banks. Substantially all of our owned tangible and certain of our intangible assets are pledged under our first mortgage indenture as collateral for the Federal Financing Bank and Rural Utilities Service notes, the first mortgage bonds, the first mortgage notes issued in conjunction with the sale of pollution control bonds, and the CoBank and CFC first mortgage notes.

In March 2011, the Development Authority of Appling County (Georgia), the Development Authority of Burke County (Georgia) and the Development Authority of Monroe County (Georgia) issued, on our behalf, $180,380,000 in aggregate principal amount of tax-exempt pollution control revenue bonds for the purpose of refunding certain pollution control revenue bonds previously issued by the development authorities on our behalf. The Series 2011 bonds are term rate bonds with a 2.5% interest rate which is fixed through February 28, 2013. $168,700,000 of the 2011 bonds proceeds were used to refund a like amount of Series 2007 and 2008 pollution control revenue bonds that were subject to remarketing and interest rate reset on April 1, 2011. In conjunction with this refunding, we provided notice of optional redemption of the prior bonds in March 2011 and redeemed the bonds on April 1, 2011. The remaining proceeds of the 2011 bond issue were used to refund $11,680,000 of commercial paper that was used to refund a like amount of pollution control revenue bonds that matured on January 1, 2011.

On April 6, 2011, we closed a $260,000,000 three-year term loan with three banks to provide a portion of the interim financing for the Murray acquisition on April 8, 2011. The current interest rate on the loan is 1.53% and is based on one-month LIBOR. The term loan is set to mature in April 2014. For a discussion of the Murray acquisition, see Note 12.

On August 19, 2011, we issued $300,000,000 of 5.25% First Mortgage Bonds, Series 2011 A primarily for the purpose of repaying outstanding commercial paper issued in connection with funding a portion of the cost of constructing Vogtle Units No. 3 and No. 4. The first mortgage bonds are secured under our first mortgage indenture.

During 2011, we received advances on Rural Utilities Service guaranteed Federal Financing Bank loans totaling $423,813,000 to permanently finance the 2009 Hartwell and Hawk Road acquisitions and for environmental and general improvements at existing plants.

The annual interest requirement on our long-term debt for 2012 is estimated to be $314,649,000.

Maturities for long-term debt and capital lease obligations through 2016 are as follows:



		(dollars in thousands)
		2012			2013			2014			2015			2016

FFB	$	115,098		$	100,125		$	104,366		$	108,892		$	113,232
CFC		729			767			806			848			891
CoBank		490			551			621			698			786
PCBs		10,371	⁽¹⁾		74,703	⁽²⁾		37,352	⁽²⁾		133,550	⁽²⁾		–
CREBs		1,010			1,010			1,010			1,010			1,010
Term Loans		–			–			260,000			–			–

		127,698			177,156			404,155			244,998			115,919
Capital Leases		45,120			25,726			18,705			26,279			9,527

Total	$	172,818		$	202,882		$	422,860		$	271,277		$	125,446

(1): Reflects only our 83.14% share of the pollution control bond maturity and does not include the portion assumed by Georgia Transmission. The 2012 PCB maturity was refinanced on an interim basis with commercial paper in January 2012, and a plan is in place to refinance this with long-term pollution control bond debt in April 2012.
(2): These are not regularly scheduled principal payments but instead represent amounts that would be due if the credit support facilities for the 2009 and 2010 pollution control bonds were drawn upon and became payable in accordance with their terms. To date, none of these credit support facilities have been drawn upon for principal and we anticipate extending these facilities before their expiration. The nominal maturities of the 2009 and 2010 pollution control bonds range from 2030 through 2038.

The weighted average interest rate for long-term debt and capital leases was 4.85% at December 31, 2011 as compared to 5.23% at December 31, 2010.

We have $1,925,000,000 of committed credit arrangements comprised of five separate facilities with maturity dates that range from November 2012 to September 2016. These short-term credit facilities are for general working capital purposes and to provide temporary funding for our construction and acquisition financings. Along with the lines of credit from CFC, JPMorgan Chase Bank and CoBank, funds may be advanced under the syndicated line of credit for general working capital purposes. Under certain of our committed lines of credit we have the ability to issue letters of credit totaling $910,000,000 in the aggregate. At December 31, 2011, we had (1) $253,000,000 under these lines of credit in the form of letters of credit supporting variable rate pollution control revenue bonds and to post collateral to third parties and (2) $461,199,000 under one of these lines of credit was utilized as support for a like amount of commercial paper we issued that is outstanding.