7. Debt:

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 revenue bonds, first mortgage notes payable to CoBank and CFC, unsecured notes payable to three commercial banks, and the portion of commercial paper that we refinanced on a long-term basis with the proceeds of the Department of Energy-guaranteed Federal Financing Bank loan we received in February 2014. 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 notes, the first mortgage bonds, the first mortgage notes issued in conjunction with the sale of pollution control revenue bonds, and the CoBank and CFC first mortgage notes.

On March 1, 2013, instead of remarketing $212,760,000 of pollution control revenue bonds that were originally issued on our behalf by the Development Authorities of Appling, Burke and Monroe Counties, and were subject to mandatory tender, we elected to redeem the bonds with commercial paper. On April 23, 2013, 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, $212,760,000 in aggregate principal amount of tax-exempt pollution control revenue bonds for the purpose of refinancing costs associated with certain of our air or water pollution control and sewage or solid waste disposal facilities. The proceeds were used to repay the outstanding commercial paper utilized to redeem the pollution control revenue bonds that were redeemed on March 1, 2013. Each series of bonds bear interest at 2.40% per annum until April 1, 2020, the initial mandatory tender date. The pollution control revenue bonds are scheduled to mature starting in 2038 through 2040. Our payment obligations related to these bonds are secured under our first mortgage indenture.

During 2013, we received advances on Rural Utilities Service guaranteed Federal Financing Bank loans totaling $676,097,000 for long-term financing of the Smith Energy Facility and environmental and general improvements at existing plants.

In February 2014, we received a $725,000,000 advance under the Department of Energy-guaranteed Federal Financing Bank loan to reimburse us for a portion of certain costs of construction relating to Vogtle Units No. 3 and No. 4. In connection with the receipt of these funds, we repaid a $260,000,000 term loan in advance of its April 6, 2014 maturity date and repaid $465,000,000 of outstanding commercial paper, both of which were classified as long-term at December 31, 2013. For information regarding the $725,000,000 advance, see Note 15.

Maturities for long-term debt and capital lease obligations through 2018 are as follows:



		(dollars in thousands)
		2014		2015		2016		2017		2018

FFB	$	131,235	$	135,792	$	140,154	$	137,261	$	142,234
CFC		806		848		891		937		984
CoBank		621		698		786		885		996
PCBs⁽¹⁾		–		133,550		112,055		–		–
CREBs		1,010		1,010		1,010		1,010		1,010

		133,672		271,898		254,896		140,093		145,224
Capital Leases		18,481		21,275		3,955		4,404		4,905

Total	$	152,153	$	293,173	$	258,851	$	144,497	$	150,129

(1): These are not regularly scheduled principal payments but instead represent i) amounts that would be due if the credit support facilities for the Series 2009 and 2010 pollution control bonds were drawn upon and became payable in accordance with their terms. To date, none of the credit support facilities backing the Series 2009 and 2010 bonds 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, excluding short-term borrowings classified as long-term, was 4.56% at December 31, 2013 as compared to 4.73% at December 31, 2012.

We have $1,925,000,000 of committed credit arrangements comprised of six separate facilities with maturity dates that range from September 2014 to December 2018. These credit facilities are for general working capital purposes, issuing letters of credit and backing up outstanding commercial paper. Under our unsecured committed lines of credit, we have the ability to issue letters of credit totaling $1,045,000,000 in the aggregate, of which $794,000,000 remained available at December 31, 2013. At December 31, 2013, we had 1) $251,000,000 under these lines of credit in the form of issued letters of credit supporting variable rate demand bonds and to post collateral to third parties, and 2) $744,000,000 dedicated under one of these lines of credit to support a like amount of commercial paper we issued that was outstanding.

The weighted average interest rate on short-term borrowings was 0.29% at December 31, 2013 as compared to 0.44% at December 31, 2012.