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Debt and Credit Agreements
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Debt and Credit Agreements
Debt and Credit Agreements
Credit Agreements and Short-Term Debt
During the first quarter of 2014, SCE issued $300 million of floating rate first and refunding mortgage bonds due in January 2015. The proceeds from these bonds were used for working capital to fund the ERRA balancing account undercollections.
In July 2014, SCE and Edison International Parent extended the maturity dates of their credit facilities by one year to July 2019 for $2.75 billion and $1.25 billion, respectively. The credit facility for SCE is generally used to support commercial paper and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements to support operations and capital expenditures. Borrowings under Edison International Parent's credit facility are used for general corporate purposes.
At June 30, 2014, SCE's outstanding commercial paper was $287 million at a weighted-average interest rate of 0.20%. This commercial paper was supported by a $2.75 billion multi-year revolving credit facility. At June 30, 2014, letters of credit issued under SCE's credit facility aggregated $151 million and are scheduled to expire in twelve months or less. At December 31, 2013, the outstanding commercial paper was $175 million at a weighted-average interest rate of 0.24%.
At June 30, 2014, Edison International Parent's outstanding commercial paper was $666 million at a weighted-average interest rate of 0.38%. This commercial paper was supported by a $1.25 billion multi-year revolving credit facility. At December 31, 2013, the outstanding commercial paper was $34 million at a weighted-average interest rate of 0.55%.
Long-Term Debt
In May 2014, SCE issued $400 million of 1.125% first and refunding mortgage bonds due in May 2017. The proceeds from these bonds were used to repay commercial paper borrowings and to fund SCE's capital program.