Debt and Credit Agreements

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2015) of Edison International and SCE:



	December 31,
(in millions)	2015			2014
Edison International Parent and Other:
Debentures and notes:
2016 – 2017 (0% to 3.75%)	$	614		$	817
Other long-term debt	31			2
Current portion of long-term debt	(216		)	(204		)
Unamortized debt discount, net	(2		)	(5		)
Total Edison International Parent and Other	427			610
SCE:
First and refunding mortgage bonds:
2017 – 2045 (1.125% to 6.05%)	9,436			8,875
Pollution-control bonds:
2028 – 2035 (1.375% to 5.0% and variable)¹	909			779
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)	307			307
Current portion of long-term debt	(79		)	(300		)
Unamortized debt discount, net	(36		)	(37		)
Total SCE	10,537			9,624
Total Edison International	$	10,964		$	10,234


¹	Includes outstanding bonds that have not been retired and may be remarketed to investors in the future. These bonds have variable rates and are due in 2031 at December 31, 2015.

Edison International and SCE long-term debt maturities over the next five years are the following:



(in millions)	Edison International		SCE
2016	$	295	$	79
2017	903		500
2018	402		400
2019	2		—
2020	1		—

During the first quarter of 2015, SCE issued $550 million of 1.845% amortizing first and refunding mortgage bonds due in 2022, $325 million of 2.4% first and refunding mortgage bonds due in 2022, and $425 million of 3.6% first and refunding mortgage bonds due in 2045. The proceeds from these bonds were used to repay outstanding debt and for general corporate purposes. The $550 million amortizing first and refunding mortgage bonds and the $325 million of first and refunding mortgage bonds have been designated as a financing of the San Onofre regulatory asset.

During the second quarter of 2015, SCE reissued $56 million of 1.875% pollution-control bonds due in 2029 and $75 million of 1.875% pollution-control bonds due in 2031. The proceeds were used to repay commercial paper borrowings and for general corporate purposes.

Project Financings

Indirect subsidiaries of Edison International entered into a non-recourse debt financing to support investment in approximately 29 megawatts of solar rooftop projects. Borrowings under this financing agreement, were converted to a 7-year term loan during September 2015. As of December 31, 2015, there was approximately $25 million outstanding under this financing at a weighted average interest rate of 3.11% which is classified as long-term debt. As of December 31, 2014, there was $5.1 million outstanding under this financing at a weighted average interest rate of 2.67% which was classified as short-term debt.

During 2014, an indirect subsidiary of Edison International entered into an $80 million non-recourse debt financing to support equity contributions in solar projects. The maturity date of any borrowings under this agreement is December 31, 2036. As of December 31, 2015, there was $6 million outstanding under this agreement at a weighted average interest rate of 9%. At December 31, 2014, there were no loans outstanding under this agreement.

Liens and Security Interests

Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio be met. At December 31, 2015, SCE was in compliance with this debt covenant.

All of the properties subject to the Edison Energy Group project financings discussed above are subject to a lien.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at December 31, 2015:



(in millions)	Edison International Parent			SCE
Commitment	$	1,250		$	2,750
Outstanding borrowings	(646		)	(49		)
Outstanding letters of credit	—			(125		)
Amount available	$	604		$	2,576

SCE and Edison International have multi-year revolving credit facilities of $2.75 billion and $1.25 billion, with both maturing in July 2020. SCE's credit facility is generally used to support commercial paper borrowings 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. Edison International Parent's credit facility is used to support commercial paper borrowings and for general corporate purposes.

At December 31, 2015, commercial paper supported by SCE's credit facility was $49 million at a weighted-average interest rate of 0.51%. At December 31, 2015, letters of credit issued under SCE's credit facility aggregated $125 million and are scheduled to expire in twelve months or less. At December 31, 2014, the outstanding commercial paper was $367 million at a weighted-average interest rate of 0.40%.

At December 31, 2015, Edison International Parent's outstanding commercial paper was $646 million at a weighted-average interest rate of 0.78%. This commercial paper was supported by the $1.25 billion multi-year revolving credit facility. At December 31, 2014, the outstanding commercial paper was $619 million at a weighted-average interest rate of 0.45%.