Debt and Credit Agreements

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt and Credit Agreements

Debt and Credit Agreements

Long-Term Debt

In March 2016, Edison International issued $400 million of 2.95% senior notes due in 2023. The proceeds from these bonds were used to repay commercial paper borrowings and for general corporate purposes.

Credit Agreements and Short-Term Debt

SCE and Edison International Parent have multi-year revolving credit facilities of $2.75 billion and $1.25 billion, respectively, 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 March 31, 2016, SCE's outstanding commercial paper was $101 million at a weighted-average interest rate of 0.45%. At March 31, 2016, letters of credit issued under SCE's credit facility aggregated $94 million and are scheduled to expire in twelve months or less. At December 31, 2015, the outstanding commercial paper was $49 million at a weighted-average interest rate of 0.51%.

At March 31, 2016, Edison International Parent's outstanding commercial paper was $262 million at a weighted-average interest rate of 0.69%. At December 31, 2015, the outstanding commercial paper was $646 million at a weighted-average interest rate of 0.78%.