Debt and Credit Agreements

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt and Credit Agreements

Debt and Credit Agreements

Long-Term Debt

During the first quarter of 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. During the third quarter of 2016, SCE and Edison International Parent extended the maturity dates to 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 September 30, 2016, SCE's outstanding commercial paper, net of discount, was $239 million at a weighted-average interest rate of 0.60%. At September 30, 2016, letters of credit issued under SCE's credit facility aggregated $157 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 September 30, 2016, Edison International Parent's outstanding commercial paper, net of discount, was $518 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%.