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Debt and Credit Agreements
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Debt and Credit Agreements
Debt and Credit Agreements
Long-Term Debt
During the first quarter of 2017, SCE borrowed $300 million under a Term Loan Agreement due July 2018, with a variable interest rate based on the London Interbank Offered Rate plus 65 basis points. The proceeds were used for general corporate purposes.
During the first quarter of 2017, SCE reissued $135 million of 2.625% pollution-control bonds subject to mandatory remarketing in December 2023. The proceeds were used for general corporate purposes.
During the first quarter of 2017 and in September 2017, SCE issued $700 million and $300 million, respectively, of 4.00% first and refunding mortgage bonds due in 2047. The aggregate principal amount of these bonds totaled $1.0 billion and the proceeds from the first quarter issuance were used to repay commercial paper borrowings, to fund SCE's capital program and for general corporate purposes. The proceeds from the September 2017 issuance were used to repay the $300 million Term Loan Agreement discussed above.
During the first quarter of 2017, Edison International issued $400 million of 2.125% senior notes due in 2020. The proceeds were used to repay commercial paper borrowings and for general corporate purposes. In August 2017, Edison International issued $400 million of 2.40% senior notes due in 2022. In September 2017, the proceeds from the August 2017 issuance were used to repay $400 million of Edison International's 3.75% senior notes.
Project Financings
In October 2017, indirect subsidiaries of Edison Energy Group entered into approximately $100 million in non-recourse debt and tax equity financings to support investments in ground mount solar projects. The tax equity investor in these solar projects will receive an initial allocation of 99% of taxable losses and tax credits, followed by 67% of taxable income and losses after the initial period and 15.6% of cash flows until certain conditions are met, including attaining a specified rate of return.  A subsidiary of Edison Energy Group has the option after certain conditions are met to purchase the tax equity investor's interest at the higher of fair value or the after-tax amount necessary to achieve a specified 20-year rate of return.
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 2017, SCE and Edison International Parent extended the maturity date to July 2022. 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, 2017, SCE's outstanding commercial paper, net of discount, was $329 million at a weighted-average interest rate of 1.29%. At September 30, 2017, letters of credit issued under SCE's credit facility aggregated $267 million and are scheduled to expire in twelve months or less. At December 31, 2016, the outstanding commercial paper, net of discount, was $769 million at a weighted-average interest rate of 0.9%.
At September 30, 2017, Edison International Parent's outstanding commercial paper, net of discount, was $573 million at a weighted-average interest rate of 1.37%. At December 31, 2016, the outstanding commercial paper, net of discount, was $538 million at a weighted-average interest rate of 0.97%.