Borrowings and Other Financing Instruments

Short-Term Borrowings

Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for SPS were as follows:



(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2013			Twelve Months Ended Dec. 31, 2012
Borrowing limit	$	100		$	100
Amount outstanding at period end	80			—
Average amount outstanding	66			10
Maximum amount outstanding	99			63
Weighted average interest rate, computed on a daily basis	0.28		%	0.33		%
Weighted average interest rate at period end	0.26			N/A

Commercial Paper — SPS meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for SPS was as follows:



(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2013			Twelve Months Ended Dec. 31, 2012
Borrowing limit	$	300		$	300
Amount outstanding at period end	—			9
Average amount outstanding	33			18
Maximum amount outstanding	140			106
Weighted average interest rate, computed on a daily basis	0.28		%	0.39		%
Weighted average interest rate at period end	N/A			0.36

Letters of Credit — SPS may use letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At Sept. 30, 2013 and Dec. 31, 2012, there were no letters of credit outstanding.

Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, SPS must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

At Sept. 30, 2013, SPS had the following committed credit facility available (in millions):



Credit Facility ^(a)		Drawn		Available
$	300.0	$	—	$	300.0


^(a)	Credit facility expires in July 2017.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. SPS had no direct advances on the credit facilityoutstanding at Sept. 30, 2013 and Dec. 31, 2012.

Long-Term Borrowings

In August 2013, SPS issued $100 million of 4.50 percent first mortgage bonds due Aug. 15, 2041. Including the $300 million of this series previously issued, total principal outstanding for this series is $400 million.