Debt and Credit Agreements (All Registrants)

12 Months Ended

Dec. 31, 2019

Line of Credit Facility [Line Items]

Schedule Of Credit Agreement Covenants [Table Text Block]

Bilateral Credit Agreements

The following table reflects the bilateral credit agreements at December 31, 2019:

Registrant	Date Initiated	Latest Amendment Date	Maturity Date(a)	Amount
Generation(b)	October 26, 2012	October 24, 2019	October 24, 2020	$	200
Generation(c)	January 11, 2013	January 4, 2019	March 1, 2021	100
Generation(c)	January 5, 2016	January 4, 2019	April 5, 2021	150
Generation(c)	February 21, 2019	N/A	March 31, 2021	100
Generation(c)	October 25, 2019	N/A	N/A	200
Generation(c)	October 25, 2019	N/A	N/A	100
Generation(c)	November 20, 2019	N/A	N/A	300
Generation(c)	November 21, 2019	N/A	November 21, 2020	150
Generation(c)	November 21, 2019	N/A	November 21, 2021	100

__________

(a) Credit facilities that do not contain a maturity date are specific to the agreements set within each contract. In some instances, credit facilities are automatically renewed based on the contingency standards set within the specific agreement.

(b) Bilateral credit facility relates to CENG, which is incorporated within Generation, and supports the issuance of letters of credit and funding for working capital and does not back Generation's commercial paper program.

(c)

Bilateral credit agreements solely support the issuance of letters of credit and do not back Generation's commercial paper program.

Debt and Credit Agreements (All Registrants)

Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

Exelon Corporate, ComEd and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. Generation and PECO meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

Commercial Paper

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements at December 31, 2019 and 2018:

	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings for the Year Ended December 31,
Commercial Paper Issuer	2019(a)(b)(c)		2018(a)(b)(c)		2019		2018		2019		2018
Exelon(d)	$	9,000	$	9,000	$	870	$	89	2.25	%	2.15	%
Generation	5,300		5,300		320		—		1.84	%	1.96	%
ComEd	1,000		1,000		130		—		2.38	%	2.14	%
PECO	600		600		—		—		2.39	%	2.24	%
BGE	600		600		76		35		2.46	%	2.18	%
PHI	900		900		208		54		N/A		N/A
Pepco	300		300		82		40		2.56	%	2.24	%
DPL	300		300		56		—		2.02	%	2.07	%
ACE	300		300		70		14		2.43	%	2.21	%

__________

(a) Excludes $1,400 million and $545 million in bilateral credit facilities at December 31, 2019 and 2018, respectively, and $159 million in credit facilities for project finance at December 31, 2019 and 2018, respectively. These credit facilities do not back Generation's commercial paper program.

(b) At December 31, 2019, excludes $142 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $44 million, $33 million, $33 million, $8 million, $8 million, $8 million and $8 million, respectively. These facilities expire on October 9, 2020. These facilities are solely utilized to issue letters of credit. At December 31, 2018, excludes $135 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $49 million, $33 million, $34 million, $5 million, $5 million, $5 million, and $5 million, respectively.

(c) Pepco, DPL and ACE's revolving credit facility has the ability to flex to $500 million, $500 million, and $350 million, respectively. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL or ACE may not exceed $900 million or the maximum amount of short-term debt the company is permitted to have outstanding by its regulatory authorities. The total number of the borrowing reallocations may not exceed eight per year during the term of the facility.

(d) Includes revolving credit agreement at Exelon Corporate with a maximum program size of $600 million at both December 31, 2019 and 2018, respectively. Exelon Corporate had $136 million of outstanding commercial paper at December 31, 2019 and no outstanding commercial paper at the end of 2018.

In order to maintain their respective commercial paper programs in the amounts indicated above, each Registrant must have credit facilities in place, at least equal to the amount of its commercial paper program. A registrant does not issue commercial paper in an aggregate amount exceeding the then available capacity under its credit facility.

At December 31, 2019, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:

								Available Capacity at December 31, 2019
Borrower	Facility Type	Aggregate Bank Commitment(a)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper(b)
Exelon(b)	Syndicated Revolver / Bilaterals / Project Finance	$	10,559	$	—	$	1,443	$	9,116	$	7,353
Generation	Syndicated Revolver	5,300		—		769		4,531		4,211
Generation	Bilaterals	1,400		—		545		855		—
Generation	Project Finance	159		—		120		39		—
ComEd	Syndicated Revolver	1,000		—		2		998		868
PECO	Syndicated Revolver	600		—		—		600		600
BGE	Syndicated Revolver	600		—		—		600		524
PHI	Syndicated Revolver	900		—		—		900		692
Pepco	Syndicated Revolver	300		—		—		300		218
DPL	Syndicated Revolver	300		—		—		300		244
ACE	Syndicated Revolver	300		—		—		300		230

__________

(a) Excludes $142 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $44 million, $33 million, $33 million, $8 million, $8 million, $8 million and $8 million, respectively. These facilities expire on October 9, 2020. These facilities are solely utilized to issue letters of credit. As of December 31, 2019, letters of credit issued under these facilities totaled $5 million, $5 million, $2 million for Generation, ComEd, and BGE, respectively.

(b) Includes $600 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $6 million and $9 million outstanding letters of credit at December 31, 2019 and 2018, respectively. Exelon Corporate had $458 million in available capacity to support additional commercial paper at December 31, 2019.

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE during 2019 and 2018.

December 31, 2019	Exelon(a)			Generation			ComEd			PECO			BGE			PHI	Pepco			DPL			ACE
Average borrowings	$	472		$	13		$	236		$	—		$	103		N/A	$	45		$	21		$	51
Maximum borrowings outstanding	890			357			465			21			298			N/A	144			125			180
Average interest rates, computed on a daily basis	2.25		%	1.84		%	2.38		%	2.39		%	2.46		%	N/A	2.56		%	2.02		%	2.43		%
Average interest rates, at December 31	2.25		%	1.84		%	2.38		%	2.39		%	2.46		%	N/A	2.56		%	2.02		%	2.43		%
December 31, 2018	Exelon(a)			Generation			ComEd			PECO			BGE			PHI	Pepco			DPL			ACE
Average borrowings	$	531		$	37		$	154		$	68		$	65		N/A	$	22		$	87		$	95
Maximum borrowings outstanding	1,237			583			520			350			239			N/A	90			245			210
Average interest rates, computed on a daily basis	2.21		%	1.96		%	2.14		%	2.24		%	2.18		%	N/A	2.24		%	2.07		%	2.21		%
Average interest rates, at December 31	2.15		%	1.96		%	2.14		%	2.24		%	2.18		%	N/A	2.24		%	2.07		%	2.21		%

__________

(a) Includes $3 million and $4 million average borrowings related to Exelon Corporate at December 31, 2019 and 2018, respectively. Exelon Corporate had $144 million and $95 million maximum borrowings outstanding at December 31, 2019 and 2018, with 1.92% and 1.93% average interest rates computed on a daily basis for 2019 and 2018, and 1.92% and 1.93% average interest rates at December 31, 2019 and 2018, respectively.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million, which was renewed on March 22, 2018 with an expiration of March 21, 2019.  The loan agreement was renewed on March 20, 2019 and will expire on March 19, 2020. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.95% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheet within Short-Term borrowings.

Revolving Credit Agreements

On May 26, 2016, Exelon Corporate, Generation, ComEd, PECO and BGE entered into amendments to each of their respective syndicated revolving credit facilities, which extended the maturity of each of the facilities to May 26, 2021. Exelon Corporate also increased the size of its facility from $500 million to $600 million. On May 26, 2016, PHI, Pepco, DPL and ACE entered into an amendment to their Second Amended and Restated Credit Agreement dated as of August 1, 2011, which (i) extended the maturity date of the facility to May 26, 2021, (ii) removed PHI as a borrower under the facility, (iii) decreased the size of the facility from $1.5 billion to $900 million and (iv) aligned its financial covenant from debt to capitalization leverage ratio to interest coverage ratio. On May 26, 2018, each of the Registrants' respective syndicated revolving credit facilities had their maturity dates extended to May 26, 2023.

Bilateral Credit Agreements

The following table reflects the bilateral credit agreements at December 31, 2019:

Registrant	Date Initiated	Latest Amendment Date	Maturity Date(a)	Amount
Generation(b)	October 26, 2012	October 24, 2019	October 24, 2020	$	200
Generation(c)	January 11, 2013	January 4, 2019	March 1, 2021	100
Generation(c)	January 5, 2016	January 4, 2019	April 5, 2021	150
Generation(c)	February 21, 2019	N/A	March 31, 2021	100
Generation(c)	October 25, 2019	N/A	N/A	200
Generation(c)	October 25, 2019	N/A	N/A	100
Generation(c)	November 20, 2019	N/A	N/A	300
Generation(c)	November 21, 2019	N/A	November 21, 2020	150
Generation(c)	November 21, 2019	N/A	November 21, 2021	100

__________

(a) Credit facilities that do not contain a maturity date are specific to the agreements set within each contract. In some instances, credit facilities are automatically renewed based on the contingency standards set within the specific agreement.

(b) Bilateral credit facility relates to CENG, which is incorporated within Generation, and supports the issuance of letters of credit and funding for working capital and does not back Generation's commercial paper program.

(c) Bilateral credit agreements solely support the issuance of letters of credit and do not back Generation's commercial paper program.

Borrowings under Exelon Corporate’s, Generation’s, ComEd’s, PECO’s, BGE's, Pepco's, DPL's and ACE's revolving credit agreements bear interest at a rate based upon either the prime rate or a LIBOR-based rate, plus an adder based upon the particular Registrant’s credit rating. The adders for the prime based borrowings and LIBOR-based borrowings are presented in the following table:

	Exelon	Generation	ComEd	PECO	BGE	Pepco	DPL	ACE
Prime based borrowings	27.5	27.5	7.5	—	—	7.5	7.5	7.5
LIBOR-based borrowings	127.5	127.5	107.5	90.0	100.0	107.5	107.5	107.5

If any registrant loses its investment grade rating, the maximum adders for prime rate borrowings and LIBOR-based rate borrowings would be 65 basis points and 165 basis points. The credit agreements also require the borrower to pay a facility fee based upon the aggregate commitments. The fee varies depending upon the respective credit ratings of the borrower.

Variable Rate Demand Bonds

DPL has outstanding obligations in respect of Variable Rate Demand Bonds (VRDB). VRDBs are subject to repayment on the demand of the holders and, for this reason, are accounted for as short-term debt in accordance with GAAP. However, these bonds may be converted to a fixed-rate, fixed-term option to establish a maturity which corresponds to the date of final maturity of the bonds. On this basis, PHI views VRDBs as a source of long-term financing. As of both December 31, 2019 and December 31, 2018, $79 million in variable rate demand bonds issued by DPL were outstanding and are included in the Long-term debt due within one year in Exelon's, PHI's and DPL's Consolidated Balance Sheet.

Long-Term Debt 

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2019 and 2018:

Exelon

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.70	%	-	7.90	%	2020 - 2049	$	17,486		$	16,496
Senior unsecured notes	2.45	%	-	7.60	%	2020 - 2046	10,685			11,285
Unsecured notes	2.40	%	-	6.35	%	2021 - 2049	3,300			2,900
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	412			435
Nuclear fuel procurement contracts				3.15	%	2020	3			39
Notes payable and other	2.53	%	-	7.99	%	2020 - 2053	154			188
Junior subordinated notes				3.50	%	2022	1,150			1,150
Long-term software licensing agreement				3.95	%	2024	55			73
Unsecured Tax-Exempt Bonds(b)	1.63	%	-	5.40	%	2022 - 2031	222			112
Medium-Terms Notes (unsecured)	7.61	%	-	7.72	%	2027	10			22
Transition bonds				5.55	%	2023	40			59
Loan Agreement				2.00	%	2023	50			50
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,182			1,253
Variable rates	3.18	%	-	4.91	%	2020 - 2024	811			849
Total long-term debt							35,560			34,911
Unamortized debt discount and premium, net							(72		)	(66		)
Unamortized debt issuance costs							(214		)	(216		)
Fair value adjustment							765			795
Long-term debt due within one year							(4,710		)	(1,349		)
Long-term debt							$	31,329		$	34,075
Long-term debt to financing trusts(c)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Subordinated debentures to PECO Trust III	6.75	%	-	7.38	%	2028	81			81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Total long-term debt to financing trusts							390			390
Unamortized debt issuance costs							—			—
Long-term debt to financing trusts							$	390		$	390

__________

(a) Substantially all of ComEd’s assets other than expressly excepted property and substantially all of PECO’s, Pepco's, DPL's and ACE's assets are subject to the liens of their respective mortgage indentures.

(b) Bond amount totaling $110 million was previously disclosed within the first mortgage bonds line item, as it was classified as a secured tax-exempt bond. In 2019, the callable bond was reissued as an unsecured tax-exempt bond, and is presented as such within this section.

(c) Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.

Generation

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
Senior unsecured notes	2.95	%	-	7.60	%	2020 - 2042	$	5,420		$	6,019
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	412			435
Nuclear fuel procurement contracts				3.15	%	2020	3			39
Notes payable and other	2.53	%	-	4.26	%	2020 - 2028	115			164
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,182			1,253
Variable rates	3.18	%	-	4.91	%	2020 - 2024	811			849
Total long-term debt							7,943			8,759
Unamortized debt discount and premium, net							(5		)	(6		)
Unamortized debt issuance costs							(42		)	(51		)
Fair value adjustment							78			91
Long-term debt due within one year							(3,182		)	(906		)
Long-term debt							$	4,792		$	7,887

ComEd

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	2.55	%	-	6.45	%	2020 - 2049	$	8,578		$	8,179
Notes payable and other				7.49	%	2053	8			8
Total long-term debt							8,586			8,187
Unamortized debt discount and premium, net							(27		)	(23		)
Unamortized debt issuance costs							(68		)	(63		)
Long-term debt due within one year							(500		)	(300		)
Long-term debt							$	7,991		$	7,801
Long-term debt to financing trust(b)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Total long-term debt to financing trusts							206			206
Unamortized debt issuance costs							(1		)	(1		)
Long-term debt to financing trusts							$	205		$	205

__________

(a) Substantially all of ComEd’s assets, other than expressly excepted property, are subject to the lien of its mortgage indenture.

(b) Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.

PECO

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.70	%	-	5.95	%	2021 - 2049	$	3,400		$	3,075
Loan Agreement				2.00	%	2023	50			50
Total long-term debt							3,450			3,125
Unamortized debt discount and premium, net							(21		)	(18		)
Unamortized debt issuance costs							(24		)	(23		)
Long-term debt							$	3,405		$	3,084
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	6.75	%	-	7.38	%	2028	$	81		$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Long-term debt to financing trusts							$	184		$	184

__________

(a) Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.

(b) Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheets.

BGE

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
Unsecured notes	2.40	%	-	6.35	%	2021 - 2049	$	3,300		$	2,900
Total long-term debt							3,300			2,900
Unamortized debt discount and premium, net							(9		)	(6		)
Unamortized debt issuance costs							(21		)	(18		)
Long-term debt							$	3,270		$	2,876

PHI

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.76	%	-	7.90	%	2021 - 2049	$	5,508		$	5,242
Senior unsecured notes				7.45	%	2032	185			185
Unsecured Tax-Exempt Bonds(b)	1.63	%	-	5.40	%	2022 - 2031	222			112
Medium-terms notes (unsecured)	7.61	%	-	7.72	%	2027	10			22
Transition bonds(c)				5.55	%	2023	40			59
Notes payable and other	3.54	%	-	7.99	%	2021 - 2027	30			16
Total long-term debt							5,995			5,636
Unamortized debt discount and premium, net							4			4
Unamortized debt issuance costs							(19		)	(14		)
Fair value adjustment							583			633
Long-term debt due within one year							(103		)	(125		)
Long-term debt							$	6,460		$	6,134

_________

(a) Substantially all of Pepco's, DPL's, and ACE's assets are subject to the lien of its respective mortgage indenture.

(b) Bond amount totaling $110 million was previously disclosed within the first mortgage bonds line item, as it was classified as a secured tax-exempt bond. In 2019, the callable bond was reissued as an unsecured tax-exempt bond, and is presented as such within this section.

(c) Transition bonds are recorded as part of Long-term debt within ACE's Consolidated Balance Sheets.

Pepco

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	3.05	%	-	7.90	%	2022 - 2048	$	2,775		$	2,735
Unsecured Tax-Exempt Bonds(b)				1.70	%	2022	110			—
Notes payable and other	3.54	%	-	7.99	%	2021 - 2027	12			16
Total long-term debt							2,897			2,751
Unamortized debt discount and premium, net							2			2
Unamortized debt issuance costs							(35		)	(34		)
Long-term debt due within one year							(2		)	(15		)
Long-term debt							$	2,862		$	2,704

__________

(a) Substantially all of Pepco's assets are subject to the lien of its respective mortgage indenture.

(b) Bond amount totaling $110 million was previously disclosed within the first mortgage bonds line item, as it was classified as a secured tax-exempt bond. In 2019, the callable bond was reissued as an unsecured tax-exempt bond, and is presented as such within this section.

DPL

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.76	%	-	4.27	%	2023 - 2049	$	1,446		$	1,370
Unsecured Tax-Exempt Bonds	1.63	%	-	5.40	%	2024 - 2031	112			112
Medium-terms notes (unsecured)	7.61	%	-	7.72	%	2027	10			22
Other				3.54	%	2027	10			—
Total long-term debt							1,578			1,504
Unamortized debt discount and premium, net							1			2
Unamortized debt issuance costs							(12		)	(12		)
Long-term debt due within one year							(80		)	(91		)
Long-term debt							$	1,487		$	1,403

__________

(a) Substantially all of DPL's assets are subject to the lien of its respective mortgage indenture.

ACE

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	3.38	%	-	6.80	%	2021 - 2049	$	1,287		$	1,137
Transition bonds(b)				5.55	%	2023	40			59
Other				3.54	%	2027	8			—
Total long-term debt							$	1,335		$	1,196
Unamortized debt discount and premium, net							(1		)	(1		)
Unamortized debt issuance costs							(7		)	(7		)
Long-term debt due within one year							(20		)	(18		)
Long-term debt							$	1,307		$	1,170

__________

(a) Substantially all of ACE's assets are subject to the lien of its respective mortgage indenture.

(b) Maturities of ACE's Transition Bonds outstanding at December 31, 2019 are $19 million in 2020 and $21 million in 2021.

Long-term debt maturities at Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE in the periods 2020 through 2024 and thereafter are as follows:

Year	Exelon			Generation		ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2020	$	4,710		$	3,182	$	500		$	—		$	—	$	103	$	2	$	80	$	20
2021	1,517			2		350			300			300		265		2		2		261
2022	3,088			1,024		—			350			250		314		311		2		1
2023	855			1		—			50			300		504		1		502		1
2024	1,596			792		250			—			—		553		401		1		151
Thereafter	24,184		(a)	2,942		7,691		(b)	2,934		(c)	2,450		4,256		2,180		991		901
Total	$	35,950		$	7,943	$	8,791		$	3,634		$	3,300	$	5,995	$	2,897	$	1,578	$	1,335

__________

(a) Includes $390 million due to ComEd and PECO financing trusts.

(b) Includes $206 million due to ComEd financing trust.

(c) Includes $184 million due to PECO financing trusts.

Debt Covenants

As of December 31, 2019, the Registrants are in compliance with debt covenants, except for Antelope Valley's nonrecourse debt event of default as discussed below.

Nonrecourse Debt 

Exelon and Generation have issued nonrecourse debt financing, in which approximately $2.8 billion of generating assets have been pledged as collateral at December 31, 2019. Borrowings under these agreements are secured by the assets and equity of each respective project. The lenders do not have recourse against Exelon or Generation in the event of a default. If a specific project financing entity does not maintain compliance with its specific nonrecourse debt financing covenants, there could be a requirement to accelerate repayment of the associated debt or other borrowings earlier than the stated maturity dates. In these instances, if such repayment was not satisfied, the lenders or security holders would generally have rights to foreclose against the project-specific assets and related collateral. The potential requirement to satisfy its associated debt or other borrowings earlier than otherwise anticipated could lead to impairments due to a higher likelihood of disposing of the respective project-specific assets significantly before the end of their useful lives.

Antelope Valley Solar Ranch One. In December 2011, the DOE Loan Programs Office issued a guarantee for up to $646 million for a nonrecourse loan from the Federal Financing Bank to support the financing of the construction of the Antelope Valley facility. The project became fully operational in 2014. The loan will mature on January 5, 2037. Interest rates on the loan were fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. The advances were completed as of December 31, 2015 and the outstanding loan balance will bear interest at an average blended interest rate of 2.82%. As of December 31, 2019, approximately $485 million was outstanding. In addition, Generation has issued letters of credit to support its equity investment in the project. As of December 31, 2019, Generation had $38 million in letters of credit outstanding related to the project. In 2017, Generation’s interests in Antelope Valley were also contributed to and are pledged as collateral for the EGR IV financing structure referenced below.

Antelope Valley sells all of its output to PG&E through a PPA. On January 29, 2019, PG&E filed for protection under Chapter 11 of the U.S. Bankruptcy Code, which created an event of default for Antelope Valley’s nonrecourse debt that provides the lender with a right to accelerate amounts outstanding under the loan such that they would become immediately due and payable. As a result of the ongoing event of default and the absence of a waiver from the lender foregoing their acceleration rights, the debt was reclassified as current in Exelon’s and Generation’s Consolidated Balance Sheets in the first quarter of 2019 and continues to be classified as current as of December 31, 2019. Further, distributions from Antelope Valley to EGR IV are currently suspended.

Continental Wind.    In September 2013, Continental Wind, LLC (Continental Wind), an indirect subsidiary of Exelon and Generation, completed the issuance and sale of $613 million senior secured notes. Continental Wind owns

and operates a portfolio of wind farms in Idaho, Kansas, Michigan, Oregon, New Mexico and Texas with a total net capacity of 667MW. The net proceeds were distributed to Generation for its general business purposes. The notes are scheduled to mature on February 28, 2033. The notes bear interest at a fixed rate of 6.00% with interest payable semi-annually. As of December 31, 2019, $447 million was outstanding.

In addition, Continental Wind entered into a $131 million letter of credit facility and $10 million working capital revolver facility. Continental Wind has issued letters of credit to satisfy certain of its credit support and security obligations. As of December 31, 2019, the Continental Wind letter of credit facility had $115 million in letters of credit outstanding related to the project.

In 2017, Generation’s interests in Continental Wind were contributed to EGRP. Refer to Note 22 - Variable Interest Entities for additional information on EGRP.

Renewable Power Generation.    In March 2016, RPG, an indirect subsidiary of Exelon and Generation, issued $150 million aggregate principal amount of a nonrecourse senior secured notes.  The net proceeds were distributed to Generation for paydown of long term debt obligations at Sacramento PV Energy and Constellation Solar Horizons and for general business purposes.  The loan is scheduled to mature on March 31, 2035.  The term loan bears interest at a fixed rate of 4.11% payable semi-annually.  As of December 31, 2019, $106 million was outstanding.

In 2017, Generation’s interests in Renewable Power Generation were contributed to EGRP. Refer to Note 22 - Variable Interest Entities for additional information on EGRP.

SolGen.    In September 2016, SolGen, LLC (SolGen), an indirect subsidiary of Exelon and Generation, issued $150 million aggregate principal amount of a nonrecourse senior secured notes.  The net proceeds were distributed to Generation for general business purposes.  The loan is scheduled to mature on September 30, 2036.  The term loan bears interest at a fixed rate of 3.93% payable semi-annually.  As of December 31, 2019, $131 million was outstanding. In 2017, Generation’s interests in SolGen were also contributed to and are pledged as collateral for the EGR IV financing structure referenced below.

ExGen Renewables IV.    In November 2017, EGR IV, an indirect subsidiary of Exelon and Generation, entered into an $850 million nonrecourse senior secured term loan credit facility agreement. Generation’s interests in EGRP, Antelope Valley, SolGen, and Albany Green Energy were all contributed to and are pledged as collateral for this financing. The net proceeds of $785 million, after the initial funding of $50 million for debt service and liquidity reserves as well as deductions for original discount and estimated costs, fees and expenses incurred in connection with the execution and delivery of the credit facility agreement, were distributed to Generation for general corporate purposes. The $50 million of debt service and liquidity reserves was treated as restricted cash in Exelon’s and Generation’s Consolidated Balance Sheets and Consolidated Statements of Cash Flows. The loan is scheduled to mature on November 28, 2024. The term loan bears interest at a variable rate equal to LIBOR + 3%, subject to a 1% LIBOR floor with interest payable quarterly. As of December 31, 2019, $796 million was outstanding. In addition to the financing, EGR IV entered into interest rate swaps with an initial notional amount of $636 million at an interest rate of 2.32% to manage a portion of the interest rate exposure in connection with the financing.

Although Antelope Valley’s debt is in default, it is nonrecourse to EGR IV. However, if in the future Antelope Valley were to file for bankruptcy protection as a result of events culminating from PG&E’s bankruptcy proceedings this would represent an event of default for EGR IV’s debt that would provide the lender with an opportunity to accelerate EGR IV’s debt. See Note 22 - Variable Interest Entities for additional information on EGRP.