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Debt and Credit Agreements (All Registrants)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
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 as of September 30, 2021 and December 31, 2020. PECO and BGE had no commercial paper borrowings as of September 30, 2021 and December 31, 2020.
Outstanding Commercial
Paper as of		Average Interest Rate on
Commercial Paper Borrowings as of
Commercial Paper IssuerSeptember 30, 2021December 31, 2020September 30, 2021December 31, 2020
Exelon(a)
$287 $1,031 0.19 %0.25 %
Generation— 340 — %0.27 %
ComEd— 323 — %0.23 %
PHI(b)
287 368 0.19 %0.24 %
Pepco40 35 0.15 %0.22 %
DPL22 146 0.15 %0.24 %
ACE225 187 0.20 %0.25 %
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(a)Exelon Corporate had no outstanding commercial paper borrowings as of September 30, 2021 and December 31, 2020.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
See Note 17 — Debt and Credit Agreements of the Exelon 2020 Form 10-K for additional information on the Registrants' credit facilities.
Short-Term Loan Agreements
On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 17, 2021 and will expire on March 16, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.
On March 24, 2021, Exelon Corporate entered into a 9-month term loan agreement for $200 million. The loan agreement has an expiration of December 24, 2021. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.
On March 31, 2021, Exelon Corporate entered into a 9-month and 364-day term loan agreement for $150 million each with variable interest rates of LIBOR plus 0.65% and expiration dates of December 31, 2021 and March 30, 2022, respectively. The loan agreements are reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.
On March 19, 2020, Generation entered into a term loan agreement for $200 million. The loan agreement was renewed on March 17, 2021 and will expire on March 16, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.875% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's and Generation's Consolidated Balance Sheets within Short-term borrowings.
On March 31, 2020, Generation entered into a term loan agreement for $300 million. The loan agreement was renewed on March 30, 2021 and will expire on March 29, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.70% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's and Generation's Consolidated Balance Sheets within Short-term borrowings.
On August 6, 2021, Generation entered into a 364-day term loan agreement for $880 million with a variable interest rate of LIBOR plus 0.875% until March 31, 2022 and a rate of LIBOR plus 1% thereafter and all indebtedness thereunder is unsecured. The loan agreement has an expiration date of August 5, 2022 and is reflected in Short-term borrowings in Exelon's and Generation's Consolidated Balance Sheets.
On January 25, 2021, ComEd entered into two 90-day term loan agreements for $125 million each with variable interest rates of LIBOR plus 0.50% and LIBOR plus 0.75%, respectively. ComEd repaid the term loans on March 9, 2021.
Bilateral Credit Agreements
On January 11, 2013, Generation entered into a bilateral credit agreement for $100 million. The agreement was renewed on March 1, 2021 with a maturity date of March 1, 2023.
On February 21, 2019, Generation entered into a bilateral credit agreement for $100 million. The agreement was renewed on March 31, 2021 with a maturity date of March 31, 2022.
On January 5, 2016, Generation entered into a bilateral credit agreement for $150 million. The agreement was renewed on April 2, 2021 with a maturity date of April 5, 2023.
On October 26, 2012, Generation entered into a bilateral credit agreement for $200 million. The agreement had a maturity date of October 22, 2021, however, was terminated on August 27, 2021.
See Note 17 — Debt and Credit Agreements of the Exelon 2020 Form 10-K for additional information on Generation's bilateral credit agreements.
Credit Agreements
On July 15, 2021, each of the Registrants' respective syndicated revolving credit facilities had their maturity dates extended to May 26, 2024.
Long-Term Debt
Issuance of Long-Term Debt
During the nine months ended September 30, 2021, the following long-term debt was issued:
CompanyTypeInterest RateMaturityAmountUse of Proceeds
ExelonLong-Term Software License Agreements3.62 %December 1, 2025$4 Procurement of software licenses.
GenerationWest Medway II
Nonrecourse Debt		LIBOR + 3%
(a)
March 31, 2026150 Funding for general corporate purposes.
Generation
Energy Efficiency Project Financing(b)
2.53 %November 30, 20211 Funding to install energy conservation measures for the Fort AP Hill project.
Generation
Energy Efficiency Project Financing(b)
4.24 %November 30, 20211 Funding to install energy conservation measures for the Marine Corps. Logistics Project.
ComEdFirst Mortgage Bonds, Series 1303.13 %March 15, 2051700 Repay a portion of outstanding commercial paper obligations and two outstanding term loans, and to fund other general corporate purposes.
ComEdFirst Mortgage Bonds, Series 1312.75 %September 1, 2051450 Refinance existing indebtedness and for general corporate purposes.
PECOFirst and Refunding Mortgage Bonds3.05 %March 15, 2051375 Funding for general corporate purposes.
PECOFirst and Refunding Mortgage Bonds2.85 %September 15, 2051375 Refinance existing indebtedness and for general corporate purposes.
BGESenior Notes 2.25 %June 15, 2031600 Repay a portion of outstanding commercial paper obligations, repay existing indebtedness, and to fund other general corporate purposes.
PepcoFirst Mortgage Bonds2.32 %March 30, 2031150 Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds3.29 %September 28, 2051125 Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds3.24 %March 30, 2051125 Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds2.30 %March 15, 2031350 Refinance existing indebtedness, repay outstanding commercial paper obligations, and for general corporate purposes.
__________
(a)The nonrecourse debt has an average blended interest rate.
(b)For Energy Efficiency Project Financing, the maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt.
Debt Covenants
As of September 30, 2021, the Registrants are in compliance with debt covenants.
Nonrecourse Debt
Exelon and Generation have issued nonrecourse debt financing. 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.
West Medway II, LLC. On May 13, 2021, West Medway II, LLC (West Medway II), an indirect subsidiary of Generation, entered into a financing agreement for a $150 million nonrecourse senior secured term loan credit facility with a maturity date of March 31, 2026. The term loan bears interest at an average blended interest rate of
LIBOR plus 3%, paid quarterly. In addition to the financing, West Medway II, entered into interest rate swaps with an initial notional amount of $113 million at an interest rate of 0.61%, paid quarterly, to manage a portion of the interest rate exposure in connection with the financing. The net proceeds were distributed to Generation for general corporate purposes. Generation’s interests in West Medway II, were pledged as collateral for this financing. As of September 30, 2021, approximately $145 million was outstanding.
See Note 17 — Debt and Credit Agreements of the Exelon 2020 Form 10-K for additional information on nonrecourse debt and Note 12 — Derivative Financial Instruments for additional information on interest rate swaps.