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Debt and Credit Agreements (All Registrants)
 6 Months Ended
Jun. 30, 2022
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. PECO meets 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 borrowings from 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 June 30, 2022 and December 31, 2021. ComEd had no commercial paper borrowings as of June 30, 2022 and December 31, 2021.
Outstanding Commercial
Paper as of		Average Interest Rate on
Commercial Paper Borrowings as of
Commercial Paper IssuerJune 30, 2022December 31, 2021June 30, 2022December 31, 2021
Exelon(a)
$353 $599 1.86 %0.35 %
PECO210 — 1.86 %— %
BGE— 130 — %0.37 %
PHI(b)
43 469 1.85 %0.35 %
Pepco43 175 1.85 %0.33 %
DPL— 149 — %0.36 %
ACE— 145 — %0.35 %
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(a)Exelon Corporate had $100 million of outstanding commercial paper borrowings at June 30, 2022 and no outstanding commercial paper borrowings as of December 31, 2021.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
Revolving Credit Agreements
On February 1, 2022, Exelon Corporate and the Utility Registrants' each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:
BorrowerAggregate Bank CommitmentInterest Rate
Exelon Corporate900 SOFR plus 1.275 %
ComEd1,000 SOFR plus 1.000 %
PECO600 SOFR plus 0.900 %
BGE600 SOFR plus 0.900 %
Pepco300 SOFR plus 1.075 %
DPL300 SOFR plus 1.000 %
ACE300 SOFR plus 1.075 %
See Note 15 — Debt and Credit Agreements of the 2021 Recast 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 14, 2022 and will expire on March 16, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR 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 364-day term loan agreement for $150 million with a variable interest rate of LIBOR plus 0.65% and an expiration date of March 30, 2022. Exelon Corporate repaid the term loan on March 30, 2022.
In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement will expire on January 23, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.75% with a 22.5 basis point increase which commenced on July 24, 2022. All indebtedness pursuant to the loan agreement is unsecured.
Long-Term Debt
Issuance of Long-Term Debt
During the six months ended June 30, 2022, the following long-term debt was issued:
CompanyTypeInterest RateMaturityAmountUse of Proceeds
ExelonSMBC Term Loan AgreementSOFR plus 0.65%July 21, 2023$300Fund a cash payment to Constellation and for general corporate purposes.
ExelonU.S. Bank Term Loan AgreementSOFR plus 0.65%July 21, 2023300Fund a cash payment to Constellation and for general corporate purposes.
ExelonPNC Term Loan AgreementSOFR plus 0.65%July 24, 2023250Fund a cash payment to Constellation and for general corporate purposes.
Exelon
Notes(b)
2.75%March 15, 2027650Repay existing indebtedness and for general corporate purposes.
Exelon
Notes(b)
3.35%March 15, 2032650Repay existing indebtedness and for general corporate purposes.
Exelon
Notes(b)
4.10%March 15, 2052700Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds, Series 1323.15%March 15, 2032300Repay outstanding commercial paper obligations and to fund other general corporate purposes.
ComEdFirst Mortgage Bonds, Series 1333.85%March 15, 2052450Repay outstanding commercial paper obligations and to fund other general corporate purposes.
PECOFirst and Refunding Mortgage Bonds4.60%May 15, 2052350Refinance existing indebtedness and for general corporate purposes.
BGENotes4.55%June 1, 2052500Repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.
Pepco(a)
First Mortgage Bonds3.97%March 24, 2052400Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds3.06%February 15, 2052125Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds2.27%February 15, 203225Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds3.06%February 15, 2052150Repay existing indebtedness and for general corporate purposes.
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(a)On March 24, 2022, Pepco entered into a purchase agreement of First Mortgage Bonds of $225 million at 3.35% due on September 15, 2032. The closing date of the issuance is expected to occur in September 2022.
(b)In connection with the issuance and sale of the Notes, Exelon entered into a Registration Rights Agreement with the representatives of the initial purchasers of the Notes and other parties. Pursuant to the Registration Rights Agreement, Exelon will be obligated to file a registration statement with respect to an offer to exchange the Notes for substantially similar notes of Exelon that are registered under the Securities Act or, in certain circumstances, register the resale of the Notes. The registered exchange notes, if and when issued, will have terms identical in all material respects to the Notes, except that their issuance will have been registered under the Securities Act.
Long-Term Debt to Affiliates
As of December 31, 2021, Exelon Corporate had $319 million recorded to intercompany notes receivable from Generation. See Note 15 — Debt and Credit Agreements of the 2021 Recast Form 10-K for additional information. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan.
Debt Covenants
As of June 30, 2022, the Registrants are in compliance with debt covenants.