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Debt and Credit Agreements (All Registrants)
 6 Months Ended
Jun. 30, 2023
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 its 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 supported by the revolving credit agreements at June 30, 2023 and December 31, 2022.
Outstanding Commercial
Paper at		Average Interest Rate on
Commercial Paper Borrowings at
Commercial Paper IssuerJune 30, 2023December 31, 2022June 30, 2023December 31, 2022
Exelon(a)
$336 $1,938 5.23 %4.77 %
ComEd297 427 5.22 %4.71 %
PECO— 239 — %4.71 %
BGE— 409 — %4.81 %
PHI(b)
37 414 5.32 %4.78 %
Pepco— 299 — %4.79 %
DPL— 115 — %4.76 %
ACE37 — 5.32 %— %
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(a)Exelon Corporate had $2 million and $449 million in outstanding commercial paper borrowings at June 30, 2023 and December 31, 2022, respectively.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
Revolving Credit Agreements
Exelon Corporate and the Utility Registrants each have a 5-year revolving credit facility. The following table reflects the credit agreements:
BorrowerAggregate Bank CommitmentInterest Rate
Exelon Corporate$900 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 %
Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of June 30, 2023.
The Utility Registrants have credit facility agreements, arranged at minority and community banks, which are solely utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 6, 2023.
See Note 16 — Debt and Credit Agreements of the 2022 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 in the first quarter of 2023 and was bifurcated into two tranches of $300 million on March 14, 2023 and $200 million on March 24, 2023. The agreements will expire on March 14, 2024 and March 22, 2024, respectively. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.90% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.
On October 4, 2022, ComEd entered into a 364-day term loan agreement for $150 million with a variable rate equal to SOFR plus 0.75% and an expiration date of October 3, 2023. The proceeds from this loan were used to repay outstanding commercial paper obligations. The balance of the loan was repaid on January 13, 2023 in conjunction with the $400 million and $575 million First Mortgage Bond agreements that were entered into on January 3, 2023. Refer to the Issuance of Long-Term Debt table below for further information.
On May 9, 2023, ComEd entered into a 364-day term loan agreement for $400 million with a variable rate equal to SOFR plus 1.00% and an expiration date of May 7, 2024. The proceeds from this loan were used to repay outstanding commercial paper obligations and for general corporate purposes. The loan agreement is reflected in Exelon's and ComEd's Consolidated Balance Sheets within Short-term borrowings.
Long-Term Debt
Issuance of Long-Term Debt
During the six months ended June 30, 2023, the following long-term debt was issued:
CompanyTypeInterest RateMaturityAmountUse of Proceeds
ExelonNotes5.15%March 15, 2028$1,000Repay existing indebtedness and for general corporate purposes.
ExelonNotes5.30%March 15, 2033850Repay existing indebtedness and for general corporate purposes.
ExelonNotes5.60%March 15, 2053650Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds, Series 1344.90%February 1, 2033400Repay outstanding commercial paper obligations and to fund other general corporate purposes.
ComEdFirst Mortgage Bonds Series 1355.30%February 1, 2053575Repay outstanding commercial paper obligations and to fund other general corporate purposes.
PECOFirst and Refunding Mortgage Bonds4.90%June 15, 2033575Refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes.
BGENotes5.40%June 1, 2053700Repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.
Pepco(a)
First Mortgage Bonds5.30%March 15, 203385Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.40%March 15, 203840Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.57%March 15, 2053125Repay existing indebtedness and for general corporate purposes.
DPL(b)
First Mortgage Bonds5.30%March 15, 203360Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds5.57%March 15, 205365Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds5.57%March 15, 205375Repay existing indebtedness and for general corporate purposes.
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(a)On March 15, 2023, Pepco entered into a purchase agreement of First Mortgage Bonds of $100 million at 5.35% due on September 13, 2033. The closing date of the issuance is expected to occur in September 2023.
(b)On March 15, 2023, DPL entered into a purchase agreement of First Mortgage Bonds of $340 million, $75 million, and $110 million at 5.45%, 5.55% and 5.72% due on November 8, 2033, November 8, 2038, and November 8, 2053, respectively. The closing date of the issuance is expected to occur in November 2023.
Debt Covenants
As of June 30, 2023, the Registrants are in compliance with debt covenants.