Debt and Credit Agreements (Exelon, Generation, ComEd, PECO and BGE)

3 Months Ended

Mar. 31, 2013

Debt and Credit Agreements [Line Items]

Debt and Credit Agreements (Exelon, Generation, ComEd, PECO and BGE)

10. Debt and Credit Agreements (Exelon, Generation, ComEd, PECO and BGE)

Short-Term Borrowings

Exelon, 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 intercompany money pool.

The Registrants had the following amounts of commercial paper borrowings outstanding as of March 31, 2013 and December 31, 2012:

Commercial Paper Borrowings	March 31, 2013		December 31, 2012
Exelon Corporate	$	0	$	0
Generation		0		0
ComEd		220		0
PECO		0		0
BGE		0		0

Credit Facilities

Exelon had bank lines of credit under committed credit facilities at March 31, 2013 for short-term financial needs, as follows:

Type of Credit Facility		Amount (a)		Expiration Dates	Capacity Type
Exelon Corporate		(In billions)
	Syndicated Revolver	$	0.5	August 2017	Letters of credit and cash
Generation
	Syndicated Revolver		5.3	August 2017	Letters of credit and cash
	Bilateral		0.3	December 2015 and March 2016	Letters of credit and cash
	Bilateral		0.1	January 2015	Letters of credit
ComEd
	Syndicated Revolver		1.0	March 2018	Letters of credit and cash
PECO
	Syndicated Revolver		0.6	August 2017	Letters of credit and cash
BGE
	Syndicated Revolver		0.6	August 2017	Letters of credit and cash
	Total	$	8.4

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• Excludes additional credit facility agreements for Generation, ComEd, PECO and BGE with aggregate commitments of $50 million, $34 million, $34 million and $5 million, respectively, arranged with minority and community banks located primarily within ComEd's, PECO's and BGE's service territories. These facilities expire on October 19, 2013 andaresolely utilized to issue letters of credit. As of March 31, 2013, letters of credit issued under these agreements totaled $25 million, $26 million, $21 million and $1 million, respectively.

As of March 31, 2013, there were no borrowings under the Registrants' credit facilities.

On March 14, 2013, ComEd extended its unsecured revolving credit facility with aggregate bank commitments of $1.0 billion. Under this facility, ComEd may issue letters of credit in the aggregate amount of up to $500 million. The credit agreement expires on March 28, 2018, and ComEd may request another one-year extension of that term. The credit facility also allows ComEd to request increases in the aggregate commitments of up to an additional $500 million. Any such extension or increases are subject to the approval of the lenders party to the credit agreement in their sole discretion. Costs incurred to extend the facility for ComEd were not material.

Borrowings under Exelon Corporate's, Generation's, ComEd's, PECO's and BGE's credit agreements bear interest at a rate based upon either the prime rate or a LIBOR-based rate, plus an adder based upon the registrants credit rating. Exelon Corporate, Generation, ComEd, PECO and BGE have adders of 27.5, 27.5, 27.5, 0.0 and 7.5 basis points for prime based borrowings and 127.5, 127.5, 127.5, 100.0 and 107.5 basis points for LIBOR-based borrowings. The maximum adders for prime rate borrowings and LIBOR-based rate borrowings are 65 basis points and 165 basis points, respectively.The credit agreement also requires each entity to pay a facility fee based upon the aggregate commitments under the agreement.The fee varies depending upon the respective credit ratings of each entity.

On January 23, 2013, Generation entered into a two year $75 million bilateral letter of credit facility with a bank. The credit agreement expires inJanuary 2015. This facility will solely be utilized by Generation to issue letters of credit.

Long-Term Debt

Issuance of Long-Term Debt

During the three months ended March 31, 2013, thefollowing long-term debt was issued:

Company	Type	Interest Rate		Maturity	Amount		Use of Proceeds
Generation	Upstream Gas Lending Agreement	2.21	%	July 22, 2016	$	3	Used to fund Upstream gas activities
Generation	DOE Project Financing	2.72 - 2.81	%	January 5, 2037		146	Funding for Antelope Valley Solar Development

During the three months ended March 31, 2012, there were no issuances of long-term debt.

Retirement of Current and Long-Term Debt

During the three months ended March 31, 2013, thefollowinglong-term debt was retired:

Company	Type	Interest Rate		Maturity	Amount
Generation	Kennett Square Capital Lease	7.83	%	September 20, 2020		$	1

On April 15, 2013, ComEd retired$125 million aggregate principal of its 7.625% Series 92 First Mortgage Bonds due April 15, 2013.

During the three months ended March 31, 2012, the following long-term debt was retired:

Company	Type	Interest Rate		Maturity	Amount
ComEd	First Mortgage Bond Series 98	6.15	%	March 15, 2012		$	450
Generation	Kennett Square Capital Lease	7.83	%	September 20, 2020		$	1

Accounts Receivable Agreement

PECO is party to an agreement with a financial institution under which it transferred an undivided interest, adjusted daily, in its accounts receivable designated under the agreement in exchange for proceeds of $210 million, which isclassified as a short-term note payable on Exelon's and PECO's Consolidated Balance Sheets. As of March 31, 2013 and December 31, 2012, the financial institution's undivided interest in Exelon's and PECO's gross accounts receivable was equivalent to $322 million and $289 million, respectively, which represents the financial institution's interest in PECO's eligible receivables as calculated under the terms of the agreement. The agreement requires PECO to maintain eligible receivables at least equivalent to the financial institution's undivided interest. Upon termination or liquidation of this agreement, the financial institution is entitled to recover up to $210 million plus the accrued yield payable from its undivided interest in PECO's receivables.The amended agreement terminates on August 30, 2013 unless extended in accordance with its terms. As of March 31, 2013, PECO was in compliance with the requirements of the agreement. In the event the agreement is not extended, PECO has sufficient short-term liquidity and may seek alternate financing.