XML 102 R16.htm IDEA: XBRL DOCUMENT

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

3 Months Ended

Mar. 31, 2014

Debt and Credit Agreements [Line Items]

8. 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, 2014 and December 31, 2013:

Commercial Paper Borrowings	March 31, 2014		December 31, 2013
Exelon Corporate	$	0	$	0
Generation		352		0
ComEd		534		184
PECO		0		0
BGE		69		135

Credit Facilities

Exelon had bank lines of credit under committed credit facilities at March 31, 2014 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 2018	Letters of credit and cash
Generation
	Syndicated Revolver		5.3	August 2018	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 2019	Letters of credit and cash
PECO
	Syndicated Revolver		0.6	August 2018	Letters of credit and cash
BGE
	Syndicated Revolver		0.6	August 2018	Letters of credit and cash
	Total	$	8.4

_____________

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 18, 2014 and are solely utilized to issue letters of credit. As of March 31, 2014, letters of credit issued under these agreements for Generation, ComEd, PECO and BGE totaled $20 million, $17 million, $21 million and $1 million, respectively.

As of March 31, 2014, there were no borrowings under the Registrants' credit facilities.

On March 28, 2014, ComEd extended for an additional year, 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, 2019. The credit facility also allows ComEd to request increases in the aggregate commitments of up to an additional $500 million. Any 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 particular registrant's credit rating. Exelon Corporate, Generation, ComEd, PECO and BGE have adders of 27.5, 27.5, 7.5, 0.0 and 0.0 basis points for prime based borrowings and 127.5, 127.5, 107.5, 90.0 and 100.0 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 agreements also require the borrower to pay a facility fee based upon the aggregate commitments under the agreement. The fee varies depending upon the respective credit ratings of the borrower.

Long-Term Debt

Issuance of Long-Term Debt

During the three months ended March 31, 2014, the following long-term debt was issued:

Company	Type	Interest Rate		Maturity	Amount		Use of Proceeds
Generation	ExGen Renewables I Project Financing	LIBOR + 4.250%		February 6, 2021	$	300	Used for general corporate purposes
ComEd	Mortgage Bonds Series 115	2.150	%	January 15, 2019	$	300	Used to refinance existing mortgage bonds
ComEd	Mortgage Bonds Series 116	4.700	%	January 15, 2044	$	350	Used to refinance existing mortgage bonds

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

Company	Type	Interest Rate		Maturity		Amount	Use of Proceeds
Generation	Upstream Gas Lending Agreement	2.210	%	July 22, 2016	$	3	Used to fund Upstream gas activities
Generation	DOE Project Financing	2.720 - 2.810	%	January 5, 2037	$	146	Funding for Antelope Valley Solar Development

Retirement and Redemptions of Current and Long-Term Debt

During the three months ended March 31, 2014, the following long-term debt was retired and/or redeemed:

Company	Type	Interest Rate		Maturity	Amount
Generation	2003 Senior Notes	5.35	%	January 15, 2014		$	500
Generation	Pollution Control Loan	4.10	%	July 1, 2014		$	20
Generation	Continental Wind Project Financing	6.00	%	February 28, 2033		$	11
Generation	Kennett Square Capital Lease	7.83	%	September 20, 2020		$	1
ComEd	Mortgage Bonds Series 110	1.63	%	January 15, 2014		$	600
ComEd	Pollution Control Series 1994C	5.85	%	January 15, 2014		$	17

During the three months ended March 31, 2013, the following long-term debt was retired and/or redeemed:

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

Non-Recourse Debt

The following describes certain indebtedness that was incurred by Generation's project company subsidiaries during the three months ended March 31, 2014. The indebtedness described below is a component of the total net book value of certain generating facilities pledged as collateral of $1.9 billion as of March 31, 2014. All associated project financing liabilities are non-recourse to Exelon and Generation.

ExGen Renewables Energy I LLC

On February 6, 2014, ExGen Renewables I, LLC (EGR), an indirect subsidiary of Exelon and Generation, borrowed $300 million aggregate principal amount pursuant to a non-recourse senior secured loan, due February 6, 2021. The loan bears interest at a variable rate equal to LIBOR plus 4.25%. EGR indirectly owns Continental Wind LLC (Continental Wind). In addition to the financing, EGR entered into interest rate swaps with a notional amount of $240 million to manage a portion of the interest rate exposure in connection with the financing. See Note 7 – Derivative Financial Instruments for additional information regarding interest rate swaps.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details