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.

Exelon, Generation, ComEd, PECO and BGE had the following amounts of commercial paper borrowings at December 31, 2014 and 2013:



	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings for the Year Ended December 31,
Commercial Paper Issuer	2014 (a)(b)		2013 (a)(b)		2014		2013		2014		2013
Exelon Corporate	$	500	$	500	$	—	$	—	—	%	0.27	%
Generation	5,600		5,600		—		—		0.32	%	0.32	%
ComEd	1,000		1,000		304		184		0.33	%	0.40	%
PECO	600		600		—		—		n.a.		n.a.
BGE	600		600		120		135		0.29	%	0.31	%
Total	$	8,300	$	8,300	$	424	$	319

_____________________


(a)	Reflects aggregate bank commitments under the revolving and bilateral credit agreements (with the exception of $200 million bilateral agreements for Generation) that backstop the commercial paper program. See discussion below and Credit Agreements table below for items affecting effective program size.

(b)

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 expired on October 17, 2014 and were renewed at the same amount through October 16, 2015. These facilities are solely utilized to issue letters of credit. As of December 31, 2014, letters of credit issued under these agreements totaled $9 million, $16 million, $21 million and $1 million for Generation, ComEd, PECO and BGE, respectively. Also, excludes the unsecured bridge credit facility of $3.2 billion at December 31, 2014, to support the PHI transaction discussed below.

In order to maintain their respective commercial paper programs in the amounts indicated above, each Registrant must have revolving credit facilities in place, at least equal to the amount of its commercial paper program. While the amount of its outstanding commercial paper does not reduce available capacity under a Registrant’s credit agreement, a Registrant does not issue commercial paper in an aggregate amount exceeding the then available capacity under its credit agreement.

At December 31, 2014, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit agreements:



							Available Capacity at December 31, 2014
Borrower	Aggregate Bank Commitment ^(a)		Facility Draws		Outstanding Letters of Credit^(c)		Actual		To Support Additional Commercial Paper ^(b)
Exelon Corporate	$	500	$	—	$	6	$	494	$	494
Generation	5,800		—		1,181		4,619		4,504
ComEd	1,000		—		2		998		694
PECO	600		—		1		599		599
BGE	600		—		—		600		480
Total	$	8,500	$	—	$	1,190	$	7,310	$	6,771

_______________________

(a)


(b)	Excludes $200 million bilateral credit facilities that do not back Generation’s commercial paper program.


(c)	Excludes nonrecourse debt letters of credit, see discussion below on Continental Wind.

As of December 31, 2014, there were no borrowings under the Registrants’ credit facilities.

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, and BGE during 2014, 2013 and 2012. PECO did not have any short-term borrowings during 2014, 2013 or 2012.

Exelon



	2014			2013			2012
Average borrowings	$	571		$	254		$	199
Maximum borrowings outstanding	1,164			682			505
Average interest rates, computed on a daily basis	0.32		%	0.37		%	0.48		%
Average interest rates, at December 31	0.53		%	0.35		%	n.a.
Generation
	2014			2013			2012
Average borrowings	$	93		$	42		$	4
Maximum borrowings outstanding	552			291			165
Average interest rates, computed on a daily basis	0.32		%	0.32		%	0.45		%
Average interest rates, at December 31	n.a.			n.a.			n.a.



ComEd
	2014			2013			2012
Average borrowings	$	415		$	203		$	110
Maximum borrowings outstanding	597			446			366
Average interest rates, computed on a daily basis	0.33		%	0.40		%	0.50		%
Average interest rates, at December 31	0.50		%	0.37		%	n.a.
BGE
	2014			2013			2012
Average borrowings	$	64		$	35		$	6
Maximum borrowings outstanding	180			135			76
Average interest rates, computed on a daily basis	0.29		%	0.31		%	0.43		%
Average interest rates, computed at December 31	0.61		%	0.31		%	n.a.

Credit Facilities

On March 28, 2014, ComEd extended for an additional year the expiration date of 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.

On May 30, 2014, each of Exelon Corporate, Generation, PECO and BGE extended the expiration date of its unsecured revolving credit facility with aggregate bank commitments of $500 million, $5.3 billion, $600 million and $600 million, respectively, into May 2019, with the exception of a cumulative amount of $315 million in commitments, which expire in April 2018. Costs incurred to extend these facilities were not material.

On October 24, 2014, a $100 million bilateral CENG credit facility was amended and extended for an additional year. This facility has been utilized by CENG to fund working capital and capital projects. This facility does not back Generation's commercial paper program.

On November 24, 2014, Generation entered into a $25 million bilateral credit facility, scheduled to mature in December of 2016. This facility does not currently back Generation's commercial paper program.

On January 9, 2015, Generation amended and extended its $75 million bilateral credit facility for an additional two years. This facility does not back Generation's commercial paper program.

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.

An event of default under any of the Registrants' revolving credit facilities would not constitute an event of default under any of the other Registrants' revolving credit facilities, except that a bankruptcy or other event of default in the payment of principal, premium or indebtedness in principal amount in excess of $100 million in the aggregate by Generation under its revolving credit facility would constitute an event of default under the Exelon Corporation revolving credit facility.

Each credit facility requires the affected borrower to maintain a minimum cash from operations to interest expense ratio for the twelve-month period ended on the last day of any quarter. The ratios exclude revenues and interest expenses attributable to securitization debt, certain changes in working capital, distributions on preferred securities of subsidiaries and, in the case of Exelon and Generation, interest on the debt of its project subsidiaries. The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2014:



	Exelon	Generation	ComEd	PECO	BGE
Credit facility threshold	2.50 to 1	3.00 to 1	2.00 to 1	2.00 to 1	2.00 to 1

At December 31, 2014, the interest coverage ratios at the Registrants were as follows:



	Exelon	Generation	ComEd	PECO	BGE
Interest coverage ratio	9.19	12.35	7.03	8.72	9.28

Credit Agreements

In May 2014, concurrently and in connection with entering into the agreement to acquire PHI, Exelon entered into a credit facility to which the lenders committed to provide Exelon a 364-day senior unsecured bridge credit facility of $7.2 billion to support the contemplated transaction and provide flexibility for timing of permanent financing. The bridge credit facility was subsequently reduced to $3.2 billion as a result of the June 2014 debt and equity security issuances discussed below, as well as, the net after-tax proceeds from generating asset divestitures during the second half of 2014. During the year ended December 31, 2014, Exelon recorded $31 million to interest expense in connection with the bridge facility to temporarily finance the PHI acquisition. It is not currently expected that Exelon will be required to draw upon this credit facility to finance the proposed PHI acquisition.

Junior Subordinated Notes

In June 2014, Exelon issued $1.15 billion of junior subordinated notes in the form of 23 million equity units at a stated amount of $50.00 per unit. Net proceeds from the issuance were $1.11 billion, net of a $35 million underwriter fee. The net proceeds are expected to be used to finance a portion of the acquisition of PHI and for general corporate purposes.

Each equity unit represents an undivided beneficial ownership interest in Exelon’s 2.5% junior subordinated notes due in 2024 and a forward equity purchase contract which settles in 2017. The junior subordinated notes are expected to be remarketed in 2017. In connection with the remarketing, Exelon may modify the maturity date of the notes to a date earlier than June 1, 2024 but not earlier than June 1, 2020, remove redemption provisions of the notes, or change the interest rate on the notes, including changing the interest rate from fixed to floating. Investors that participate in the remarketing receive the remarketing proceeds and may use those funds to either settle the equity forward upon settlement date or invest in the remarketed debt and use other funds for the share purchase. Exelon intends to use the remarketing proceeds to repay debt issued or for other corporate purposes as soon as practical following such settlements. If the remarketing fails, holders of the notes will have the right to put their notes to Exelon for an amount equal to the principal amount of notes held by such holder plus accrued interest. The equity units carry a total annual distribution rate of 6.5%, which is comprised of a quarterly coupon rate of interest of 2.5% and a quarterly contract payment of 4.0% (contract payments).

Each purchase contract obligates the holder to purchase, and Exelon to sell, for $50.00 a number of shares of Exelon’s common stock in accordance with the conversion ratios set forth below:


•	If the market price equals or exceeds $43.7484, then 1.1429 shares.


•	If the market price is less than $43.7484 but greater than $35.00, a number of shares of common stock having a value, based on the market price, equal to $50.00.


•	If the market price is less than or equal to $35.00, then 1.4286 shares.

A holder’s ownership interest in the notes is pledged to Exelon to secure the holder’s obligation under the related forward equity purchase contract. If a holder of the forward equity purchase contract chooses at any time to no longer be a holder of the notes, such holder’s obligation under the purchase contract must be secured by a U.S. Treasury security.

At the time of issuance, Exelon determined that the forward equity purchase contract had no value and therefore the entire $1.15 billion of junior subordinated notes were allocated to debt and recorded within Long-term debt on Exelon’s Consolidated Balance Sheet. Additionally, at the time of issuance, the present value of the contract payments of $131 million were recorded to Long-term debt, representing the obligation to make contract payments, with an offsetting reduction to Common stock. The obligation for the contract payments will be accreted to interest expense over the 3 year period ending in 2017 in Exelon’s Consolidated Statement of Operations and Comprehensive Income. The Long-term debt recorded for the contract payments is considered a non-cash financing transaction that was excluded from Exelon’s Consolidated Statements of Cash Flows. Until settlement of the equity purchase contract, earnings per share dilution resulting from the equity unit issuance will be determined under the treasury stock method.

Long-Term Debt

The following tables present the outstanding long-term debt at Exelon, Generation, ComEd, PECO and BGE as of December 31, 2014 and 2013:

Exelon



						Maturity Date	December 31,
	Rates					Maturity Date	2014			2013
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	$	195		$	265
First mortgage bonds ^(a)(b)	1.20	%	-	6.45	%	2015 - 2044	8,079			7,746
Senior unsecured notes	2.00	%	-	7.60	%	2015 - 2042	7,071			7,571
Unsecured bonds	2.80	%	-	6.35	%	2016 - 2036	1,750			1,750
Pollution control note				4.10	%	2014	—			20
Nuclear fuel procurement contracts	3.25	%	-	3.35	%	2018	70			—
Junior subordinated notes				6.50	%	2017	1,150			—
Nonrecourse debt:
Fixed rates	2.33	%	-	6.00	%	2031 - 2037	1,166			1,077
Variable rates	2.41	%	-	5.00	%	2019 - 2030	1,101			150
Notes payable and other ^(c)	6.95	%	-	7.83	%	2015 - 2053	174			181
Total long-term debt							20,756			18,760
Unamortized debt discount and premium, net							(37		)	(19		)
Fair value adjustment							441			384
Fair value hedge carrying value adjustment, net							4			7
Long-term debt due within one year							(1,802		)	(1,509		)
Long-term debt							$	19,362		$	17,623
Long-term debt to financing trusts ^(d)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Subordinated debentures to PECO Trust III				7.38	%	2028	81			81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Subordinated debentures to BGE Trust				6.20	%	2043	258			258
Total long-term debt to financing trusts							$	648		$	648

____________________


(a)	Substantially all of ComEd’s assets other than expressly excepted property and substantially all of PECO’s assets are subject to the liens of their respective mortgage indentures.


(b)	Includes first mortgage bonds issued under the ComEd and PECO mortgage indentures securing pollution control bonds and notes.


(c)	Includes capital lease obligations of $32 million and $41 million at December 31, 2014 and 2013, respectively. Lease payments of $3 million, $4 million, $4 million, $4 million, $5 million and $12 million will be made in 2015, 2016, 2017, 2018, 2019 and thereafter, respectively.


(d)	Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.

Generation



						Maturity Date	December 31,
	Rates					Maturity Date	2014			2013
Long-term debt
Senior unsecured notes	2.00	%	-	7.60	%	2015 - 2042	$	5,771		$	6,271
Social Security Administration				2.93	%	2015	—			1
Pollution control notes				4.10	%	2014	—			20
Nuclear fuel procurement contracts	3.25	%	-	3.35	%	2018	70			—
Nonrecourse debt:
Fixed rates	2.33	%	-	6.00	%	2031 - 2037	1,166			1,077
Variable rates	2.41	%	-	5.00	%	2019 - 2030	1,101			150
Notes payable and other ^(a)				7.83	%	2014 - 2020	26			33
Total long-term debt							8,134			7,552
Fair value adjustment							146			166
Unamortized debt discount and premium, net							(14		)	11
Long-term debt due within one year							(614		)	(561		)
Long-term debt							$	7,652		$	7,168

______________________


(a)	Includes Generation’s capital lease obligations of $24 million and $33 million at December 31, 2014 and 2013, respectively. Generation will make lease payments of $3 million, $4 million, $4 million, $4 million, $5 million and $4 million in 2015, 2016, 2017, 2018, 2019 and thereafter, respectively.

On January 13, 2015, Generation issued $750 million in aggregate principal amount of Senior Notes. The Senior Notes carry an annual interest rate of 2.950%, payable semi-annually, commencing July 15, 2015 and due January 15, 2020. The proceeds of the Senior Notes will be used to fund the optional redemption of Exelon's $550 million, 4.550% Senior Notes due June 15, 2015 and for general corporate purposes. In addition to the issuance, Exelon terminated $400 million of floating-to-fixed interest rate swaps that had been designated as cash flow hedges. As the original forecasted transactions were a series of future interest payments over a ten year period, a portion of the anticipated interest payments at this time are probable not to occur. As a result Exelon will reclassify $26 million of deferred losses in AOCI to Other, net in the first quarter of 2015.

ComEd



						Maturity Date	December 31,
	Rates					Maturity Date	2014			2013
Long-term debt
First mortgage bonds ^(a)(b)	1.95	%	-	6.45	%	2015 - 2044	$	5,829		$	5,546
Notes payable and other^(c)	6.95	%	-	7.49	%	2015 - 2053	148			148
Total long-term debt							5,977			5,694
Unamortized debt discount and premium, net							(19		)	(19		)
Long-term debt due within one year							(260		)	(617		)
Long-term debt							$	5,698		$	5,058
Long-term debt to financing trust ^(d)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206

______________________


(a)	Substantially all of ComEd’s assets other than expressly excepted property are subject to the lien of its mortgage indenture.


(b)	Includes first mortgage bonds issued under the ComEd mortgage indenture securing pollution control bonds and notes.


(c)	Includes ComEd’s capital lease obligations of $8 million at both December 31, 2014 and 2013, respectively. Lease payments of less than $1 million will be made from 2015 through expiration at 2053.


(d)	Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.

PECO



						Maturity Date	December 31,
	Rates					Maturity Date	2014			2013
Long-term debt
First mortgage bonds ^(a)(b)	1.20	%	-	5.95	%	2016 - 2044	$	2,250		$	2,200
Total long-term debt							2,250			2,200
Unamortized debt discount and premium, net							(4		)	(3		)
Long-term debt due within one year							—			(250		)
Long-term debt							$	2,246		$	1,947
Long-term debt to financing trusts ^(c)
Subordinated debentures to PECO Trust III				7.38	%	2028	$	81		$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Long-term debt to financing trusts							$	184		$	184

_____________________


(a)	Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.


(b)	Includes first mortgage bonds issued under the PECO mortgage indenture securing pollution control bonds and notes.


(c)	Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheets.

BGE



						Maturity Date	December 31,
	Rates					Maturity Date	2014			2013
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	195			$	265
Notes	2.80	%	-	6.35	%	2016 - 2036	$	1,750		$	1,750
Total long-term debt							1,945			2,015
Unamortized debt discount and premium, net							(3		)	(4		)
Long-term debt due within one year							(75		)	(70		)
Long-term debt							$	1,867		$	1,941
Long-term debt to financing trusts ^(a)
Subordinated debentures to BGE Capital Trust II				6.20	%	2043	$	258		$	258

___________________


(a)	Amount owed to this financing trust is recorded as Long-term debt to financing trust within BGE’s Consolidated Balance Sheets.

Long-term debt maturities at Exelon, Generation, ComEd, PECO and BGE in the periods 2014 through 2019 and thereafter are as follows:



Year	Exelon			Generation		ComEd			PECO			BGE
2015	$	1,739		$	604	$	260		$	—		$	75
2016	1,269			4		665			300			300
2017	2,400			705		425			—			120
2018	1,415			75		840			500			—
2019	982			682		300			—			—
Thereafter	13,599		^(a)	6,064		3,693		^(b)	1,634		^(c)	1,708		^(d)
Total	$	21,404		$	8,134	$	6,183		$	2,434		$	2,203

____________________


(a)	Includes $648 million due to ComEd, PECO and BGE financing trusts.


(b)	Includes $206 million due to ComEd financing trust.


(c)	Includes $184 million due to PECO financing trusts.


(d)	Includes $258 million due to BGE financing trust.

Nonrecourse Debt

Exelon and Generation have issued nonrecourse debt financing, in which approximately $2.7 billion of generating assets have been pledged as collateral at December 31, 2014.

Denver Airport. In June 2011, Generation entered into a 20-year, $7 million solar loan agreement, fully amortizing by June 30, 2031 related to a solar construction project in Denver, Colorado. The agreement bears interest at a fixed rate of 5.50% annually with interest payable annually. As of December 31, 2014, $7 million was outstanding.

CEU Upstream. In July 2011, Generation entered into a five year asset-based lending agreement associated with certain Upstream gas properties that it owns. The borrowing base committed under the facility is $110 million and can increase to a total of $500 million if the assets support a higher borrowing base and Generation is able to obtain additional commitments from lenders. The facility was amended and extended through January 2019. Borrowings under this facility are secured by the Upstream gas properties, and the lenders do not have recourse against Exelon or Generation in the event of a default. The agreement is scheduled to expire on January 14, 2019, at a fixed rate of 2.41% annually with interest payable quarterly. As of December 31, 2014, $77 million was outstanding under the facility. The facility includes a provision that requires the Generation entities owning the Upstream gas properties subject to the agreement to maintain a current ratio of one-to-one. As of December 31, 2014, Generation was in compliance with this provision.

Sacramento PV Energy. In July 2011, a subsidiary of Generation entered into a 19-year, $41 million nonrecourse note to finance a 30MW solar facility in Sacramento, California. The note bears interest at a variable rate equal to the six-month LIBOR plus 2.25%. Interest is payable quarterly and is secured by the equity interests and assets of the subsidiary. The note is scheduled to mature on December 31, 2030. As of December 31, 2014, $35 million was outstanding. The subsidiary also executed interest rate swaps with an initial notional value of $30 million in order to convert the variable interest payments to fixed payments on 75% of the $41 million facility amount, as required by the debt covenants. See Note 12 — Derivative Financial Instruments for additional information regarding interest rate swaps.

Holyoke Solar Cooperative. In October 2011, Generation entered into a 20-year, $10 million solar loan agreement, fully amortizing by December 31, 2031 related to a solar construction project in Holyoke, Massachusetts. The agreement bears interest at a fixed rate of 5.25% annually with interest payable monthly. As of December 31, 2014, $10 million was outstanding. The agreement includes a provision that requires Generation to establish and maintain a reserve fund to be held by Holyoke Solar Cooperative. As of December 31, 2014, Generation was in compliance with this provision.

Antelope Valley Solar Ranch One. In December 2011, the DOE Loan Programs Office issued a guarantee for up to $646 million for a nonrecourse loan from the Federal Financing Bank to support the financing of the construction of the Antelope Valley facility. The project became fully operational in the first half of 2014. The loan will mature on January 5, 2037. Interest rates on the loan are fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. As of December 31, 2014, $557 million was outstanding.

In addition, Generation has issued letters of credit to support its equity investment in the project. As of December 31, 2014, Generation had $156 million in letters of credit outstanding related to the project. The letters of credit balance is expected to decline over time as scheduled equity contributions for the project are made. Generation expects to contribute approximately $2 million in additional equity contributions.

In connection with this agreement, on September 28, 2011, Generation entered into a floating-to-fixed interest rate swap with a notional amount of $485 million to mitigate interest-rate risk associated with the financing. As Generation received additional loan advances, it subsequently entered into a series of fixed-to-floating interest rate swaps to offset portions of the original interest rate hedge. During the third quarter of 2014, the original interest rate swap was terminated, consistent with the agreements. See Note 12 — Derivative Financial Instruments for additional information regarding the interest rate swaps associated with Antelope Valley.

Constellation Solar Horizons. In September 2012, a subsidiary of Generation entered into an 18-year $38 million nonrecourse note to recover capital used to build a 16MW solar facility in Emmitsburg, Maryland. The note is schedule to mature on September 7, 2030. The note bears interest at a variable rate equal to the three-month LIBOR plus 2.25%. Interest is payable quarterly, and the note is secured by the equity interests and assets of the subsidiary. As of December 31, 2014, $34 million was outstanding. The subsidiary also executed interest rate swaps for an initial notional amount of $29 million in order to convert the variable interest payments to fixed payments on 75% of the $38 million facility amount, as required by the debt covenants. See Note 12 — Derivative Financial Instruments for additional information regarding interest rate swaps.

Continental Wind. In September 2013, Continental Wind, LLC (Continental Wind), an indirect subsidiary of Exelon and Generation, completed the issuance and sale of $613 million aggregate principal amount of Continental Wind’s 6.00% senior secured notes due February 28, 2033 with interest payable semi-annually. Continental Wind owns and operates a portfolio of wind farms in Idaho, Kansas, Michigan, Oregon, New Mexico and Texas with a total net capacity of 667MW. The net proceeds were distributed to Generation for its general business purposes. As of December 31, 2014, $592 million was outstanding. In connection with this nonrecourse project financing, Exelon terminated existing interest rate swaps with a total notional amount of $350 million during the third quarter of 2013, and realized a total gain of $26 million upon termination. The gain on the interest rate swaps was recorded within OCI and will reduce the effective interest rate over the life of the debt for Exelon. See Note 12 — Derivative Financial Instruments for additional information on the interest rate swaps.

In addition, Continental Wind entered into a $131 million letter of credit facility and $10 million working capital revolver facility. Continental Wind has issued letters of credit to satisfy certain of its credit support and security obligations. As of December 31, 2014, the Continental Wind letter of credit facility had $47 million in letters of credit outstanding related to the project.

ExGen Renewables I. 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 nonrecourse senior secured loan, due February 6, 2021. The proceeds were distributed to Generation for its general business purposes. The loan bears interest at a variable rate equal to LIBOR plus 4.25%, subject to a 1% floor with interest payable quarterly. EGR indirectly owns Continental Wind. As of December 31, 2014, $282 million was outstanding. In addition to the financing, EGR entered into interest rate swaps with an initial notional amount of $240 million at an interest rate of 2.03% to manage a portion of the interest rate exposure in connection with the financing. See Note 12 — Derivative Financial Instruments for additional information regarding interest rate swaps.

ExGen Texas Power. In September 2014, ExGen Texas Power, LLC (EGTP), an indirect subsidiary of Exelon and Generation, issued $675 million aggregate principal amount of a nonrecourse senior secured term loan, scheduled to mature on September 18, 2021. The net proceeds were distributed to Generation for general business purposes. The term loan bears interest at a variable rate equal to LIBOR plus 4.75%, subject to a 1% LIBOR floor with interest payable quarterly. As of December 31, 2014, $673 million was outstanding. As part of the agreement, a revolving credit facility was established for the amount of $20 million available through, and scheduled to mature on September 18, 2019. In addition to the financing, EGTP entered into interest rate swaps with an initial notional amount of approximately $505 million at an interest rate of 2.34% to hedge a portion of the interest rate exposure in connection with this financing, as required by the debt covenants. See Note 12 — Derivative Financial Instruments for additional information regarding interest rate swaps.