(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, 2015 and 2014:



	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	2015 (a)(b)		2014 (a)(b)		2015		2014		2015		2014
Exelon Corporate	$	500	$	500	$	—	$	—	n.a.		n.a.
Generation	5,450		5,600		—		—		0.49	%	0.32	%
ComEd	1,000		1,000		294		304		0.53	%	0.33	%
PECO	600		600		—		—		n.a.		n.a.
BGE	600		600		210		120		0.48	%	0.29	%
Total	$	8,150	$	8,300	$	504	$	424

_____________________


(a)	Reflects aggregate bank commitments under the revolving and bilateral credit agreements (with the exception of $275 million and $200 million bilateral agreements for Generation as of December 31, 2015 and 2014, respectively) that backstop the commercial paper program. See discussion and Credit Facilities table below for items affecting effective program size.

(b)

Excludes additional credit facilities 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. The agreements for these facilities expired on October 16, 2015 and were renewed at the same amount through October 14, 2016. These facilities are solely utilized to issue letters of credit. As of December 31, 2015, letters of credit issued under these facilities totaled $7 million, $14 million, $21 million and $2 million for Generation, ComEd, PECO and BGE, respectively.

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 outstanding commercial paper does not reduce available capacity under a Registrant’s credit facility, a Registrant does not issue commercial paper in an aggregate amount exceeding the then available capacity under its credit facility.

At December 31, 2015, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:



							Available Capacity at December 31, 2015
Borrower	Aggregate Bank Commitment ^(a)		Facility Draws		Outstanding Letters of Credit^(c)		Actual		To Support Additional Commercial Paper ^(b)
Exelon Corporate	$	500	$	—	$	26	$	474	$	474
Generation	5,725		—		1,449		4,276		4,174
ComEd	1,000		—		2		998		704
PECO	600		—		1		599		599
BGE	600		—		—		600		390
Total	$	8,425	$	—	$	1,478	$	6,947	$	6,341

_______________________

(a)


(b)	Excludes $275 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, 2015, 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 2015, 2014 and 2013. PECO did not have any short-term borrowings during 2015, 2014 or 2013.

Exelon



	2015			2014			2013
Average borrowings	$	499		$	571		$	254
Maximum borrowings outstanding	739			1,164			682
Average interest rates, computed on a daily basis	0.53		%	0.32		%	0.37		%
Average interest rates, at December 31	0.88		%	0.53		%	0.35		%
Generation
	2015			2014			2013
Average borrowings	$	1		$	93		$	42
Maximum borrowings outstanding	50			552			291
Average interest rates, computed on a daily basis	0.49		%	0.32		%	0.32		%
Average interest rates, at December 31	n.a.			n.a.			n.a.



ComEd
	2015			2014			2013
Average borrowings	$	461		$	415		$	203
Maximum borrowings outstanding	684			597			446
Average interest rates, computed on a daily basis	0.53		%	0.33		%	0.40		%
Average interest rates, at December 31	0.89		%	0.50		%	0.37		%
BGE
	2015			2014			2013
Average borrowings	$	37		$	64		$	35
Maximum borrowings outstanding	210			180			135
Average interest rates, computed on a daily basis	0.48		%	0.29		%	0.31		%
Average interest rates, computed at December 31	0.87		%	0.61		%	0.31		%

Credit Agreements

On October 23, 2015, the credit agreement for CENG's $100 million bilateral credit facility was amended and extended for an additional two years. 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 January 5, 2016, Generation entered into a credit agreement establishing a $150 million bilateral credit facility, scheduled to mature in January of 2019. This facility does not back Generation's commercial paper program.

Borrowings under Exelon Corporate’s, Generation’s, ComEd’s, PECO’s and BGE’s revolving credit facilities 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. The fee varies depending upon the respective credit ratings of the borrower.

An event of default under any of the Registrants' credit agreements would not constitute an event of default under any of the other Registrants' credit agreements, 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 credit agreement would constitute an event of default under the Exelon Corporation credit agreement.

Each credit agreement 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, 2015:



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

At December 31, 2015, the interest coverage ratios at the Registrants were as follows:



	Exelon	Generation	ComEd	PECO	BGE
Interest coverage ratio	9.77	12.31	7.25	8.94	10.66

Long-Term Debt

The following tables present the outstanding long-term debt at Exelon, Generation, ComEd, PECO and BGE as of December 31, 2015 and 2014:

Exelon



						Maturity Date	December 31,
	Rates					Maturity Date	2015			2014
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	$	120		$	195
First mortgage bonds ^(a)	1.20	%	-	6.45	%	2016 - 2045	9,019			8,079
Senior unsecured notes	1.55	%	-	7.60	%	2017 - 2045	9,803			7,071
Unsecured bonds	2.80	%	-	6.35	%	2016 - 2036	1,750			1,750
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			—
Nuclear fuel procurement contracts	3.15	%	-	3.35	%	2018 - 2020	127			70
Notes payable and other ^(b)(c)	1.43	%	-	7.83	%	2016 - 2053	314			174
Junior subordinated notes				6.50	%	2024	1,150			1,150
Contract payment - junior subordinated notes				2.50	%	2017	64			108
Long-term software licensing agreement				3.95	%	2024	111			—
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,162			1,166
Variable rates	2.42	%	-	5.00	%	2017 - 2030	1,058			1,101
Total long-term debt							25,113			20,864
Unamortized debt discount and premium, net							(63		)	(37		)
Unamortized debt issuance costs ^(d)							(180		)	(150		)
Fair value adjustment							275			333
Fair value hedge carrying value adjustment, net							—			4
Long-term debt due within one year							(1,500		)	(1,802		)
Long-term debt							$	23,645		$	19,212
Long-term debt to financing trusts ^(e)
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
Unamortized debt issuance costs ^(d)							(7		)	(7		)
Long-term debt to financing trusts							$	641		$	641

____________________


(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 capital lease obligations of $29 million and $32 million at December 31, 2015 and 2014, respectively. Lease payments of $4 million, $4 million, $4 million, $5 million, $4 million, and $8 million will be made in 2016, 2017, 2018, 2019, 2020 and thereafter, respectively.


(c)	Includes financing related to Albany Green Energy, LLC (AGE), which is a consolidated variable interest entity (see Note 2 - Variable Interest Entities for additional information). The agreement is scheduled to expire on November 17, 2017, at a variable rate equal to LIBOR plus 1.25%. As of December 31, 2015, $100 million was outstanding.


(d)	Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.


(e)	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	2015			2014
Long-term debt
Senior unsecured notes	2.00	%	-	7.60	%	2017 - 2042	$	5,971		$	5,771
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			—
Nuclear fuel procurement contracts	3.15	%	-	3.35	%	2018 - 2020	127			70
Notes payable and other ^(a)(b)	1.43	%		7.83	%	2016 - 2035	166			26
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,162			1,166
Variable rates	2.42	%	-	5.00	%	2017 - 2030	1,058			1,101
Total long-term debt							8,919			8,134
Fair value adjustment							127			146
Unamortized debt discount and premium, net							(17		)	(14		)
Unamortized debt issuance costs ^(c)							(70		)	(70		)
Long-term debt due within one year							(90		)	(614		)
Long-term debt							$	8,869		$	7,582

______________________


(a)	Includes Generation’s capital lease obligations of $21 million and $24 million at December 31, 2015 and 2014, respectively. Generation will make lease payments of $4 million, $4 million, $4 million, $5 million and $4 million in 2016, 2017, 2018, 2019, 2020, respectively. The capital lease matures in 2020.


(b)	Includes financing related to Albany Green Energy, LLC (AGE), which is a consolidated variable interest entity (see Note 2 - Variable Interest Entities for additional information). The agreement is scheduled to expire on November 17, 2017, at a variable rate equal to LIBOR plus 1.25%. As of December 31, 2015, $100 million was outstanding.


(c)	Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.

ComEd



						Maturity Date	December 31,
	Rates					Maturity Date	2015			2014
Long-term debt
First mortgage bonds ^(a)	1.95	%	-	6.45	%	2016 - 2045	$	6,419		$	5,829
Notes payable and other^(b)	6.95	%	-	7.49	%	2016 - 2053	148			148
Total long-term debt							6,567			5,977
Unamortized debt discount and premium, net							(20		)	(19		)
Unamortized debt issuance costs ^(c)							(38		)	(33		)
Long-term debt due within one year							(665		)	(260		)
Long-term debt							$	5,844		$	5,665
Long-term debt to financing trust ^(d)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Total long-term debt to financing trusts							206			206
Unamortized debt issuance costs ^(c)							(1		)	(1		)
Long-term debt to financing trusts							$	205		$	205

______________________


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


(b)	Includes ComEd’s capital lease obligations of $8 million at both December 31, 2015 and 2014, respectively. Lease payments of less than $1 million will be made from 2016 through expiration at 2053.


(c)	Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.


(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	2015			2014
Long-term debt
First mortgage bonds ^(a)	1.20	%	-	5.95	%	2016 - 2044	$	2,600		$	2,250
Total long-term debt							2,600			2,250
Unamortized debt discount and premium, net							(5		)	(4		)
Unamortized debt issuance costs ^(b)							(15		)	(14		)
Long-term debt due within one year							(300		)	—
Long-term debt							$	2,280		$	2,232
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)	Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.


(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	2015			2014
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	$	120		$	195
Senior unsecured notes	2.80	%	-	6.35	%	2016 - 2036	1,750			1,750
Total long-term debt							1,870			1,945
Unamortized debt discount and premium, net							(3		)	(3		)
Unamortized debt issuance costs ^(a)							(9		)	(10		)
Long-term debt due within one year							(378		)	(75		)
Long-term debt							$	1,480		$	1,857
Long-term debt to financing trusts ^(b)
Subordinated debentures to BGE Capital Trust II				6.20	%	2043	$	258		$	258
Total long-term debt to financing trusts							258			258
Unamortized debt issuance costs ^(a)							(6		)	(6		)
Long-term debt to financing trusts							$	252		$	252

___________________


(a)	Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.


(b)	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 2016 through 2020 and thereafter are as follows:



Year	Exelon			Generation		ComEd			PECO			BGE
2016	$	1,487		$	90	$	665		$	300		$	378
2017	1,841			805		425			—			42
2018	1,393			53		840			500			—
2019	973			673		300			—			—
2020	3,311			1,911		500			—			—
Thereafter	16,756		^(a)	5,387		4,043		^(b)	1,984		^(c)	1,708		^(d)
Total	$	25,761		$	8,919	$	6,773		$	2,784		$	2,128

____________________


(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.

PHI Merger Financing

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. In June 2015, the remaining $3.2 billion bridge credit facility was terminated as a result of Exelon's issuance of $4.2 billion of long-term debt to fund a portion of the purchase price and related costs and expenses for the pending PHI merger and for general corporate purposes.

In connection with the $4.2 billion issuance of Senior Unsecured Notes in 2015, the tranches due in 2025, 2035, and 2045 had to be redeemed at the principal amount plus a 1% premium of principal on December 31, 2015, if the PHI merger was not consummated or terminated prior to such date ("Special Mandatory Redemption"). Exelon also had the option to redeem those notes earlier at a 1% premium of principal, if Exelon determined that the merger would not be completed before December 31, 2015.

On October 29, 2015, Exelon commenced a private exchange offer (Exchange Offer) to certain eligible holders whereby, for those that took part, the outstanding Senior Unsecured Notes in the 2025, 2035 and 2045 tranches were exchanged for new Senior Unsecured Notes. The new Senior Unsecured Notes have substantially the same terms as the outstanding Senior Unsecured Notes, except the outside date with regard to the special redemption provisions is June 30, 2016, (or the date the PHI merger is terminated if earlier), rather than December 31, 2015, and under certain circumstances, can be further extended to August 31, 2016.

On December 2, 2015, Exelon exchanged $1.9 billion of the Senior Unsecured Notes and paid a consent fee of approximately $5 million, which has been deferred on Exelon's Consolidated Balance Sheet and $4 million of third-party debt issuance costs, which were charged to earnings within Other, net on Exelon's Consolidated Statement of Operations and Comprehensive Income. On December 2, 2015, Exelon also redeemed $0.9 billion of Senior Unsecured Notes not exchanged in the Exchange Offer resulting in the payment of $9 million of redemption premium and the acceleration of the unamortized original issuance discount and deferred financing costs associated with the redeemed debt of $9 million, which were charged to earnings within Other, net on Exelon's Consolidated Statement of Operations and Comprehensive Income.

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 merger and related costs and expenses for the pending PHI merger and for general corporate purposes. Each equity unit represents an undivided beneficial ownership interest in Exelon's 2.50% 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.

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 ("Contract Payment Obligation") 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 is accreted to interest expense over the 3 year period ending in 2017 in Exelon’s Consolidated Statement of Operations and Comprehensive Income. During 2015, contract payments of $44 million related to the Contract Payment Obligation were included within Retirements of long-term debt in Exelon's Consolidated Statements of Cash Flows. During 2014, the Contract Payment Obligation was 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.

Nonrecourse Debt

Exelon and Generation have issued nonrecourse debt financing, in which approximately $2.4 billion of generating assets and $0.2 billion of Upstream gas properties have been pledged as collateral at December 31, 2015. Borrowings under these agreements are secured by the assets and equity of each respective project. The lenders do not have recourse against Exelon or Generation in the event of a default.

Denver Airport. In June 2011, Generation entered into a 20-year, $7 million solar loan agreement to finance a solar construction project in Denver, Colorado. The agreement is scheduled to mature on June 30, 2031. The agreement bears interest at a fixed rate of 5.50% annually with interest payable annually. As of December 31, 2015, $7 million was outstanding.

CEU Upstream. In July 2011, Generation entered into a 5-year asset-based lending agreement associated with certain Upstream gas properties that it owns. The borrowing base committed under the facility is $85 million as of December 31, 2015. The commitment level can be decreased if the assets no longer support the current borrowing base, which would result in repayment of a portion or all of the outstanding balance. The commitment can be increased up to $500 million if the assets support a higher borrowing base and Generation is able to obtain additional commitments from lenders. Calculations of the borrowing base are impacted by projected production and commodity prices. The facility was amended and extended through January 2019. The agreement bears interest at a variable rate equal to LIBOR plus 2.50% and is payable monthly. As of December 31, 2015, $68 million was outstanding under the facility.

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 is scheduled to mature on December 31, 2030. The note bears interest at a variable rate equal to LIBOR plus 2.25% and is payable quarterly. As of December 31, 2015, $33 million was outstanding. The subsidiary also executed interest rate swaps with an initial notional value of $30 million at an interest rate of 3.57% 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 13 — Derivative Financial Instruments for additional information regarding interest rate swaps.

Holyoke Solar Cooperative. In October 2011, Generation entered into a 20-year, $11 million solar loan agreement related to a solar construction project in Holyoke, Massachusetts. The agreement is scheduled to mature on December 2031. The agreement bears interest at a fixed rate of 5.25% annually with interest payable monthly. As of December 31, 2015, $10 million was outstanding.

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 were fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. The advances were completed as of December 31, 2015 and the outstanding loan balance will bear interest at an average blended interest rate of 2.82%. As of December 31, 2015, $574 million was outstanding. In addition, Generation has issued letters of credit to support its equity investment in the project. As of December 31, 2015, Generation had $69 million in letters of credit outstanding related to the project.

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 scheduled to mature on September 7, 2030. The note bears interest at a variable rate equal to LIBOR plus 2.25% with interest payable quarterly. As of December 31, 2015, $32 million was outstanding. The subsidiary also executed interest rate swaps for an initial notional amount of $29 million at an interest rate of 2.03% 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 13 — 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 senior secured notes. 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. The notes are scheduled to mature on February 28, 2033. The notes bear interest at a fixed rate of 6.00% with interest payable semi-annually. As of December 31, 2015, $572 million was outstanding.

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, 2015, the Continental Wind letter of credit facility had $99 million in letters of credit outstanding related to the project.

ExGen Renewables I. In February 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. The proceeds were distributed to Generation for its general business purposes. The loan is scheduled to mature on February 6, 2021. The loan bears interest at a variable rate equal to LIBOR plus 4.25%, subject to a 1% LIBOR floor with interest payable quarterly. EGR indirectly owns Continental Wind. As of December 31, 2015, $258 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 13 — 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. The net proceeds were distributed to Generation for general business purposes. The loan is scheduled to mature on September 18, 2021. 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, 2015, $666 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 13 — Derivative Financial Instruments for additional information regarding interest rate swaps.