Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

Exelon Corporate, ComEd, BGE, Pepco, DPL and ACE 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 Exelon intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and 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 Registrants had the following amounts of commercial paper borrowings outstanding as of September 30, 2018 and December 31, 2017:



Commercial Paper Borrowings	September 30, 2018		December 31, 2017
Exelon	$	209	$	427
BGE	—		77
PHI^(a)	209		350
Pepco	64		26
DPL	—		216
ACE	145		108

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(a)	PHI reflects the commercial paper borrowings outstanding of Pepco, DPL and ACE.

Short-Term Loan Agreements

On January 13, 2016, PHI entered into a $500 million term loan agreement, which was amended on March 28, 2016. The net proceeds of the loan were used to repay PHI's outstanding commercial paper and for general corporate purposes. Pursuant to the loan agreement, as amended, loans made thereunder bear interest at a variable rate equal to LIBOR plus 1%, and all indebtedness thereunder is unsecured. On March 23, 2017, the aggregate principal amount of all loans, together with any accrued but unpaid interest due under the loan agreement was fully repaid and the loan terminated. On March 23, 2017, Exelon Corporate entered into a similar type term loan for $500 million which expired March 22, 2018. The loan agreement was renewed on March 22, 2018 and will expire on March 21, 2019. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 1% and all indebtedness thereunder is unsecured.

On May 23, 2018, ACE entered into two term loan agreements in the aggregate amount of $125 million, which expire on May 22, 2019. Pursuant to the term loan agreements, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.55% and all indebtedness thereunder is unsecured.

Credit Agreements

As of March 15, 2018, the credit agreement for a Generation bilateral credit facility of $30 million was amended to increase the overall facility size to $95 million. This facility will solely be used by Generation to issue letters of credit.

On May 26, 2018, each of the Registrants' respective syndicated revolving credit facilities had their maturity dates extended to May 26, 2023.

Long-Term Debt

Issuance of Long-Term Debt

During the nine months ended September 30, 2018, the following long-term debt was issued:



Company	Type	Interest Rate		Maturity	Amount		Use of Proceeds
Generation	Energy Efficiency Project Financing	3.72	%	November 30, 2018	$	4	Funding to install energy conservation measures for the Smithsonian Zoo project.
Generation	Energy Efficiency Project Financing	3.17	%	October 31, 2018	$	1	Funding to install energy conservation measures in Brooklyn, NY.
Generation	Energy Efficiency Project Financing	2.61	%	September 30, 2018	$	5	Funding to install energy conservation measures for the Pensacola project.
Generation	Energy Efficiency Project Financing	4.17	%	January 1, 2019	$	1	Funding to install energy conservation measures for the General Services Administration Philadelphia project.
Generation	Energy Efficiency Project Financing	4.26	%	May 1, 2019	$	3	Funding to install energy conservation measures for the National Institutes of Health Multi-Buildings Phase II project.
ComEd	First Mortgage Bonds, Series 124	4.00	%	March 1, 2048	$	800	Refinance one series of maturing first mortgage bonds, to repay a portion of ComEd’s outstanding commercial paper obligations and to fund general corporate purposes.
ComEd	First Mortgage Bonds, Series 125	3.70	%	August 15, 2028	$	550	Repay a portion of ComEd’s outstanding commercial paper obligations and to fund general corporate purposes.
PECO	First and Refunding Mortgage Bonds	3.90	%	March 1, 2048	$	325	Refinance a portion of maturing mortgage bonds.
PECO	Loan Agreement	2.00	%	June 20, 2023	$	50	Funding to implement Electric Long-term Infrastructure Improvement Plan.
PECO	First and Refunding Mortgage Bonds	3.90	%	March 1, 2048	$	325	Satisfy short-term borrowings from the Exelon intercompany money pool and for general corporate purposes.
BGE	Senior Notes	4.25	%	September 15, 2048	$	300	Repay commercial paper obligations and for general corporate purposes.
Pepco	First Mortgage Bonds	4.27	%	June 15, 2048	$	100	Repay existing indebtedness and for general corporate purposes.
DPL	First Mortgage Bonds	4.27	%	June 15, 2048	$	200	Repay existing indebtedness and for general corporate purposes.

On October 16, 2018, ACE issued $350 million of 4.00% First Mortgage Bonds due October 15, 2028. The proceeds will be used to refinance ACE’s 7.75% First Mortgage Bonds due November 15, 2018, reduce short-term borrowings and for general corporate purposes.

On November 1, 2018, Pepco issued $100 million of 4.31% First Mortgage Bonds due November 1, 2048. The proceeds will be used to repay existing indebtedness and for general corporate purposes.