Short-Term Debt

3 Months Ended

Mar. 31, 2016

Short-Term Debt

6. Short-Term Debt

At Mar. 31, 2016 and Dec. 31, 2015, the following credit facilities and related borrowings existed:

Credit Facilities
	Mar. 31, 2016						Dec. 31, 2015
					Letters						Letters
	Credit		Borrowings		of Credit		Credit		Borrowings		of Credit
(millions)	Facilities		Outstanding (1)		Outstanding		Facilities		Outstanding (1)		Outstanding
Tampa Electric Company:
5-year facility (2)	$	325.0	$	0.0	$	0.5	$	325.0	$	0.0	$	0.5
3-year accounts    receivable facility (3)		150.0		0.0		0.0		150.0		61.0		0.0
TECO Energy/TECO Finance:
5-year facility (2)(4)		300.0		113.0		0.0		300.0		163.0		0.0
1-year term facility (4)(5)		400.0		400.0		0.0		0.0		0.0		0.0
New Mexico Gas Company:
5-year facility (2)		125.0		0.0		1.7		125.0		23.0		1.7
Total	$	1,300.0	$	513.0	$	2.2	$	900.0	$	247.0	$	2.2
(1)           Borrowings outstanding are reported as notes payable.
(2)           This 5-year facility matures Dec. 17, 2018.
(3)           Prior to Mar. 24, 2015, this was a 1-year facility. This 3-year facility matures Mar. 23, 2018.
(4)           TECO Finance is the borrower and TECO Energy is the guarantor of this facility.
(5)           This 1-year facility matures Mar. 14, 2017.

At Mar. 31, 2016, these credit facilities required commitment fees ranging from 12.5 to 30.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at Mar. 31, 2016 and Dec. 31, 2015 was 1.44% and 1.29%, respectively.  

TECO Energy/TECO Finance Credit Facility

On Mar. 14, 2016, TECO Finance entered into a one-year, $400 million credit agreement. The credit agreement (i) has a maturity date of Mar. 14, 2017; (ii) contains customary representations and warranties, events of default, and financial and other covenants; and (iii) provides for interest to accrue at variable rates based on the London interbank deposit rate plus a margin, or, as an alternative to such interest rate, at an interest rate equal to a margin plus the higher of JPMorgan Chase Bank’s prime rate, the federal funds rate plus 50 basis points, or the one-month London interbank deposit rate plus 1.00%.

Tampa Electric Company [Member]

Short-Term Debt

6. Short-Term Debt

At Mar. 31, 2016 and Dec. 31, 2015, the following credit facilities and related borrowings existed:

Credit Facilities
	Mar. 31, 2016						Dec. 31, 2015
					Letters						Letters
	Credit		Borrowings		of Credit		Credit		Borrowings		of Credit
(millions)	Facilities		Outstanding (1)		Outstanding		Facilities		Outstanding (1)		Outstanding
Tampa Electric Company:
5-year facility (2)	$	325.0	$	0.0	$	0.5	$	325.0	$	0.0	$	0.5
3-year accounts    receivable facility (3)		150.0		0.0		0.0		150.0		61.0		0.0
Total	$	475.0	$	0.0	$	0.5	$	475.0	$	61.0	$	0.5

(1) Borrowings outstanding are reported as notes payable.

(2) This 5-year facility matures Dec. 17, 2018.

(3) Prior to Mar. 24, 2015, this was a 1-year facility. This 3-year facility matures Mar. 23, 2018.

At Mar. 31, 2016, these credit facilities required commitment fees ranging from 12.5 to 30.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at Mar. 31, 2016 and Dec. 31, 2015 was 1.0% and 0.89%, respectively.