Allegheny Power 2013 Annual Report Download - page 51

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(1) These PCRBs are classified as currently payable long-term debt because the applicable interest rate
mode permits individual debt holders to put the respective debt back to the issuer prior to maturity.
Short-Term Borrowings
FirstEnergy had $3,404 million and $1,969 million of short-term borrowings as of December 31, 2013 and December 31, 2012,
respectively. FirstEnergy’s available liquidity as of January 31, 2014, was as follows:
Borrower(s) Type Maturity Commitment
Available
Liquidity
(In millions)
FirstEnergy(1) Revolving May 2018 $ 2,500 $ 224
FES / AE Supply Revolving May 2018 2,500 2,489
FET(2) Revolving May 2018 1,000 —
Subtotal $ 6,000 $ 2,713
Cash — 48
Total $ 6,000 $ 2,761
(1) FE and the Utilities.
(2) Includes FET, ATSI and TrAIL.
Revolving Credit Facilities
FirstEnergy, FES/AE Supply and FET Facilities
FE and certain of its subsidiaries participate in three five-year syndicated revolving credit facilities with aggregate commitments of
$6.0 billion (Facilities). The Facilities consist of a $2.5 billion aggregate FirstEnergy Facility, a $2.5 billion FES/AE Supply Facility
and a $1.0 billion FET Facility, that are each available until May 2018, unless the lenders agree, at the request of the applicable
borrowers, to an additional one-year extension. Generally, borrowings under each of the Facilities are available to each borrower
separately and mature on the earlier of 364 days from the date of borrowing or the commitment termination date, as the same may
be extended. Each of the Facilities contains financial covenants requiring each borrower to maintain a consolidated debt to total
capitalization ratio (as defined under each of the Facilities, as amended) of no more than 65%, and 75% for FET, measured at the
end of each fiscal quarter.
On May 8, 2013, FE, FES, AE Supply and FE's other borrowing subsidiaries entered into extensions and amendments to the three
existing multi-year syndicated revolving credit facilities. Each facility was extended until May 2018, unless the lenders agree, at the
request of the applicable borrowers, to an additional one-year extension. The FE Facility was amended to increase the lending
banks' commitments under the facility by $500 million to a total of $2.5 billion and to increase the individual borrower sub-limits for
FE by $500 million to a total of $2.5 billion and for JCP&L by $175 million to a total of $600 million.
On October 31, 2013, FE amended its existing $2.5 billion multi-year syndicated revolving credit facility to exclude certain after-tax,
non-cash write-downs and non-cash charges of approximately $1.4 billion (primarily related to Pension and OPEB mark-to-market
adjustments, impairment of long-lived assets and regulatory charges) from the debt to total capitalization ratio calculations incurred
through September 30, 2013. Additionally, the amendment provides for a future allowance of approximately $1.35 billion for after-
tax, non-cash write-downs and non-cash charges over the remaining life of the facility. Similarly, the FES/AE Supply $2.5 billion
revolving credit facility was also amended to exclude certain similar after-tax, non-cash write-downs and non-cash charges of $785.7
million incurred through September 30, 2013 from the debt to total capitalization ratio calculations. As of December 31, 2013, the
borrowers were in compliance with the applicable debt to total capitalization ratios under the respective Facilities.