Allegheny Power 2014 Annual Report Download - page 121

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LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS
The following tables present outstanding long-term debt and capital lease obligations for FirstEnergy and FES as of December 31,
2014 and 2013:
As of December 31, 2014 As of December 31
(Dollar amounts in millions) Maturity Date Interest Rate 2014 2013
FirstEnergy:
FMBs 2015 - 2044 3.340% - 9.740% $ 3,190 $ 3,166
Secured notes - fixed rate 2015 - 2037 0.000% - 7.880% 1,793 1,804
Unsecured notes - fixed rate 2015 - 2044 2.150% - 7.700% 13,532 11,076
Unsecured notes - variable rate 2015 - 2019 0.030% - 1.920% 1,292 959
Total unsecured notes 14,824 12,035
Capital lease obligations 160 188
Unamortized debt premiums (discounts) (8) 9
Unamortized fair value adjustments 21 44
Currently payable long-term debt (804) (1,415)
Total long-term debt and other long-term obligations $ 19,176 $ 15,831
FES:
Secured notes - fixed rate 2015 - 2017 0.000% - 12.000% $ 126 $ 188
Unsecured notes - fixed rate 2015 - 2039 2.150% - 6.800% 2,879 2,077
Unsecured notes - variable rate 2015 - 2015 0.030% - 0.050% 92 736
Total unsecured notes 2,971 2,813
Capital lease obligations 18 22
Unamortized debt discounts (1) (1)
Currently payable long-term debt (506) (892)
Total long-term debt and other long-term obligations $ 2,608 $ 2,130
On March 31, 2014, FE, FES, AE Supply, FET and FE's other borrower subsidiaries entered into extensions and amendments to
the three existing multi-year syndicated revolving credit facilities. Each Facility was extended until March 31, 2019. The FE facility
was amended to increase the lending banks' commitments under the facility by $1 billion to a total of $3.5 billion and to increase
the individual borrower sublimit for FE by $1 billion to a total of $3.5 billion. The FES/AE Supply facility was amended to decrease
the lending banks' commitments by $1 billion to a total of $1.5 billion. The lending banks' commitments under the FET facility remain
at $1 billion and that facility was amended to increase ATSI's individual borrower sublimit to $500 million from $100 million and
TrAIL's individual borrower sublimit to $400 million from $200 million. FirstEnergy expensed approximately $5 million (FES -$3
million) of unamortized debt expense as a result of the amendments, included in Loss on Debt Redemptions in the Consolidated
Statement of Income for the year ended December 31, 2014.
On March 31, 2014, FE executed, and fully utilized, a new $1 billion variable rate term loan credit agreement with a maturity date
of March 31, 2019. The initial borrowing under the term loan, which took the form of a Eurodollar rate advance, may be converted
from time to time, in whole or in part, to alternate base rate advances or other Eurodollar rate advances. The proceeds from this
term loan reduced borrowings under the FE Facility.
During the first quarter of 2014, FG and NG remarketed approximately $235 million and $182 million, respectively, of PCRBs,
previously held by the companies. The NG PCRBs were remarketed with a fixed interest rate of 4% per annum and a mandatory
put date of June 3, 2019 and the FG PCRBs were remarketed with a fixed interest rate of 3.75% per annum and a mandatory put
date of December 3, 2018.
In addition, in the first quarter of 2014, FG and NG repurchased approximately $197 million and $16 million, respectively, of PCRBs,
which were subject to a mandatory tender. The PCRBs have been remarketed in the second and third quarter as described below.
Additionally, FG retired $50 million of PCRBs at maturity.
During the first quarter of 2014, AE Supply returned $500 million of capital to FE. Additionally, FE contributed $500 million of equity
to FES.