ComEd 2013 Annual Report Download - page 193
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Each creditfacilityrequirestheaffectedborrower to maintainaminimumcash fromoperationsto interestexpense ratiofor the
twelve-monthperiodendedon thelastdayofanyquarter.The ratiosexcluderevenuesandinterestexpensesattributable to
securitization debt,certainchangesinworkingcapital, distributionson preferredsecuritiesofsubsidiariesand, inthecaseofExelon
andGeneration,interestonthedebtofitsprojectsubsidiaries. Thefollowingtable summarizestheminimumthresholds reflectedin
thecreditagreementsfor theyear endedDecember 31,2013:
Exelon Generation ComEd PECO BGE
Creditfacilitythreshold........................................... 2.50to1 3.00 to 1 2.00 to 1 2.00 to 1 2.00 to 1
At December 31,2013,theinterestcoverage ratiosat theRegistrantswere asfollows:
Exelon Generation ComEd PECO BGE
Interestcoverage ratio..................................................... 7.67 11.45 5.20 8.29 7.85
Accounts Receivable Agreement
PECO waspartyto an agreement withafinancial institution under which it transferredan undividedinterest,adjusteddaily, inits
accountsreceivable designatedunder theagreement inexchangefor proceeds of$210 million, which wasclassifiedasashort-term
note payable on Exelon’s and PECO’s ConsolidatedBalanceSheetsasofDecember 31,2012.Theagreement terminatedon
August30,2013 and PECO paid downthe outstandingprincipal of$210 million.Thefinancial institution no longer hasan undivided
interestintheaccountsreceivable designatedunder theagreement.AsofDecember 31,2012,thefinancial institution’s undivided
interestinExelon’s and PECO’s gross accountsreceivable wasequivalent to $289 million, which representedthefinancial
institution’s interestinPECO’s eligible receivablesascalculatedunder the terms oftheagreement.Theagreement required PECO
to maintaineligible receivablesat leastequivalent to thefinancial institution’s undividedinterest.
Willis Tower Capital Lease
Inthesecondquarter of2013,ComEd enteredinto a 20-year capital leasefor distribution substation spaceatWillis Tower in
Chicago,Illinois. Exelon andComEd recorded$8million on theirConsolidatedBalanceSheetswithin propertyplant andequipment
andlong-termdebtattheinception ofthe lease.ComEd will make leasepaymentsofless than $1million annuallyin 2013-2017and
approximately$7million inaggregate thereafter.
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