Exelon 2014 Annual Report Download - page 218

Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
At December 31, 2014, the Registrants had the following aggregate bank commitments, credit facility borrowings and available
capacity under their respective credit agreements:
Available Capacity at
December 31, 2014
Borrower
Aggregate Bank
Commitment (a) Facility Draws
Outstanding
Letters of Credit (c) Actual
To Support
Additional
Commercial
Paper (b)
Exelon Corporate ............................... $ 500 $— $ 6 $ 494 $ 494
Generation ..................................... 5,800 — 1,181 4,619 4,504
ComEd ........................................ 1,000 — 2 998 694
PECO ......................................... 600 — 1 599 599
BGE .......................................... 600 — — 600 480
Total ......................................... $8,500 $— $1,190 $7,310 $6,771
(a) Excludes additional credit facility agreements for Generation, ComEd, PECO and BGE with aggregate commitments of $50 million, $34 million, $34 million and $5
million, respectively, arranged with minority and community banks located primarily within ComEd’s, PECO’s and BGE’s service territories. These facilities expired on
October 17, 2014 and were renewed at the same amount through October 16, 2015. These facilities are solely utilized to issue letters of credit. As of December 31,
2014, letters of credit issued under these agreements totaled $9 million, $16 million, $21 million and $1 million for Generation, ComEd, PECO and BGE, respectively.
Also, excludes the unsecured bridge credit facility of $3.2 billion at December 31, 2014, to support the PHI transaction discussed below.
(b) Excludes $200 million bilateral credit facilities that do not back Generation’s commercial paper program.
(c) Excludes nonrecourse debt letters of credit, see discussion below on Continental Wind.
As of December 31, 2014, there were no borrowings under the Registrants’ credit facilities.
The following tables present the short-term borrowings activity for Exelon, during 2014, 2013 and 2012.
2014 2013 2012
Average borrowings ........................................................................ $ 571 $254 $199
Maximum borrowings outstanding ............................................................. 1,164 682 505
Average interest rates, computed on a daily basis ................................................ 0.32% 0.37% 0.48%
Average interest rates, at December 31 ........................................................ 0.53% 0.35% n.a.
Credit Facilities
On March 28, 2014, ComEd extended for an additional year the expiration date of its unsecured revolving credit facility with
aggregate bank commitments of $1.0 billion. Under this facility, ComEd may issue letters of credit in the aggregate amount of up to
$500 million. The credit agreement expires on March 28, 2019. The credit facility also allows ComEd to request increases in the
aggregate commitments of up to an additional $500 million. Any increases are subject to the approval of the lenders party to the
credit agreement in their sole discretion. Costs incurred to extend the facility for ComEd were not material.
On May 30, 2014, each of Exelon Corporate, Generation, PECO and BGE extended the expiration date of its unsecured revolving
credit facility with aggregate bank commitments of $500 million, $5.3 billion, $600 million and $600 million, respectively, into May
2019, with the exception of a cumulative amount of $315 million in commitments, which expire in April 2018. Costs incurred to
extend these facilities were not material.
On October 24, 2014, a $100 million bilateral CENG credit facility was amended and extended for an additional year. This facility has
been utilized by CENG to fund working capital and capital projects. This facility does not back Generation’s commercial paper
program.
On November 24, 2014, Generation entered into a $25 million bilateral credit facility, scheduled to mature in December of 2016. This
facility does not currently back Generation’s commercial paper program.
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