Progress Energy 2004 Annual Report Download - page 41

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commercial paper and for other cash needs. A
summary of RCA loans and available capacity as of
December 31, 2004 is as follows:
•On December 17, 2004, the Company used proceeds
from the sale of natural gas assets to extinguish
Progress Genco Ventures, LLC’s $241 million bank
facility (See Note 13D).
•Progress Energy took advantage of favorable market
conditions and entered into a new $1.1 billion five-year
line of credit, effective August 5, 2004, and expiring
August 5, 2009. This facility replaced Progress Energy’s
$250 million 364-day line of credit and its three-year
$450 million line of credit, which were both scheduled
to expire in November 2004.
•On July 28, 2004, PEC extended its $165 million 364-day
line of credit, which was scheduled to expire on
July 29, 2004. The line of credit will expire on July 27, 2005.
•On July 1, 2004, PEF paid at maturity $40 million 6.69%
Medium-Term Notes Series B with commercial paper
proceeds and cash from operations.
•On April 30, 2004, PEC redeemed $35 million of Darlington
County 6.6% Series Pollution Control Bonds at 102.5% of
par, $2 million of New Hanover County 6.3% Series
Pollution Control Bonds at 101.5% of par, and $2 million of
Chatham County 6.3% Series Pollution Control Bonds at
101.5% of par with cash from operations.
•On March 1, 2004, Progress Energy used available
cash and proceeds from the issuance of commercial
paper to pay at maturity $500 million 6.55% senior
unsecured notes. Cash and commercial paper
capacity for this retirement was created primarily from
proceeds of the sale of assets in 2003.
•On February 9, 2004, Progress Capital Holdings, Inc.,
paid at maturity $25 million 6.48% medium-term notes
with available cash from operations.
•On January 15, 2004, PEC paid at maturity $150 million
5.875% First Mortgage Bonds with commercial paper
proceeds. On April 15, 2004, PEC also paid at maturity
$150 million 7.875% First Mortgage Bonds with
commercial paper proceeds and cash from operations.
•For 2004, the Company issued approximately 1 million
shares of its common stock for approximately
$73 million in net proceeds from its Investor Plus Stock
Purchase Plan and its employee benefit and stock
option plans, net of purchases of restricted shares. For
2004, the dividends paid on common stock were
approximately $558 million.
2003
•Progress Energy obtained a three-year financing
order, allowing it to issue up to $2.8 billion of long-term
securities, $1.5 billion of short-term debt, and $3 billion
in parent guarantees. Progress Energy issued
approximately 8 million shares of common stock for
approximately $304 million in net proceeds from its
Investor Plus Stock Purchase Plan and its employee
benefit plans, net of purchases of restricted shares.
For 2003, the dividends paid on common stock were
approximately $541 million.
•PEC redeemed $250 million and issued $600 million in
first mortgage bonds.
•PEF redeemed $250 million, issued $950 million and paid
at maturity $180 million in first mortgage bonds. PEF also
paid at maturity $35 million in medium-term notes.
•Progress Capital Holdings, Inc., paid at maturity
$58 million in medium-term notes.
•Progress Genco Ventures, LLC, terminated its
$50 million working capital credit facility. Under its
related construction facility, Genco had drawn
$241 million at December 31, 2003.
2002
•Progress Energy issued $800 million in senior unsecured
notes. Progress Energy issued approximately 2 million
shares representing approximately $86 million in
proceeds from its Investor Plus Stock Purchase Plan
and its employee benefit plans.
•PEC issued and redeemed $500 million in senior
unsecured notes and $48.5 million in pollution control
obligations. PEC also redeemed $150 million and paid at
maturity $100 million in first mortgage bonds.
39
Progress Energy Annual Report 2004
(in millions)
Company Description Total Outstanding Available
Progress Energy,
Inc.
5-Year
(expiring 8/5/09) $1,130 $160 $970
Progress Energy
Carolinas, Inc.
364-Day
(expiring 7/27/05) 165 90 75
Progress Energy
Carolinas, Inc.
3-Year
(expiring 7/31/05) 285 – 285
Progress Energy
Florida, Inc.
364-Day
(expiring 3/29/05) 200 170 30
Progress Energy
Florida, Inc.
3-Year
(expiring 4/01/06) 200 55 145
Less: amounts
reserved(a) – – (574)
Total credit
facilities $1,980 $475 $931
(a) To the extent amounts are reserved for commercial paper outstanding or
backing letters of credit, they are not available for additional borrowings.