Progress Energy 2004 Annual Report Download - page 85

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At December 31, 2004, the Company had committed lines
of credit used to support its commercial paper
borrowings. The Progress Energy five-year credit facility
and the PEF three-year credit facility are included in
long-term debt. All other credit facilities are included in
short-term obligations. At December 31, 2004, the
Company had $260 million outstanding under its credit
facilities classified as short-term obligations at a
weighted-average interest rate of 3.18%. No amount was
outstanding under the Company’s committed lines of
credit at December 31, 2003. The Company is required to
pay minimal annual commitment fees to maintain its
credit facilities.
13. DEBT AND CREDIT FACILITIES
A. Debt and Credit Facilities
At December 31, the Company’s long-term debt consisted
of the following (maturities and weighted-average
interest rates at December 31, 2004):
83
Progress Energy Annual Report 2004
(in millions)
2004 2003
Progress Energy, Inc.
Senior unsecured notes, maturing 2006-2031 6.90% $4,300 $4,800
Draws on revolving credit agreement, expiring 2009 3.19% 160 –
Unamortized fair value hedge gain, net 12 19
Unamortized premium and discount, net (23) (27)
4,449 4,792
Progress Energy Carolinas, Inc.
First mortgage bonds, maturing 2005-2033 6.33% 1,600 1,900
Pollution control obligations, maturing 2017-2024 1.98% 669 708
Unsecured notes, maturing 2012 6.50% 500 500
Medium-term notes, maturing 2008 6.65% 300 300
Unamortized premium and discount, net (19) (22)
3,050 3,386
Progress Energy Florida, Inc.
First mortgage bonds, maturing 2008-2033 5.60% 1,330 1,330
Pollution control obligations, maturing 2018-2027 1.67% 241 241
Medium-term notes, maturing 2005-2028 6.76% 337 379
Draws on revolving credit agreement, expiring 2006 2.95% 55 –
Unamortized premium and discount, net (3) (3)
1,960 1,947
Florida Progress Funding Corporation (See Note 19)
Debt to affiliated trust, maturing 2039 7.10% 309 309
Unamortized premium and discount, net (39) (39)
270 270
Progress Capital Holdings, Inc.
Medium-term notes, maturing 2006-2008 6.84% 140 165
Miscellaneous notes 11
141 166
Progress Genco Ventures, LLC
Variable rate project financing, maturing 2007 –241
Current portion of long-term debt (349) (868)
Total long-term debt $9,521 $9,934