Allegheny Power 2015 Annual Report Download - page 126

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110
PREFERREDANDPREFERENCESTOCK
FirstEnergyandtheUtilitieswereauthorizedtoissuepreferredstockandpreferencestockasofDecember31,2015,asfollows:
PreferredStock
PreferenceStock
Shares
Authorized
ParValue
Shares
Authorized
ParValue
FirstEnergy
5,000,000
$
100
OE
6,000,000
$
100
8,000,000
nopar
OE
8,000,000
$
25
Penn
1,200,000
$
100
CEI
4,000,000
nopar
3,000,000
nopar
TE
3,000,000
$
100
5,000,000
$
25
TE
12,000,000
$
25
JCP&L
15,600,000
nopar
ME
10,000,000
nopar
PN
11,435,000
nopar
MP
940,000
$
100
PE
10,000,000
$
0.01
WP
32,000,000
nopar
AsofDecember31,2015,and2014,therewerenopreferredorpreferencesharesoutstanding.
111
LONGTERMDEBTANDOTHERLONGTERMOBLIGATIONS
ThefollowingtablespresentoutstandinglongtermdebtandcapitalleaseobligationsforFirstEnergyandFESasofDecember31,
2015and2014:
AsofDecember31,2015AsofDecember31
(Dollaramountsinmillions)MaturityDateInterestRate20152014
FirstEnergy:
FMBs201620453.340%9.740% $ 3,269 $ 3,190
Securednotesfixedrate201620370.679%12.000%2,0962,247
Securednotesvariablerate201720173.500%3.500% 2 —
Totalsecurednotes2,0982,247
Unsecurednotesfixedrate201620452.150%7.700%13,58013,078
Unsecurednotesvariablerate201720200.010%2.180%1,2921,292
Totalunsecurednotes14,87214,370
Capitalleaseobligations132160
Unamortizeddebtdiscounts(18) (8)
Unamortizedfairvalueadjustments 5 21
Currentlypayablelongtermdebt(1,166) (804)
Totallongtermdebtandotherlongtermobligations $ 19,192 $ 19,176
FES:
Securednotesfixedrate201620185.625%12.000% $ 340 $ 437
Securednotesvariablerate201720173.500%3.500% 2 —
Totalsecurednotes342437
Unsecurednotesfixedrate201620392.150%6.800%2,5932,568
Unsecurednotesvariablerate201720170.010%0.010%9292
Totalunsecurednotes2,6852,660
Capitalleaseobligations1318
Unamortizeddebtdiscounts(1) (1)
Currentlypayablelongtermdebt(512)(506)
Totallongtermdebtandotherlongtermobligations $ 2,527 $ 2,608
Duringthesecondquarterof2015,FErefinanceda$200millionvariableinteresttermloan,maturingonDecember31,2016witha
new$200millionvariableinteresttermloanmaturingonMay29,2020.
OnJuly1,2015,FGandNGremarketedapproximately$43millionand$296million,respectively,ofPCRBs.ThePCRBswere
remarketedwithfixedinterestratesrangingfrom3.125%to4.00%andmandatoryputdatesrangingfromJuly2,2018toJuly1,
2021.
InAugust2015,JCP&Lissued$250millionof4.30%seniornotesdueJanuary2026.Theproceedsreceivedfromtheissuanceofthe
seniornoteswereusedtorepayaportionofJCP&L’sshorttermborrowingsundertheFirstEnergyregulatedcompanies'moneypool
andanexternalrevolvingcreditfacility.
Also,inthesecondquarterof2015,WPagreedtosell$150millionofnew4.45%FMBsdueSeptember2045andPEagreedtosell
$145 million of new 4.47% FMBs dueAugust 2045.The transactions closed on September 17, 2015 andAugust 17, 2015,
respectively.TheproceedsresultingfromtheissuanceoftheWPFMBswereusedtorepayWP’sborrowingsundertheFirstEnergy
regulatedcompanies'moneypoolandforothergeneralcorporatepurposes.TheproceedsresultingfromtheissuanceofthePE
FMBswereusedtorepayPE’s$145million5.125%FMBsthatmaturedonAugust15,2015.
InOctober2015,TrAILissued$75millionof3.76%seniornotesdueMay2025.Theproceedsresultingfromtheissuanceofthe
seniornoteswereused:(i)tofundcapitalexpenditures,includingwithrespecttoTrAIL'stransmissionexpansionplansand(ii)for
workingcapitalneedsandothergeneralbusinesspurposes.
Additionally,inOctober2015,ATSIissuedintotal$150millionofseniornotes:$75millionof4.00%seniornotesdueApril2026and
$75millionof5.23%seniornotesdueOctober2045.Theproceedsresultingfromtheissuanceoftheseniornoteswereused:(i)to