Allegheny Power 2015 Annual Report Download - page 127

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110
PREFERREDANDPREFERENCESTOCK
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FirstEnergyandtheUtilitieswereauthorizedtoissuepreferredstockandpreferencestockasofDecember31,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December31,2015,and2014,therewerenopreferredorpreferencesharesoutstanding.
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111
LONGTERMDEBTANDOTHERLONGTERMOBLIGATIONS

ThefollowingtablespresentoutstandinglongtermdebtandcapitalleaseobligationsforFirstEnergyandFESasofDecember31,
2015and2014:

AsofDecember31,2015
AsofDecember31
(Dollaramountsinmillions)
MaturityDate
InterestRate
2015
2014
FirstEnergy:
FMBs
20162045
3.340%9.740%
$
3,269
$
3,190
Securednotesfixedrate
20162037
0.679%12.000%
2,096
2,247
Securednotesvariablerate
20172017
3.500%3.500%
2
—
Totalsecurednotes
2,098
2,247
Unsecurednotesfixedrate
20162045
2.150%7.700%
13,580
13,078
Unsecurednotesvariablerate
20172020
0.010%2.180%
1,292
1,292
Totalunsecurednotes
14,872
14,370
Capitalleaseobligations
132
160
Unamortizeddebtdiscounts
(18
)
(8
)
Unamortizedfairvalueadjustments
5
21
Currentlypayablelongtermdebt
(1,166
)
(804
)
Totallongtermdebtandotherlongtermobligations
$
19,192
$
19,176
FES:
Securednotesfixedrate
20162018
5.625%12.000%
$
340
$
437
Securednotesvariablerate
20172017
3.500%3.500%
2
—
Totalsecurednotes
342
437
Unsecurednotesfixedrate
20162039
2.150%6.800%
2,593
2,568
Unsecurednotesvariablerate
20172017
0.010%0.010%
92
92
Totalunsecurednotes
2,685
2,660
Capitalleaseobligations
13
18
Unamortizeddebtdiscounts
(1
)
(1
)
Currentlypayablelongtermdebt
(512
)
(506
)
Totallongtermdebtandotherlongterm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shorttermborrowingsundertheFirstEnergyregulatedcompanies'moneypool
andanexternalrevolvingcreditfacility.
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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repayPE’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