ComEd 2001 Annual Report Download - page 75

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73
(14) Long-Term Debt
at December 31,
Maturity
Rates Date 2001 2000
ComEd Transitional Trust Notes
Series 1998-A: 5.00%–6.00% 2002–2008 $ 2,380 $ 2,720
PETT Bonds Series 1999-A:
Fixed rates 5.63%–6.13% 2003–2008(a) 2,561 2,706
Floating rates 5.081%–6.52% 2004–2007(a) 327 1,132
PETT Bonds Series 2000-A: 7.3%–7.65% 2002–2009(a) 890 1,000
PETT Bonds Series 2001: 6.52% 2010(a) 805 –
First and Refunding Mortgage Bonds(b)(c):
Fixed rates 4.00%–10.00% 2002–2023 3,942 4,260
Floating rates 1.46%–1.62% 2012 154 154
Notes payable 6.75%–9.20% 2002–2020 2,647 1,459
Pollution control notes:
Fixed rates 5.875% 2007 44 46
Floating rates 1.59%–2.45% 2009–2034 583 461
Notes payable—accounts receivable agreement 5.625%–10.25% 2005 55 40
Sinking fund debentures 3.125%–4.75% 2004–2011 23 27
Total Long-Term debt(d) 14,411 14,005
Unamortized debt discount and premium, net (129) (139)
Due within one year (1,406) (908)
Long-Term debt $12,876 $ 12,958
(a) The maturity date represents the expected final payment date which is the date when all principal and interest of the related class of transition bonds is
expected to be paid in full in accordance with the expected amortization schedule for the applicable class. The date when all principal and interest must
be paid in full for the PETT Bonds Series 1999-A, 2000-A and 2001-A are 2003 through 2009, 2003 through 2010 and 2010 respectively. The current portion
of transition bonds is based upon the expected maturity date.
(b) Utility plant of ComEd and PECO is subject to the liens of their respective mortgage indentures.
(c) Includes first mortgage bonds issued under the ComEd and PECO mortgage indentures securing pollution control notes.
(d) Long-term debt maturities in the period 2002 through 2006 and thereafter are as follows:
2002 1,406
2003 1,391
2004 896
2005 1,308
2006 1,268
Thereafter 8,142
Total $ 14,411
In 2001, ComEd entered into forward starting interest rate swaps with an aggregate notional amount of $250 million to
manage interest rate exposure associated with the anticipated $400 million refinancing of ComEd First Mortgage Bonds.
ComEd also entered into an interest rate swap agreement with a notional amount of $235 million to effectively convert fixed
rate debt to floating rate debt.
In 1999, PECO entered into treasury forwards associated with the anticipated issuance of the Series 2000-A Transition
Bonds. On May 2, 2000, these instruments were settled with net proceeds to the counterparties of $13 million which has
been deferred and is being amortized over the life of the Series 2000-A Transition Bonds as an increase to interest expense.