ComEd 2002 Annual Report Download - page 101

basis through November 20,2003.This credit facility includes a
term-out option that allows any outstanding borrowings at the
end of the revolving credit period to be repaid on November 21,
2004.This credit facility is used principally to support the com-
mercial paper programs of Exelon,ComEd,PECO and Generation.
At December 31, 2002, the amount of commercial paper out-
standing was $681 million which does not include $267 million
that has been classified as long-term debt. At December 31,
2001, the amount of commercial paper outstanding was
$360 million. Interest rates on the advances under the credit
facility are based on the London Interbank Offering Rate (LIBOR)
as of the date of the advance.
Notes To Consolidated Financial Statements
exelon corporation and subsidiary companies
99
note 13 • long-term debt
December 31,
Maturity
Rates Date 2002 2001
Securitized Long-Term Debt
ComEd Transitional Trust Notes
Series 1998-A: 5.39%-5.74% 2003-2008 $2,040 $ 2,380
PETT Bonds Series 1999-A:
Fixed rates 5.63%-6.13% 2003-2008(a) 2,426 2,577
Floating rates 1.48%-1.55% 2004-2007(a) 274 310
PETT Bonds Series 2000-A: 7.63%-7.65% 2009(a) 750 890
PETT Bonds Series 2001: 6.52% 2010(a) 805 805
Other Long-Term Debt
First and Refunding Mortgage Bonds(b) (c):
Fixed rates 4.4%-9.875% 2003-2023 3,614 3,942
Floating rates 1.08%-1.41% 2012-2013 254 154
Notes payable and other 6.40%-9.20% 2003-2020 2,393 2,651
SBG Facility 6.37%(d) 2007 1,036 –
Pollution control notes:
Fixed rates 5.2%-6.95% 2007-2034 199 44
Floating rates 1.05%-1.50% 2009-2034 456 583
Notes payable—accounts receivable agreement 1.42% 2005 61 55
Sinking fund debentures 3.125%-4.75% 2004-2011 20 23
Commercial Paper(e) 1.88%(f) 2003 267 –
Total Long-Term Debt(g) 14,595 14,414
Unamortized debt discount and premium, net (107) (129)
Fair value hedge carrying value adjustment 41 –
Due within one year (1,402) (1,406)
Long-Term Debt $13,127$ 12,879
(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, 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) The rate for the SBG Facility is stated as an average rate. Under the terms of the SBG Facility, SBG is required to effectively fix the interest rate on 50% of the borrowings under the facility
through its maturity in 2007.The SBG Facility is subject to a variable rate based on the LIBOR rate plus a margin of 1.375%, however, through the required interest rate swaps, SBG has
effectively fixed the LIBOR component of the interest rate at 5.73% on 83% of the debt balance as of December 31, 2002.
(e) Classified as long-term at December 31, 2002 since it was refinanced with long-term debt in January 2003.
(f) Average interest rate of commercial paper outstanding at December 31, 2002.
(g) Long-term debt maturities in the period 2003 through 2007 and thereafter are as follows:
2003 $ 1,669
2004 962
2005 1,313
2006 1,273
2007 1,172
Thereafter 8,206
Total $ 14,595
2003 maturities include $267 million of commercial paper classified as long-term debt (see Note 23—Subsequent Events).