ComEd 2006 Annual Report Download - page 245

Exelon Corporation and Subsidiary Companies
Exelon Generation Company, LLC and Subsidiary Companies
Commonwealth Edison Company and Subsidiary Companies
PECO Energy Company and Subsidiary Companies
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
ComEd
2006 2005 2004
Average borrowings ............................................... $213 $ 36 $ 7
Maximum borrowings outstanding .................................... 669 497 180
Average interest rates, computed on a daily basis ....................... 5.06% 4.13% 2.11%
Average interest rates, at December 31 ............................... 5.43% 4.50% —
PECO
2006 2005 2004
Average borrowings ............................................... $133 $ 30 $ 23
Maximum borrowings outstanding .................................... 442 257 207
Average interest rates, computed on a daily basis ....................... 4.97% 3.44% 1.08%
Average interest rates, computed at December 31 ...................... 5.41% 4.58% —
On March 7, 2005, Exelon entered into a $2 billion term loan agreement. The loan proceeds were
used to fund discretionary contributions of $2 billion to Exelon’s pension plans. On April 1, 2005,
Exelon entered into a $500 million term loan agreement to reduce this $2 billion term loan. During the
second quarter of 2005, $200 million of this $500 million term loan, as well as the remaining $1.5 billion
balance on the $2 billion term loan described above, were repaid with the net proceeds received from
the issuance of the $1.7 billion long-term senior notes presented in the table below. The $300 million
outstanding balance under the $500 million term loan agreement bears interest at a variable rate
determined, at Exelon’s option, by either the Base Rate or the Eurodollar Rate (as defined in the term
loan agreement). On November 30, 2005, the term loan agreement was amended and restated to
extend the agreement from December 1, 2005 to September 16, 2006. On July 31, 2006, Exelon
amended its $300 million term loan agreement to extend the maturity date to the earlier of
December 31, 2006 or two business days after the effective date of Exelon’s new credit facilities. On
October 30, 2006, Exelon terminated its $300 million term loan agreement.
Credit Agreements
On July 16, 2004, Exelon, Generation, ComEd and PECO entered into a $1 billion unsecured
revolving credit facility maturing on July 16, 2009 and a $500 million unsecured revolving credit facility
which matured on October 31, 2006.
On February 10 through 16, 2006, Generation entered into separate additional credit facilities with
aggregate bank commitments of $950 million. On September 19, 2006, Generation entered into three
separate 364-day revolving credit facilities with aggregate commitments of $1 billion.
On February 22, 2006, ComEd entered into a $1 billion senior secured three-year revolving credit
agreement. The credit agreement is secured by First Mortgage Bonds of ComEd in the principal
amount of approximately $1 billion. First Mortgage Bonds are a first mortgage lien on ComEd’s utility
assets other than expressly excepted property. Additionally, on February 22, 2006, ComEd was
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