ComEd 2006 Annual Report Download - page 247

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)
The ComEd credit agreement is secured by first mortgage bonds and imposes a restriction on
future mortgage bond issuances by ComEd. It requires ComEd to maintain at least $1.75 billion of
issuance availability (ignoring any interest coverage test) in the form of “property additions” or
“bondable bond retirements” (previously issued, but now retired, bonds), most of which are required to
be maintained in the form of “bondable bond retirements.” In general, a dollar of bonds can be issued
under ComEd’s Mortgage on the basis of $1.50 of property additions, subject to an interest coverage
test, or $1 of bondable bond retirements, which may or may not be subject to an interest coverage test.
As of December 31, 2006, ComEd was in compliance with this requirement.
Long-Term Debt
The following tables present the outstanding long-term debt at Exelon, Generation, ComEd and
PECO as of December 31, 2006 and 2005:
Exelon
Rates
Maturity
Date
December 31,
2006 2005
Long-term debt
First Mortgage Bonds (a) (b):
Fixed rates ..................................... 3.50%-8.375% 2008-2036 $4,261 $3,201
Floating rates ................................... 3.50%-3.85% 2012-2020 497 497
Notes payable and other (c) ............................ 4.45%-8.00% 2007-2035 3,867 3,928
Pollution control notes:
Floating rates ................................... 3.52%-3.97% 2016-2034 520 520
Notes payable—accounts receivable agreement .......... 5.28% 2010 17 30
Sinking fund debentures .............................. 3.875%-4.75% 2008-2011 8 10
Total long-term debt .................................... 9,170 8,186
Unamortized debt discount and premium, net ............ (25) (25)
Unamortized settled fair-value hedge, net ................ (1) 6
Fair-value hedge carrying value adjustment, net .......... — (1)
Long-term debt due within one year .................... (248) (407)
Long-term debt ........................................ $8,896 $7,759
Long-term debt to financing trusts (d)
Payable to ComEd Transitional Funding Trust ............ 5.63%-5.74% 2007-2008 $ 648 $ 988
Payable to PETT .................................... 6.13%-7.65% 2007-2010 2,403 2,975
Subordinated debentures to ComEd Financing II .......... 8.50% 2027 155 155
Subordinated debentures to ComEd Financing III ......... 6.35% 2033 206 206
Subordinated debentures to PECO Trust III .............. 7.38% 2028 81 81
Subordinated debentures to PECO Trust IV .............. 5.75% 2033 103 103
Total long-term debt to financing trusts ................... 3,596 4,508
Long-term debt due to financing trusts due within one
year ............................................. (581) (507)
Long-term debt to financing trusts ....................... $3,015 $4,001
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