ComEd 2015 Annual Report Download - page 347

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
ComEd
2015 2014 2013
Average borrowings $ 461 $ 415 $ 203
Maximum borrowings outstanding 684 597 446
Average interest rates, computed on a daily basis 0.53% 0.33% 0.40%
Average interest rates, at December 31 0.89% 0.50% 0.37%
BGE
2015 2014 2013
Average borrowings $ 37 $ 64 $ 35
Maximum borrowings outstanding 210 180 135
Average interest rates, computed on a daily basis 0.48% 0.29% 0.31%
Average interest rates, computed at December 31 0.87% 0.61% 0.31%
Credit Agreements
On October 23, 2015, the credit agreement for CENG’s $100 million bilateral credit facility was amended and extended for an additional two
years. This facility has been utilized by CENG to fund working capital and capital projects. This facility does not back Generation’s commercial
paper program.
On January 5, 2016, Generation entered into a credit agreement establishing a $150 million bilateral credit facility, scheduled to mature in
January of 2019. This facility does not back Generation’s commercial paper program.
Borrowings under Exelon Corporate’s, Generation’s, ComEd’s, PECO’s and BGE’s revolving credit facilities bear interest at a rate based
upon either the prime rate or a LIBOR-based rate, plus an adder based upon the particular registrant’s credit rating. Exelon Corporate, Generation,
ComEd, PECO and BGE have adders of 27.5, 27.5, 7.5, 0.0 and 0.0 basis points for prime based borrowings and 127.5, 127.5, 107.5, 90.0 and
100.0 basis points for LIBOR-based borrowings. The maximum adders for prime rate borrowings and LIBOR-based rate borrowings are 65 basis
points and 165 basis points, respectively. The credit agreements also require the borrower to pay a facility fee based upon the aggregate
commitments. The fee varies depending upon the respective credit ratings of the borrower.
An event of default under any of the Registrants’ credit agreements would not constitute an event of default under any of the other
Registrants’ credit agreements, except that a bankruptcy or other event of default in the payment of principal, premium or indebtedness in principal
amount in excess of $100 million in the aggregate by Generation under its credit agreement would constitute an event of default under the Exelon
Corporation credit agreement.
340
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.