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program. The commercial paper program allows NU parent to issue commercial paper as a form of short-term debt. Effective July 23, 2014, NU
parent, CL&P, PSNH, WMECO, NSTAR Gas and Yankee Gas extended the expiration date of their joint revolving credit facility for one additional
year to September 6, 2019. CL&P has a borrowing sublimit of $600 million and PSNH and WMECO each have borrowing sublimits of $300
million. As of December 31, 2014 and 2013, NU had approximately $1.1 billion and $1.01 billion, respectively, in short-term borrowings
outstanding under the NU parent commercial paper program, leaving $348.9 million and $435.5 million of available borrowing capacity as of
December 31, 2014 and 2013, respectively. The weighted-average interest rate on these borrowings as of December 31, 2014 and 2013 was 0.43
percent and 0.24 percent, respectively, which is generally based on A2/P2 rated commercial paper. As of December 31, 2014, there were
intercompany loans from NU of $133.4 million to CL&P, $90.5 million to PSNH and $21.4 million to WMECO. As of December 31, 2013, there
were intercompany loans from NU of $287.3 million to CL&P and $86.5 million to PSNH.
NSTAR Electric has a five-year $450 million revolving credit facility. This facility serves to backstop NSTAR Electric's existing $450 million
commercial paper program. Effective July 23, 2014, NSTAR Electric extended the expiration date of its revolving credit facility for one additional
year to September 6, 2019. As of December 31, 2014 and 2013, NSTAR Electric had $302 million and $103.5 million, respectively, in short-term
borrowings outstanding under its commercial paper program, leaving $148 million and $346.5 million of available borrowing capacity as of
December 31, 2014 and 2013, respectively. The weighted-average interest rate on these borrowings as of December 31, 2014 and 2013 was 0.27
percent and 0.13 percent, respectively, which is generally based on A2/P1 rated commercial paper.
Except as described below, amounts outstanding under the commercial paper programs are included in Notes Payable for NU and NSTAR Electric
and classified in current liabilities on the balance sheets as all borrowings are outstanding for no more than 364 days at one time. Intercompany loans
from NU to CL&P, PSNH and WMECO are included in Notes Payable to NU Parent and classified in current liabilities on the balance sheets.
Intercompany loans from NU to CL&P, PSNH and WMECO are eliminated in consolidation in NU's balance sheets.
On January 15, 2015, NU parent issued $150 million of 1.60 percent Series G Senior Notes due to mature in 2018 and $300 million of 3.15 percent
Series H Senior Notes, due to mature in 2025. The proceeds, net of issuance costs, were used to repay short-term borrowings outstanding under the
NU commercial paper program. As the debt issuances refinanced short-term debt, the short-term debt was classified as Long-Term Debt as of
December 31, 2014. On January 2, 2014, Yankee Gas issued $100 million of Series L First Mortgage Bonds and $25 million of the proceeds was
used to repay short-term borrowings outstanding under the NU commercial paper program. As the debt issuance refinanced short-term debt, these
amounts were classified as Long-Term Debt on NU's balance sheet as of December 31, 2013. See Note 8, "Long-Term Debt" for further information
on these debt issuances.
Under the credit facilities, NU and its subsidiaries must comply with certain financial and non-financial covenants, including a consolidated debt to
total capitalization ratio. As of December 31, 2014 and 2013, NU and its subsidiaries were in compliance with these covenants. If NU or its
subsidiaries were not in compliance with these covenants, an event of default would occur requiring all outstanding borrowings by such borrower to
be repaid and additional borrowings by such borrower would not be permitted under its respective credit facility.
8. LONG-TERM DEBT
Details of long-term debt outstanding are as follows:
CL&P As of December 31,
 2014 2013
First Mortgage Bonds:
7.875% 1994 Series D due 2024 $139.8 $139.8
4.800% 2004 Series A due 2014
(1)
- 150.0
5.750% 2004 Series B due 2034 130.0 130.0
5.000% 2005 Series A due 2015 100.0 100.0
5.625% 2005 Series B due 2035 100.0 100.0
6.350% 2006 Series A due 2036 250.0 250.0
5.375% 2007 Series A due 2017 150.0 150.0
5.750% 2007 Series B due 2037 150.0 150.0
5.750% 2007 Series C due 2017 100.0 100.0
6.375% 2007 Series D due 2037 100.0 100.0
5.650% 2008 Series A due 2018 300.0 300.0
5.500% 2009 Series A due 2019 250.0 250.0
2.500% 2013 Series A due 2023 400.0 400.0
4.300% 2014 Series A due 2044
(2)
250.0 -
Total First Mortgage Bonds 2,419.8 2,319.8
Pollution Control Revenue Bonds:
4.375% Fixed Rate Tax Exempt due 2028 120.5 120.5
1.550% Fixed Rate Tax Exempt due 2031
(3)
62.0 62.0
Total Pollution Control Revenue Bonds 182.5 182.5
Spent Nuclear Fuel Obligation 244.5 244.4
Less Amounts due Within One Year (162.0) (150.0)
Unamortized Premiums and Discounts, Net (4.8) (5.5)
CL&P Long-Term Debt $2,680.0 $2,591.2