Progress Energy 2007 Annual Report Download - page 102

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
100
12. DEBT AND CREDIT FACILITIES
A. Debt and Credit Facilities
At December 31 our long-term debt consisted of the
following (maturities and weighted-average interest rates
at December 31, 2007):
On September 18, 2007, PEF issued $500 million of First
Mortgage Bonds, 6.35% Series due 2037 and $250 million
of First Mortgage Bonds, 5.80% Series due 2017. The
proceeds were used to repay PEF’s utility money pool
borrowings and the remainder was placed in temporary
investments for general corporate use as needed.
At December 31, 2007 and 2006, we had committed lines of
credit used to support our commercial paper borrowings.
At December 31, 2007 and 2006, we had no outstanding
borrowings under our credit facilities. We are required
to pay minimal annual commitment fees to maintain our
credit facilities.
The following table summarizes our revolving
credit agreements (RCAs) and available capacity at
December 31, 2007:
(in millions) 2007 2006
Progress Energy, Inc.
Senior unsecured notes, maturing 2010-2031 6.98% $2,600 $2,600
Unamortized fair value hedge gain, net –(1)
Unamortized premium and discount, net (3) (18)
Long-term debt, net 2,597 2,581
PEC
First mortgage bonds, maturing 2009-2035 5.65% 2,000 2,200
Pollution control obligations, maturing 2017-2024 4.57% 669 669
Senior unsecured notes, maturing 2012 6.50% 500 500
Medium-term notes, maturing 2008 6.65% 300 300
Miscellaneous notes 22 22
Unamortized premium and discount, net (8) (21)
Current portion of long-term debt (300) (200)
Long-term debt, net 3,183 3,470
PEF
First mortgage bonds, maturing 2008-2037 5.64% 2,380 1,630
Pollution control obligations, maturing 2018-2027 4.32% 241 241
Senior unsecured notes, maturing 2008 5.27% 450 450
Medium-term notes, maturing 2008-2028 6.75% 152 241
Unamortized premium and discount, net (5) (5)
Current portion of long-term debt (532) (89)
Long-term debt, net 2,686 2,468
Florida Progress Funding Corporation (See Note 23)
Debt to affiliated trust, maturing 2039 7.10% 309 309
Unamortized premium and discount, net (38) (38)
Long-term debt, net 271 271
Progress Capital Holdings, Inc.
Medium-term notes, maturing 2008 6.46% 45 80
Current portion of long-term debt (45) (35)
Long-term debt, net –45
Progress Energy consolidated long-term debt, net $8,737 $8,835