Progress Energy 2010 Annual Report Download - page 85

81
Progress Energy Annual Report 2010
11. 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, 2010):
(in millions) 2010 2009
Parent
Senior unsecured notes, maturing 2011-2039 6.64% $4,200 $ 4,300
Unamortized฀premium฀and฀discount,฀net (6) (7)
Current portion of long-term debt (205) (100)
Long-term debt, net 3,989 4,193
PEC
First mortgage bonds, maturing 2011-2038 5.60% 2,525 2,525
Pollution control obligations, maturing 2017-2024 0.89% 669 669
Senior unsecured notes, maturing 2012 6.50% 500 500
Miscellaneous notes 6.00% 5 21
Unamortized฀premium฀and฀discount,฀net (6) (6)
Current portion of long-term debt – (6)
Long-term debt, net 3,693 3,703
PEF
First mortgage bonds, maturing 2011-2040 5.82% 4,100 3,800
Pollution control obligations, maturing 2018-2027 0.52% 241 241
Medium-term notes, maturing 2028 6.75% 150 150
Unamortized฀premium฀and฀discount,฀net (9) (8)
Current portion of long-term debt (300) (300)
Long-term debt, net 4,182 3,883
Progress Energy consolidated long-term debt, net $11,864 $11,779
Florida Progress Funding Corporation (See Note 23)
Debt to affiliated trust, maturing 2039 7.10% $309 $ 309
Unamortized฀premium฀and฀discount,฀net (36) (37)
Long-term debt, affiliate $273 $ 272
On January 21, 2011, the Parent issued $500 million
of 4.40% Senior Notes due 2021. We expect to use net
proceeds of $495 million, along with available cash on
hand, to retire at maturity the $700 million outstanding
aggregate principal balance of our 7.10% Senior Notes
due March 1, 2011. Accordingly, we classified $495 million
of the Parent’s $700 million 7.10% Senior Notes due
March 1, 2011 as long-term debt at December 31, 2010.
On January 15, 2010, the Parent paid at maturity
$100 million of its Series A Floating Rate Notes with a
portion of the proceeds from the $950 million of Senior
Notes issued in November 2009.
On March 25, 2010, PEF issued $250 million of 4.55% First
Mortgage Bonds due 2020 and $350 million of 5.65%
First Mortgage Bonds due 2040. Proceeds were used to
repay the outstanding balance of PEF’s notes payable
to affiliated companies, to repay the maturity of PEF’s
$300 million 4.50% First Mortgage Bonds due June 1,
2010, and for general corporate purposes.
At December 31, 2010 and 2009, we had committed lines
of credit used to support our commercial paper and
other short-term borrowings. At December 31, 2010 and
December 31, 2009, we had no outstanding borrowings
under our revolving credit agreements (RCAs). We are
required to pay fees to maintain our credit facilities.