Constellation Energy Corp
For the period ended Mar 31, 2024. Filed May 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
11. Debt and Credit Agreements
- Debt and Credit Agreements
Short-Term Borrowings
We meet our short-term liquidity requirements primarily through the issuance of commercial paper. We may use our credit facility for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.
Note 11 — Debt and Credit Agreements
Credit Agreements
As of March 31, 2024 and December 31, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:
| Facility Type | Aggregate BankCommitment | Facility Draws | OutstandingLetters of Credit | Outstanding Commercial Paper(a) | Available Capacity as of March 31, 2024 |
|---|---|---|---|---|---|
| Syndicated Revolver | $3,500 | $— | $107 | $1,271 | $2,122 |
| Bilaterals(b) | 1,700 | — | 833 | — | 867 |
| Liquidity Facility | 971 | — | 877 | — | 23(c) |
| Project Finance | 137 | — | 115 | — | 22 |
| Total | $6,308 | $— | $1,932 | $1,271 | $3,034 |
| Facility Type | Aggregate BankCommitment | Facility Draws | OutstandingLetters of Credit | Outstanding Commercial Paper(a) | Available Capacity as of December 31, 2023 |
|---|---|---|---|---|---|
| Syndicated Revolver | $3,500 | $— | $60 | $1,107 | $2,333 |
| Bilaterals | 1,500 | — | 878 | — | 622 |
| Liquidity Facility | 971 | — | 720 | — | 191(c) |
| Project Finance | 137 | — | 117 | — | 20 |
| Total | $6,108 | $— | $1,775 | $1,107 | $3,166 |
(a)Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of both March 31, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $3.5 billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.56% and 5.66% as of March 31, 2024 and December 31, 2023, respectively.
(b)In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date.
(c)The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of March 31, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $900 million and $911 million, respectively.
Short-Term Loan Agreements
As of March 31, 2024 and December 31, 2023, we had the following short-term loan agreements:
| Month Initiated | Interest Rate | Maturity | Outstanding Amount as of March 31, 2024 | Outstanding Amount as of December 31, 2023 |
|---|---|---|---|---|
| January 2023 | 1 month SOFR + 0.80% | January 2024 | $— | $100 |
| February 2023 | 1 month SOFR + 1.05% | February 2024 | — | 400 |
| February 2024 | 1 month SOFR + 0.90% | February 2025 | 200 | — |
Note 11 — Debt and Credit Agreements
Long-Term Debt
Debt Issuances and Redemptions
During the three months ended March 31, 2024, the following long-term debt was issued (redeemed):
| Type | Interest Rate | Maturity | Amount |
|---|---|---|---|
| Green Senior Notes(a) | 5.75% | March 2054 | $900 |
| Energy Efficiency Project Financing(b) | 2.20% - 4.96% | September 2024 - October 2024 | 1 |
| Continental Wind Nonrecourse Debt | 6.00% | February 2033 | (15) |
| West Medway II Nonrecourse Debt | 1 month SOFR + 3.225% | March 2026 | (8) |
| Antelope Valley DOE Nonrecourse Debt | 2.29% - 3.56% | January 2037 | (6) |
| RPG Nonrecourse Debt | 4.11% | March 2035 | (3) |
| Total long-term debt issued (redeemed) | $869 | ||
(a)The Green Senior Notes were issued to finance or refinance, in whole or in part, one or more new or existing Eligible Projects. Eligible Projects are defined as investments and expenditures made by us in the 24 months prior to or after the issuance of the notes within the following eligible green categories: clean generation fleet, clean hydrogen, energy storage, and clean commercial offerings.
(b)Energy Efficiency Project Financing represents funding to install energy conservation measures. The maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt.
Debt Covenants
As of March 31, 2024, we are in compliance with all debt covenants.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.