DEBT, CREDIT FACILITIES, AND CAPITAL LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2013

The following table shows interest rates on TEP’s weekly variable rate bonds, which are reset weekly by its remarketing agents:



	Years Ended December 31,
	2013	2012	2011
Interest Rates on Bonds:
Average Interest Rate	0.10%	0.17%	0.18%
Range of Average Weekly Rates	0.06% - 0.25%	0.06% - 0.26%	0.05% - 0.34%

Effect Of Fixing Interest Rates On Amortizing Principal Balances Of Swaps

The swaps have the effect of fixing the interest rates on the amortizing principal balances as follows:



Lease Debt Outstanding at December 31, 2013	Fixed Rate		LIBOR Spread
Swap 1 - Notional Amount $33 million - Effective Date June 2006	5.77	%	1.75	%
Swap 2 - Notional Amount $16 million - Effective Date May 2009	3.18	%	1.75	%
Swap 3 - Notional Amount $6 million - Effective Date May 2009	3.32	%	1.75	%

TEP recorded these interest rate swaps as a cash flow hedge for financial reporting purposes. See Note 15.

Maturities of Long-term Debt

Long-term debt, including term loan payments, revolving credit facilities classified as long-term, and capital lease obligations mature on the following dates:



	TEP Long-Term Debt Maturities ⁽¹⁾		TEP Capital Lease Obligations			TEP Total			UNS Electric		UNS Gas		UNS Energy Parent Company		Total
	Millions of Dollars
2014	$	—	$	214		$	214		$	—	$	—	$	—	$	214
2015	—		69			69			80		50		—		199
2016	78		17			95			—		—		54		149
2017	—		18			18			—		—		—		18
2018	100		11			111			—		—		—		111
Total 2014 – 2018	178		329			507			80		50		54		691
Thereafter	1,046		30			1,076			50		50		—		1,176
Less: Imputed Interest	—		(42		)	(42		)	—		—		—		(42		)
Total	$	1,224	$	317		$	1,541		$	130	$	100	$	54	$	1,825

⁽¹⁾

$115 million of TEP’s variable rate bonds are backed by LOCs issued pursuant to TEP’s Credit Agreement, which expires in November 2016, and TEP’s Reimbursement Agreement, which expires in December 2019. Although the variable rate bonds mature between 2022 and 2032, the above table reflects a redemption or repurchase of such bonds in 2016 and 2019 as though the LOCs terminate without replacement upon expiration of the TEP Credit Agreement. TEP's 2013 tax-exempt variable rate IDBs, which mature in 2032, are subject to mandatory tender for purchase after the current five-year term and are therefore reflected as maturing in 2018. The repayment of TEP Unsecured Notes is not reduced by the approximately $1 million discount.