SHORT-TERM CREDIT ARRANGEMENTS

9 Months Ended

Sep. 30, 2013

SHORT TERM CREDIT ARRANGEMENTS [Abstract]

SHORT-TERM CREDIT ARRANGEMENTS

(D)  SHORT‑TERM CREDIT ARRANGEMENTS

As of September 30, 2013, UIL Holdings had $127 million outstanding under a revolving credit agreement with a group of banks that will expire on November 30, 2016 (the UIL Holdings Credit Facility).  Under the UIL Holdings Credit Facility, UIL Holdings has outstanding standby letters of credit in the aggregate amount of $4.4 million, which expire on January 31, 2014 and June 16, 2014.  Available credit under the UIL Holdings Credit Facility at September 30, 2013 totaled $268.6 million for UIL Holdings and its subsidiaries in the aggregate.  UIL Holdings records borrowings under the UIL Holdings Credit Facility as short‑term debt, but the UIL Holdings Credit Facility provides for longer term commitments from banks allowing UIL Holdings to borrow and reborrow funds, at its option, until the facility’s expiration, thus affording UIL Holdings flexibility in managing its working capital requirements.

Additionally, as of September 30, 2013, UIL Holdings had $100 million outstanding under a credit agreement that expired on October 31, 2013.  The outstanding balance was repaid upon expiration.