SHORT-TERM CREDIT ARRANGEMENTS

3 Months Ended

Mar. 31, 2015

SHORT-TERM CREDIT ARRANGEMENTS [Abstract]

SHORT-TERM CREDIT ARRANGEMENTS

(D) SHORT-TERM CREDIT ARRANGEMENTS

As of March 31, 2015, there was $70 million in borrowings outstanding under the existing revolving credit agreement among UIL Holdings, certain of its subsidiaries and a group of banks that expires 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 June 16, 2015 and January 31, 2016.  Available credit under the UIL Holdings Credit Facility at March 31, 2015 totaled $325.6 million for UIL Holdings and its subsidiaries in the aggregate.  We record 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 us to borrow and reborrow funds, at our option, until the facility’s expiration, thus affording us flexibility in managing our working capital requirements.