Notes Payable, Current Maturities and Debt:

3 Months Ended

Mar. 31, 2020

Notes Payable, Current Maturities and Debt

We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:



	March 31, 2020				December 31, 2019
	Balance Outstanding		Letters of Credit ^(a)		Balance Outstanding		Letters of Credit ^(a)
Revolving Credit Facility	$	165,000	$	17,281	$	—	$	30,274
CP Program	154,125		—		349,500		—
Total	$	319,125	$	17,281	$	349,500	$	30,274

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(a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit

Facility.

For the three months ended March 31, 2020, we utilized a combination of our $750 million Revolving Credit Facility and CP Program to meet our business needs and support our capital investment plan. Our net short-term borrowings (payments) during the three months ended March 31, 2020 were $(30) million. The weighted average interest rate on Revolving Credit Facility and CP Program borrowings at March 31, 2020 was 1.92% and 1.74%, respectively.

Debt Covenants

Under our Revolving Credit Facility and term loan agreements, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Our Consolidated Indebtedness to Capitalization Ratio was calculated by dividing (i) consolidated indebtedness, which includes letters of credit and certain guarantees issued, by (ii) capital, which includes consolidated indebtedness plus consolidated net worth, which excludes noncontrolling interest in subsidiaries. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding.

Our Revolving Credit Facility and term loans require compliance with the following financial covenant, which we were in compliance with at March 31, 2020:



	As of March 31, 2020	Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio	58.2%	Less than	65%

South Dakota Electric Series 94A Debt

On March 24, 2020 South Dakota Electric paid off its $2.9 million, Series 94A variable rate notes due June 1, 2024. These notes were tendered by the sole investor on March 17, 2020.