Short-Term Credit Arrangements and Borrowings (Notes)

3 Months Ended

Mar. 31, 2013

Short-term Debt [Abstract]

SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS

SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS

At March 31, 2013, DTE Electric had a $300 million unsecured revolving credit agreement with a syndicate of 20 banks that could be used for general corporate borrowings, but was intended to provide liquidity support for the Company's commercial paper program. No one bank provided more than 8.5% of the commitment in the facility. Borrowings under the facility were available at prevailing short-term interest rates.

In April 2013, DTE Electric, entered into a second amended and restated five-year $300 million unsecured revolving credit agreement with a syndicate of 19 banks. No one bank provided more than 8.7% of the commitment in the facility. The amended and restated agreement extended the expiration of the credit facility from October 2016 to April 2018.

At March 31, 2013, there were no amounts outstanding against the facility, while there was $130 million outstanding against the facility at December 31, 2012.

The above agreements require the Company to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. In the agreements, “total funded debt” means all indebtedness of the Company and its consolidatedsubsidiaries, including capital lease obligations, hedge agreements and guarantees of third parties' debt, but excluding contingent obligations and nonrecourse and junior subordinated debt. “Capitalization” means the sum of (a) total funded debt plus (b) “consolidated net worth,” which is equal to consolidated total stockholders' equity of the Company and its consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At March 31, 2013, the total funded debt to total capitalization ratio for DTE Electric was 0.53 to 1 and in compliance with this financial covenant.