Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

22. Subsequent Events

In January 2015, the Corporation entered into a new $4 billion syndicated revolving credit facility that matures in January 2020. The new facility, which replaced the $4 billion facility that was scheduled to mature in April 2016, can be used for borrowings and letters of credit. Borrowings on the facility bear interest at 1.075% above the London Interbank Offered Rate. A facility fee of 0.175% per annum is also payable on the amount of the facility. The interest rate and facility fee are subject to adjustment if the Corporation's credit rating changes. The restrictions on the amount of total borrowings and secured debt are substantially similar to the previous facility.

In February 2015, the Corporation sold its interest in the energy trading joint venture, HETCO, which was renamed Hartree Partners, LP.  Pursuant to the terms of the sale, Hartree is permitted to continue to utilize the Corporation’s guarantees issued in favor of Hartree's existing counterparties until November 12, 2015, provided that new trades are for a period of one year or less, comply with certain credit requirements, and net exposures remain within VAR limits previously applied by the Corporation.  The Corporation has the right to seek reimbursement from Hartree and a separate Hartree credit support facility upon any counterparty draw on the applicable guarantee from the Corporation.