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SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
Evergy's $2.5 billion master credit facility expires in 2023. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. A default by any borrower under the facility or one of their significant subsidiaries on other indebtedness totaling more than $100.0 million constitutes a default by that borrower under the facility. Under the terms of this facility, each of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West is required to maintain a total indebtedness to total capitalization ratio, as defined in the facility, of not greater than 0.65 to 1.00 at all times. As of December 31, 2019, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant.
The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 4) available to the Evergy Companies as of December 31, 2019 and 2018.
 
 
Amounts Drawn
 
 
 
 
Credit Facility
Commercial Paper
Letters of Credit
Cash Borrowings
Available Borrowings
 
Weighted Average Interest Rate on Short-Term Borrowings
December 31, 2019
(millions)
 
 
Evergy, Inc.
$
450.0

n/a
$
0.7

$
20.0

$
429.3

 
2.99%
Evergy Kansas Central
1,000.0

249.2

14.2

—

736.6

 
2.07%
Evergy Metro
600.0

199.3

—

—

400.7

 
2.02%
Evergy Missouri West
450.0

93.4

2.1

—

354.5

 
2.02%
Evergy
$
2,500.0

$
541.9

$
17.0

$
20.0

$
1,921.1

 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Evergy, Inc.
$
450.0

n/a
$
1.0

$
—

$
449.0

 
—%
Evergy Kansas Central
1,000.0

411.7

18.3

—

570.0

 
3.08%
Evergy Metro
600.0

176.9

2.7

—

420.4

 
2.95%
Evergy Missouri West
450.0

150.0

2.1

—

297.9

 
3.00%
Evergy
$
2,500.0

$
738.6

$
24.1

$
—

$
1,737.3

 

In March 2019, Evergy entered into a $1.0 billion, 6-month term loan credit agreement with a group of banks to provide short-term financing for its common stock repurchase program. The agreement allowed for two term loans during the 6-month term of the agreement, in an aggregate principal amount not to exceed the credit limit of the agreement. At closing, Evergy borrowed $500.0 million under the agreement, allowing for one additional term loan borrowing in a principal amount up to $500.0 million, which was subsequently utilized in June 2019. In September 2019, Evergy repaid its $1.0 billion of borrowings under the term loan credit agreement with proceeds from its issuance of $1.6 billion of senior notes in September 2019.