4. INDEBTEDNESS

Long-Term Debt

The following table presents our long-term indebtedness:



			March 31,		December 31,
Series	Due		2015		2014
			(In Thousands)
IPL first mortgage bonds (see below):
4.90% (1)	January 2016		30,000		30,000
4.90% (1)	January 2016		41,850		41,850
4.90% (1)	January 2016		60,000		60,000
5.40% (2)	August 2017		24,650		24,650
3.875% (1)	August 2021		55,000		55,000
3.875% (1)	August 2021		40,000		40,000
4.55% (1)	December 2024		40,000		40,000
6.60%	January 2034		100,000		100,000
6.05%	October 2036		158,800		158,800
6.60%	June 2037		165,000		165,000
4.875%	November 2041		140,000		140,000
4.65%	June 2043		170,000		170,000
4.50%	June 2044		130,000		130,000
Unamortized discount – net			(2,920)		(2,940)
Total IPL first mortgage bonds			1,152,380		1,152,360
Total Long-term Debt – IPL			1,152,380		1,152,360
Long-term Debt – IPALCO:
7.25% Senior Secured Notes	April 2016		400,000		400,000
5.00% Senior Secured Notes	May 2018		400,000		400,000
Unamortized discount – net			(1,103)		(1,347)
Total Long-term Debt – IPALCO			798,897		798,653
Total Consolidated IPALCO Long-term Debt			1,951,277		1,951,013
Less: Current Portion of Long-term Debt			131,850		—
Net Consolidated IPALCO Long-term Debt		$	1,819,427	$	1,951,013

⁽¹⁾

First mortgage bonds are issued to the Indiana Finance Authority, to secure the loan of proceeds from the tax-exempt bonds issued by the Indiana Finance Authority.

⁽²⁾

First mortgage bonds are issued to the city of Petersburg, Indiana, to secure the loan proceeds from various tax-exempt instruments issued by the city.

Line of Credit

In May 2014, IPL entered into an amendment and restatement of its 5-year $250 million revolving credit facility (the “Credit Agreement”) with a syndication of banks. This Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance indebtedness under the existing credit agreement; (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on May 6, 2019, and bears interest at variable rates as described in the Credit Agreement. It includes an uncommitted $150 million accordion feature to provide IPL with an option to request an increase in the size of the facility at any time during the term of the agreement, subject to approval by the lenders. Prior to execution, IPL and IPALCO had existing general banking relationships with the parties in this agreement. As of March 31, 2015 and December 31, 2014, IPL had $62.0 million and $0.0 million of outstanding borrowings on the committed line of credit, respectively.

IPL First Mortgage Bonds

IPALCO has classified its outstanding $131.9 million aggregate principal amount of 4.9% IPL first mortgage bonds as short-term indebtedness as they are due January 2016. Management plans to refinance these bonds with new debt. In the event that we are unable to refinance these bonds on acceptable terms, IPL has available borrowing capacity on its revolving credit facility that could be used to satisfy the obligation.