Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On October 16, 2015, IPL closed on two credit facilities with a syndication of banks consisting of (i) an amendment and extension of its existing Credit Agreement and (ii) a new $91.85 million unsecured 364-day taxable term loan. The Credit Agreement, as amended, extends its maturity date to October 16, 2020. The first $50 million of the term loan was drawn at closing to fund the termination of IPL's $50 million accounts receivable securitization program, which was terminated on October 19, 2015. IPL intends to draw the remainder of the term loan to fund the maturity of a tax-exempt first mortgage bond later in 2015 or early 2016. Each of these facilities further optimizes IPL's debt profile by reducing the overall cost of debt and introducing variable rate exposure.