NVE's, NPC's and SPPC's long-term debt consists of the following as of December 31 (dollars in thousands):

			2012								2011
					NVE								NVE
			Consolidated		Holding Co.		NPC		SPPC		Consolidated		Holding Co.		NPC		SPPC

Long-Term Debt:
Secured Debt
	General and Refunding Mortgage
	Securities
		6.50% NPC Series I due 2012	$	0	$	0	$	0	$	0	$	130,000		0	$	130,000	$	0
		5.875% NPC Series L due 2015		250,000		0		250,000		0		250,000		0		250,000		0
		5.95% NPC Series M due 2016		210,000		0		210,000		0		210,000		0		210,000		0
		6.65% NPC Series N due 2036		370,000		0		370,000		0		370,000		0		370,000		0
		6.50% NPC Series O due 2018		325,000		0		325,000		0		325,000		0		325,000		0
		6.75% NPC Series R due 2037		350,000		0		350,000		0		350,000		0		350,000		0
		6.50% NPC Series S due 2018		500,000		0		500,000		0		500,000		0		500,000		0
		7.375% NPC Series U due 2014		125,000		0		125,000		0		125,000		0		125,000		0
		7.125% NPC Series V due 2019		500,000		0		500,000		0		500,000		0		500,000		0
		5.375% NPC Series X due 2040		250,000		0		250,000		0		250,000		0		250,000		0
		5.45% NPC Series Y due 2041		250,000		0		250,000		0		250,000		0		250,000		0
		6.00% SPPC Series M due 2016		450,000		0		0		450,000		450,000		0		0		450,000
		6.75% SPPC Series P due 2037		251,742		0		0		251,742		251,742		0		0		251,742
		5.45% SPPC Series Q due 2013		250,000		0		0		250,000		250,000		0		0		250,000

	Variable Rate Debt (Secured by
		General and Refunding Mortgage
		Securities)
		NPC IDRB Series 2000A due 2020		98,100		0		98,100		0		98,100		0		98,100		0
		NPC PCRB Series 2006 due 2036		37,700		0		37,700		0		37,700		0		37,700		0
		NPC PCRB Series 2006A due 2032		37,975		0		37,975		0		37,975		0		37,975		0
		SPPC PCRB Series 2006A due 2031		58,200		0		0		58,200		58,200		0		0		58,200
		SPPC PCRB Series 2006B due 2036		75,000		0		0		75,000		75,000		0		0		75,000
		SPPC PCRB Series 2006C due 2036		81,475		0		0		81,475		81,475		0		0		81,475

Senior Notes
		6.25% NVE Senior Notes due 2020		315,000		315,000		0		0		315,000		315,000		0		0
		2.81% NVE Term Loan due 2014		195,000		195,000		0		0		195,000		195,000		0		0

Obligations under capital leases				44,258		0		42,908		1,350		51,270		0		51,270		0
Unamortized bond premium and discount, net				1,631		0		(9,827)		11,458		(12,546)		0		(25,455)		12,909
Current maturities				(356,283)		0		(106,048)		(250,235)		(139,985)		0		(139,985)		0
Total Long-Term Debt			$	4,669,798	$	510,000	$	3,230,808	$	928,990	$	5,008,931	$	510,000	$	3,319,605	$	1,179,326

As of December 31, 2012, NPC's, SPPC's and NVE's aggregate annual amount of maturities for long-term debt (including obligations related to capital leases) for the next five years and thereafter are shown below (dollars in thousands):

	NVE		NVE
	Consolidated		Holding Co.		NPC		SPPC
2013⁽¹⁾	$	354,848	$	0	$	104,613	$	250,235
2014		324,317		195,000		129,142		175
2015		251,746		0		251,567		179
2016		661,854		0		211,677		450,177
2017		1,934		0		1,753		181
		1,594,699		195,000		698,752		700,947
Thereafter		3,429,751		315,000		2,647,931		466,820
		5,024,450		510,000		3,346,683		1,167,767
Unamortized Premium (Discount) Amount		1,631		0		(9,827)		11,458
Total Debt	$	5,026,081	$	510,000	$	3,336,856	$	1,179,225

(1) Amounts may differ from current portion of long-term debt as reported on the consolidated balance sheet due to the timing difference of payments and the change in obligation.

Substantially all utility plant is subject to the liens of NPC's and SPPC's indentures under which their respective General and Refunding Mortgage bonds are issued.

In 1984, NPC entered into a 30-year capital lease for its Pearson Building with (5) five-year renewal options beginning in year 2015. In February 2010, NPC amended this capital lease agreement to include the lease of the adjoining parking lot and to exercise, three of the five-year renewal options beginning in year 2015. There remain two additional renewal options which could extend the lease an additional ten years.

In 2007, NPC entered into a 20-year lease, with three 10-year renewal options, to occupy land and building for its Beltway Complex, and operations center in southern Nevada. As required by the Lease Topic of the FASC, NPC accounts for the building portion of the lease as a capital lease and the land portion of the lease as an operating lease. NPC transferred operations to the facilities in June 2009.

The Utilities have Master leasing agreements of which various pieces of equipment qualify as capital leases. The remaining equipment is treated as operating leases. Lease terms average seven years under the master lease agreement.

Future cash payments for these capital leases, combined, as of December 31, 2012, were as follows (dollars in thousands):

In October 2011, NVE entered into a $195 million 3-year term loan agreement (Term Loan). The Term Loan is an unsecured, single-draw loan that is due on October 7, 2014. The borrowing under the Term Loan bears interest at the LIBOR rate plus a margin. The current LIBOR margin rate is 2.00%. The margin varies based upon NVE's long–term unsecured debt credit rating by S&P and Moody's. However, NVE entered into a floating- for- fixed interest rate swap agreement to lock in an effective interest rate of 2.81% for the length of the Term Loan.

The Term Loan contains conditions of borrowing, events of default, and affirmative and negative covenants. The Term Loan includes (i) a financial covenant to maintain a ratio of total consolidated indebtedness to total consolidated capitalization, determined on the last day of each fiscal quarter, not to exceed 0.70 to 1.00 and (ii) a fixed charge covenant that requires NVE not to permit the fixed charge coverage ratio, determined on the last day of each fiscal quarter, to be less than 1.50 to 1.00.

In November 2011, NVE used the proceeds of the Term Loan, plus cash on hand, to redeem its unsecured $191.5 million 6.75% Senior Notes (“Senior Notes”). The notes were redeemed at 102.25% of the stated principal amount plus accrued interest to the date of redemption. With this redemption, NVE and the Utilities are no longer subject to the restrictive covenants contained in the Senior Notes, which were more restrictive then the covenants described above for the Term Loan.

In May 2011, NPC issued and sold $250 million of its 5.45% General and Refunding Mortgage Notes, Series Y, due May 15, 2041. The approximately $248 million in net proceeds, plus a portion of the proceeds from a draw on NPC's revolving credit facility, were utilized to pay at maturity NPC's $350 million aggregate principal amount of 8.25% General and Refunding Mortgage Notes, Series A, which matured on June 1, 2011. In conjunction with this debt issuance, NPC entered into an interest rate swap hedging agreement with a notional principal amount of $250 million and a mandatory termination date of June 1, 2011. The interest rate swap agreement was entered into to effectively lock the interest rate of the U.S. Treasury component of the prospective General and Refunding Note issuance. The swap transaction was settled on May 9, 2011, when NPC launched and priced the Series Y Notes, resulting in a settlement payment amount of $14.9 million, which was recorded as a cost to issue in a deferred debit and will be amortized over the 30 year life of the Series Y Notes in accordance with past accounting precedent for our regulated Utilities.

In April 2012, NPC used $120 million from its revolving credit facility along with $10 million cash on hand to pay for the maturity of its 6.5% General and Refunding Mortgage Notes, Series I, in an aggregate principal amount of $130 million.

In March 2012, NPC terminated its $600 million secured revolving credit facility which would have expired in April 2013 and replaced it with a $500 million secured revolving credit facility, for which borrowings mature in 2017. The fees on the $500 million revolving credit facility for the unused portion and on the amounts borrowed have decreased from the prior facility reflecting current market conditions. The Administrative Agent for the facility remains Wells Fargo Bank, N.A., and amounts due under the NPC Credit Agreement are collateralized by NPC's general and refunding mortgage bonds.

The rate for outstanding loans under the revolving credit facility will be at either an applicable base rate (defined as the highest of the Prime Rate, the Federal Funds Rate plus 0.5% and the LIBOR Base Rate plus 1.0%) plus a margin, or a LIBOR rate plus a margin. The margin varies based upon NPC's credit rating by S&P and Moody's. Currently, NPC's applicable base rate margin is 0.25% and the LIBOR rate margin is 1.25 %. The rate for outstanding letters of credit will be at the LIBOR rate margin plus a fee for the issuing bank.

The $500 million revolving credit facility contains a provision which reduces the availability under the credit facility by the negative mark-to-market exposure for hedging transactions with credit facility lenders or their energy trading affiliates. The reduction in availability limits the amount that NPC can borrow or use for letters of credit and would require that NPC prepay any amount in excess of that limitation. The amount of the reduction is calculated by NPC on a monthly basis, and after calculating such reduction, the NPC Credit Agreement provides that the reduction in availability under the revolving credit facility to NPC shall in no event exceed 50% of the total commitments then in effect under the revolving credit facility. Currently, there are no negative mark-to-market exposures that would impact borrowings.

The NPC Credit Agreement contains one financial maintenance covenant that requires NPC to maintain a ratio of consolidated indebtedness to consolidated capital, determined as of the last day of each fiscal quarter, not to exceed 0.68 to 1. In the event that NPC did not meet the financial maintenance covenant or there is a different event of default, the NPC Credit Agreement would restrict dividends to NVE. Moreover, so long as NPC's senior secured debt remains rated investment grade by S&P and Moody's (in each case, with a stable or better outlook), a representation concerning no material adverse change in NPC's business, assets, property or financial condition would not be a condition to the availability of credit under the facility. In the event that NPC's senior secured debt rating were rated below investment grade by either S&P or Moody's, or investment grade by either S&P or Moody's but with a negative outlook, a representation concerning no material adverse change in NPC's business, assets, property or financial condition would be a condition to borrowing under the revolving credit facility.

The NPC Credit Agreement provides for an event of default if there is a failure under NPC's other financing agreements to meet certain payment terms or to observe other covenants that would result in an acceleration of payments due.

The NPC Credit Agreement places certain restrictions on debt incurrence, liens and dividends. These restrictions are discussed in Note 8, Debt Covenant and Other Restrictions.

In March 2012, SPPC terminated its $250 million secured revolving credit facility which would have expired in April 2013 and replaced it with a $250 million secured revolving credit facility, for which borrowings mature in 2017. The fees on the $250 million revolving credit facility for the unused portion and on the amounts borrowed have decreased from the prior facility reflecting current market conditions. The Administrative Agent for the facility is Wells Fargo, N.A., and amounts due under the SPPC Credit Agreement are collateralized by SPPC's general and refunding mortgage bonds.

The rate for outstanding loans under the revolving credit facility will be at either an applicable base rate (defined as the highest of the Prime Rate, the Federal Funds Rate plus 0.5% and the LIBOR Base Rate plus 1.0%) plus a margin, or a LIBOR rate plus a margin. The margin varies based upon SPPC's credit rating by S&P and Moody's. Currently, SPPC's applicable base rate margin is 0.25%% and the LIBOR rate margin is 1.25%. The rate for outstanding letters of credit will be at the LIBOR rate margin plus a fee for the issuing bank.

The $250 million revolving credit facility contains a provision which reduces the availability under the credit facility by the negative mark-to-market exposure for hedging transactions with credit facility lenders or their energy trading affiliates. The reduction in availability limits the amount that SPPC can borrow or use for letters of credit and would require that SPPC prepay any amount in excess of that limitation. The amount of the reduction is calculated by SPPC on a monthly basis, and after calculating such reduction, the SPPC Credit Agreement provides that the reduction in availability under the revolving credit facility to SPPC shall in no event exceed 50% of the total commitments then in effect under the revolving credit facility. Currently, there are no negative mark-to-market exposures that would impact borrowings.

The SPPC Credit Agreement contains one financial maintenance covenant that requires SPPC to maintain a ratio of consolidated indebtedness to consolidated capital, determined as of the last day of each fiscal quarter, not to exceed 0.68 to 1. In the event that SPPC did not meet the financial maintenance covenant or there is a different event of default, the SPPC Credit Agreement would restrict dividends to NVE. Moreover, so long as SPPC's senior secured debt remains rated investment grade by S&P and Moody's (in each case, with a stable or better outlook), a representation concerning no material adverse change in SPPC's business, assets, property or financial condition would not be a condition to the availability of credit under the facility. In the event that SPPC's senior secured debt rating were rated below investment grade by either S&P or Moody's, or investment grade by either S&P or Moody's but with a negative outlook, a representation concerning no material adverse change in SPPC's business, assets, property or financial condition would be a condition to borrowing under the revolving credit facility.

The SPPC Credit Agreement provides for an event of default if there is a failure under SPPC's other financing agreements to meet certain payment terms or to observe other covenants that would result in an acceleration of payments due.

The SPPC Credit Agreement places certain restrictions on debt incurrence, liens and dividends. These limitations are discussed in Note 8, Debt Covenant and Other Restrictions.