
	Interest			June 30,		December 31,
$ in millions	Rate		Due	2025		2024
AES Ohio debt
First Mortgage Bonds	3.95	%	2049	$	425.0	$	425.0
First Mortgage Bonds	3.20	%	2040	140.0		140.0
First Mortgage Bonds	5.70	%	2033	107.5		107.5
First Mortgage Bonds	5.19	%	2033	100.0		100.0
First Mortgage Bonds	5.49	%	2028	92.5		92.5
Tax-exempt First Mortgage Bonds (a)	4.25	%	2027	100.0		100.0
Tax-exempt First Mortgage Bonds (b)	4.00	%	2027	40.0		40.0
U.S. Government note	4.20	%	2061	16.5		16.6
Unamortized deferred financing costs				(6.2)		(6.6)
Unamortized debt discounts				(2.2)		(2.1)
Total long-term debt at AES Ohio				1,013.1		1,012.9

DPL LLC debt
Senior unsecured notes	4.125	%	2025	—		415.0
Senior unsecured notes	4.35	%	2029	400.0		400.0
Note to DPL Capital Trust II (c)	8.125	%	2031	15.6		15.6
Unamortized deferred financing costs				(1.9)		(2.9)
Unamortized debt discounts				(0.5)		(0.6)
Total DPL consolidated long-term debt				1,426.3		1,840.0
Less: current portion				(0.2)		(414.4)
DPL consolidated long-term debt, net of current portion				$	1,426.1	$	1,425.6

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.

(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.

(c)Note payable to related party.

Revolving Credit Agreement

AES Ohio entered into a third amendment and restatement of its $350 million revolving Credit Agreement on March 25, 2025 with a syndicate of bank lenders. The AES Ohio Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on March 25, 2030, and bears interest at variable rates as described in the agreement. It includes an uncommitted $150.0 million accordion feature to provide AES Ohio with an option to request an increase in the size of the facility at any time prior to March 25, 2029, subject to approval by the lenders. The AES Ohio Credit Agreement also includes two one-year extension options, allowing AES Ohio to extend the maturity date subject to approval by the lenders. As of June 30, 2025 and December 31, 2024, the AES Ohio Credit Agreement had outstanding borrowings of $160.0 million and $140.0 million, respectively.

Term Loan Agreement

In August 2024, AES Ohio entered into an unsecured $150.0 million 364-day term loan agreement, which was fully drawn at closing with the proceeds being used for general corporate purposes. The AES Ohio Term Loan Agreement was originally set to mature on August 13, 2025, but was amended on July 30, 2025, to mature on October 13, 2025, and bears interest at variable rates as described in the agreement. The AES Ohio Term Loan Agreement contains customary representations, warranties and covenants, including a leverage covenant consistent with the leverage covenant contained in AES Ohio's Credit Agreement. AES Ohio has classified this agreement as short-term indebtedness as it matures in October 2025. Management plans to repay the AES Ohio Term Loan Agreement through a combination of cash from operations, new debt, and equity capital contributions.

DPL's Senior unsecured notes

On April 4, 2025, DPL issued a Notice of Full Redemption to the Trustee (U.S. Bank), with respect to the 4.125% Senior unsecured notes due July 1, 2025 ("2025 DPL Notes"). DPL notified the Trustee that it was calling the $415.0 million outstanding of the 2025 DPL Notes. The redemption date was May 4, 2025. These notes were redeemed at par plus accrued interest, with no make-whole premium using cash on hand from the Closings (see Note 1. Overview and Summary of Significant Accounting Policies - Agreement to Sell Minority Interest in AES Ohio for more information).

Long-term debt covenants and restrictions

The AES Ohio Credit Agreement, AES Ohio Term Loan Agreement, and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040, the 5.19% Bonds due 2033, the 5.49% Bonds due 2028 and the 5.70% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of June 30, 2025, AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent. As of June 30, 2025, AES Ohio was in compliance with all debt covenants, including the financial covenant described above.

Substantially all property, plant and equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.

Subsidiaries [Member]

Debt Instrument [Line Items]

Unamortized deferred finance costs

$ (6,200,000)

(6,600,000)

Unamortized debt discounts

(2,200,000)

(2,100,000)

Total long-term debt at subsidiary

1,013,100,000

1,012,900,000