Debt

9 Months Ended

Sep. 30, 2016

Debt

Debt

(K)	Debt.
	a)	Department of Energy Loan Guarantee:
	Pursuant to the loan guarantee program established under Title XVII of the Energy Policy Act of 2005 (the "Title XVII Loan Guarantee Program"), we and the U.S. Department of Energy, acting by and through the Secretary of Energy, entered into a Loan Guarantee Agreement on February 20, 2014 pursuant to which the Department of Energy agreed to guarantee our obligations under the Note Purchase Agreement dated as of February 20, 2014 (the "Note Purchase Agreement"), among us, the Federal Financing Bank and the Department of Energy and two future advance promissory notes, each dated February 20, 2014, made by us to the Federal Financing Bank (the "Federal Financing Bank Notes" and together with the Note Purchase Agreement, the "FFB Credit Facility Documents"). The FFB Credit Facility Documents provide for a multi-advance term loan facility (the "Facility"), under which we may make term loan borrowings through the Federal Financing Bank.
	Proceeds of advances made under the Facility will be used to reimburse us for a portion of certain costs of construction relating to Vogtle Units No. 3 and No. 4 that are eligible for financing under the Title XVII Loan Guarantee Program ("Eligible Project Costs"). Aggregate borrowings under the Facility may not exceed $3,057,069,461 of which $335,471,604 is designated for capitalized interest.
	Advances may be requested under the Facility on a quarterly basis through December 31, 2020 and are secured under our first mortgage indenture. On June 8, 2016, we received a $300,000,000 advance under the Facility. At September 30, 2016, aggregate borrowings totaled $1,515,215,000, including capitalized interest.
	b)	Rural Utilities Service Guaranteed Loans:
	For the nine-month period ended September 30, 2016, we received advances on Rural Utilities Service-guaranteed Federal Financing Bank loans totaling $88,354,000 for general and environmental improvements at existing plants.
	On October 27, 2016, we received an additional $6,105,000 in advances on Rural Utilities Service-guaranteed Federal Financing Bank loans for general and environmental improvements at existing plants.
	These advances are secured under our first mortgage indenture.
	c)	Bond Issuance:
	On April 21, 2016, we issued $250,000,000 of 4.25% first mortgage bonds, Series 2016A primarily for the purpose of providing long-term financing for expenditures related to Vogtle Units No. 3 and No. 4 and the Smith Energy Facility. In conjunction with the issuance of the bonds, we repaid $129,737,500 of outstanding commercial paper, which was classified as long-term debt at March 31, 2016. The bonds are secured under our first mortgage indenture.
	d)	Credit Facilities:
	On October 6, 2016, we extended our $150,000,000 unsecured JPMorgan Chase Line of Credit through October 2018. At September 30, 2016, there was approximately $34,000,000 available for borrowings under the arrangement, as letters of credit of approximately $114,000,000 and $2,000,000 had been issued to support certain variable rate demand bonds and to post collateral to third parties, respectively. In connection with this extension, $37,352,000 of the variable rate demand bonds supported by this facility, which was previously classified as a current obligation, has been classified as long-term debt as of September 30, 2016 in accordance with the applicable accounting guidance.