Debt and Credit Agreements

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2016) of Edison International and SCE:



	December 31,
(in millions)	2016			2015
Edison International Parent and Other:
Debentures and notes:
2017 – 2023 (2.95% to 3.75%)	$	800		$	614
Other long-term debt	32			31
Current portion of long-term debt	(402		)	(216		)
Unamortized debt discount and issuance costs, net	(9		)	(6		)
Total Edison International Parent and Other	421			423
SCE:
First and refunding mortgage bonds:
2017 – 2045 (1.125% to 6.05%)	9,357			9,436
Pollution-control bonds:
2028 – 2035 (1.375% to 5.0%)¹	774			909
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)	307			307
Current portion of long-term debt	(579		)	(79		)
Unamortized debt discount and issuance costs, net	(105		)	(113		)
Total SCE	9,754			10,460
Total Edison International	$	10,175		$	10,883


¹	Excludes outstanding bonds that have not been retired and may be remarketed to investors in the future. These bonds have variable rates and are due in 2031 and 2033 at December 31, 2016 and 2031 at December 31, 2015.

Edison International and SCE long-term debt maturities over the next five years are the following:



(in millions)	Edison International		SCE
2017	$	981	$	579
2018	482		479
2019	82		79
2020	80		79
2021	580		579

Project Financings

As of December 31, 2016 and 2015, indirect subsidiaries of Edison Energy Group owning solar projects had approximately $22 million and $25 million outstanding under a 7-year term financing due in 2022 at a weighted average interest rate of 3.50% and 3.11%. In addition, tax equity investors in these solar projects receive 99% of taxable profits and losses and tax credits of the projects as determined for federal income tax purposes for a six-year period following the completion of the portfolio of projects and receive a priority return of 2% of their investment per year. After the six-year period, the tax equity investor receives 5% of the taxable profits and losses and cash flow. A subsidiary of Edison Energy Group has a call option for a nine-month period following five years after completion of the portfolio of projects to purchase the tax equity investors interest and the tax equity investor has the right to put its ownership interest to such subsidiary in the event that the call option is not exercised.

An indirect subsidiary of Edison Energy Group also entered into a non-recourse debt financing to support equity contributions in certain solar projects through June 30, 2017. The maturity date of the borrowings under this agreement is December 31, 2036. As of December 31, 2016 and 2015, there was $10 million and $6 million outstanding under this agreement at a weighted average interest rate of 9%.

Liens and Security Interests

Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio be met. At December 31, 2016, SCE was in compliance with this debt covenant.

All of the properties subject to the Edison Energy Group project financings discussed above are subject to a lien.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at December 31, 2016:



(in millions)	Edison International Parent			SCE
Commitment	$	1,250		$	2,750
Outstanding borrowings	(538		)	(769		)
Outstanding letters of credit	—			(91		)
Amount available	$	712		$	1,890

SCE and Edison International Parent have multi-year revolving credit facilities of $2.75 billion and $1.25 billion, respectively, with both maturing in July 2021. SCE's credit facility is generally used to support commercial paper borrowings and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements to support operations and capital expenditures. Edison International Parent's credit facility is used to support commercial paper borrowings and for general corporate purposes.

At December 31, 2016, commercial paper supported by SCE's credit facility, net of discount, was $769 million at a weighted-average interest rate of 0.9%. At December 31, 2016, letters of credit issued under SCE's credit facility aggregated $91 million and are scheduled to expire in twelve months or less. At December 31, 2015, the outstanding commercial paper, net of discount, was $49 million at a weighted-average interest rate of 0.51%.

At December 31, 2016, Edison International Parent's outstanding commercial paper, net of discount, was $538 million at a weighted-average interest rate of 0.97%. This commercial paper was supported by the $1.25 billion multi-year revolving credit facility. At December 31, 2015, the outstanding commercial paper, net of discount, was $646 million at a weighted-average interest rate of 0.78%.

Debt Financing Subsequent to December 31, 2016

In January 2017, SCE borrowed $300 million under a Term Loan Agreement with a variable interest rate, initially set at 1.483%, due in July 2018. The proceeds were used for general corporate purposes.

In January 2017, SCE reissued $135 million of 2.625% pollution-control bonds with a mandatory purchase date in December 2023. These bonds mature in November 2033. The proceeds were used for general corporate purposes.