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Debt and Credit Agreements
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Debt and Credit Agreements
Debt and Credit Agreements
Credit Agreements and Short-Term Debt
SCE and Edison International Parent have multi-year revolving credit facilities of $2.75 billion and $1.25 billion, respectively, which both expire in July 2019. The credit facility for SCE 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 March 31, 2015, SCE's outstanding commercial paper was $297 million at a weighted-average interest rate of 0.34%. At March 31, 2015, letters of credit issued under SCE's credit facility aggregated $128 million and are scheduled to expire in twelve months or less. At December 31, 2014, the outstanding commercial paper was $367 million at a weighted-average interest rate of 0.40%.
At March 31, 2015, Edison International Parent's outstanding commercial paper was $625 million at a weighted-average interest rate of 0.57%. At December 31, 2014, the outstanding commercial paper was $619 million at a weighted-average interest rate of 0.45%.
Project Financing
During 2014, indirect subsidiaries of Edison International entered into a $31.6 million non-recourse debt financing to support investment in approximately 35 megawatts of solar rooftop projects. The financing is required to be converted to a 7-year term loan during 2015, subject to meeting specified conditions. As of March 31, 2015, there was $14.3 million outstanding under this financing at a weighted average interest rate of 2.67% which is currently classified as short-term debt.
Long-Term Debt
During the first quarter of 2015, SCE issued $550 million of 1.845% amortizing first and refunding mortgage bonds due in 2022, $325 million of 2.4% first and refunding mortgage bonds due in 2022, and $425 million of 3.6% first and refunding mortgage bonds due in 2045. The proceeds from these bonds were used to repay outstanding debt and for general corporate purposes. The $550 million amortizing first and refunding mortgage bonds and the $325 million of first and refunding mortgage bonds have been designated as a financing of the San Onofre regulatory asset.