Credit Facilities


	December 31, 2023								December 31, 2022
			Borrowings		Borrowings		Letters				Borrowings		Borrowings		Letters
	Credit		Outstanding -		Outstanding -		of Credit		Credit		Outstanding -		Outstanding -		of Credit
(millions)	Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding		Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding
5-year facility (2)	$	800	$	0	$	706	$	1	$	800	$	0	$	619	$	1
1-year term facility (3)		0		0		0		0		400		400		0		0
1-year term facility (4)		200		0		0		0		0		0		0		0
1-year term facility (5)		200		0		0		0		0		0		0		0
Total	$	1,200	$	0	$	706	$	1	$	1,200	$	400	$	619	$	1

(1)

Borrowings outstanding are reported as notes payable in the Consolidated Balance Sheets.

(2)

This 5-year facility matures on December 17, 2026. TEC also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable. On January 30, 2024, TEC completed a sale of $500 million aggregate principal amount of 4.90% Notes due March 1, 2029. TEC used the net proceeds from this offering for the repayment of a portion of the borrowings outstanding under the 5-year credit facility. Therefore, $497 million of borrowings outstanding under the 5-year credit facility were reclassified as long-term debt on the Consolidated Balance Sheet as of December 31, 2023.

(3)

This 1-year term facility was set to mature on December 16, 2022. On December 13, 2022, TEC extended the maturity date to December 13, 2023, at which time the facility terminated.

(4)

On March 1, 2023, TEC entered into a 1-year term facility that matures on February 28, 2024.

(5)

On April 3, 2023, TEC entered into a 1-year term facility that matures on April 1, 2024.

At December 31, 2023, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at December 31, 2023 and 2022 was 5.68% and 5.00%, respectively.

On January 1, 2023, TEC transferred the assets and liabilities of its PGS division into a separate corporation called PGSI pursuant to a Contribution Agreement. Prior to the separation, as a division of TEC, PGS had received an allocation of outstanding unsecured notes and outstanding short-term borrowings issued by TEC. The obligations related to these combined borrowings were reflected in an affiliate loan agreement between Tampa Electric and PGS. The initial obligation of PGS under the loan agreement at January 1, 2023 was a term loan in the principal amount of $670 million and a revolving loan in the principal amount of $66 million. The maturity date for both was December 29, 2023. On December 20, 2023, PGS repaid Tampa Electric the outstanding principal amount of the term loan and revolving loan of $670 million and $286 million, respectively, plus outstanding interest. The repayment terminates the affiliate loan agreement and Tampa Electric will no longer provide capital for the operations of PGS.

In December 2023, Tampa Electric used the proceeds of the PGS repayment in part to repay $400 million in credit facility borrowings, the $195 million note payable to TECO Energy and $149 million of the commercial paper borrowed under the 5-year term facility.

On May 25, 2021, TEC established a commercial paper program (the Program) under which TEC may issue on a private placement basis unsecured commercial paper notes (the Notes). Amounts available under the Program may be borrowed, repaid and reborrowed with the aggregate amount of the Notes outstanding under the Program at any time not to exceed $800 million. The maturities of the Notes will vary, but may not exceed 270 days from the date of issue. The rates of interest will depend on whether the Note will be a fixed or floating rate. TEC must have credit facilities in place, at least equal to the amount of its commercial paper program. TEC cannot issue commercial paper in an aggregate amount exceeding the then available capacity under its credit facility.

On April 3, 2023, TEC entered into a 364-day, $200 million senior unsecured revolving loan credit facility with a group of banks. The credit facility has a maturity date of April 1, 2024. The credit agreement contains customary representations and warranties, events of default, and financial and other covenants; and provides for interest to accrue at variable rates based on either the term SOFR, Wells Fargo’s prime rate, the federal funds rate or the one-month secured overnight financing rate, plus a margin.

On March 1, 2023, TEC entered into a 364-day, $200 million senior unsecured revolving loan credit facility with a maturity date of February 28, 2024. The credit agreement contains customary representations and warranties, events of default, and financial and other covenants; and provides for interest to accrue at variable rates based on either the term secured overnight financing rate (SOFR), The Bank of Nova Scotia’s prime rate, the federal funds rate or the one-month secured overnight financing rate, plus a margin.

On December 13, 2022, TEC extended the maturity date of its $500 million credit agreement that was set to mature on December 16, 2022 and reduced the amount of the loan to $400 million. The credit agreement has a maturity date of December 13, 2023; contains customary representations and warranties, events of default, and financial and other covenants; and provides for interest to accrue at variable rates based on either the term secured overnight financing rate (SOFR), Wells Fargo Bank’s prime rate, or the federal funds rate, plus a margin. On November 24, 2023, TEC repaid the facility. On December 13, 2023, the facility terminated.

On December 17, 2021, TEC amended and restated its $800 million bank credit facility, entering into a Seventh Amended and Restated Credit Agreement. The amendment extended the maturity date of the credit facility from March 22, 2023 to December 17, 2026 (subject to further extension with the consent of each lender); and provided for an interest rate based on either the London interbank deposit rate, Wells Fargo Bank’s prime rate, or the federal funds rate, plus a margin; allows TEC to borrow funds on a same-day basis under a swingline loan provision, which loans mature on the fourth banking day after which any such loans are made and bear interest at an interest rate as agreed by the borrower and the relevant swingline lender prior to the making of any such loans; continues to allow TEC to request the lenders to increase their commitments under the credit facility by up to $100 million in the

aggregate; and made other technical changes. On April 3, 2023, TEC amended the agreement to replace the London interbank deposit rate with the SOFR.