Short-Term Debt

3 Months Ended

Mar. 31, 2015

Short-Term Debt

6. Short-Term Debt

At Mar. 31, 2015 and Dec. 31, 2014, the following credit facilities and related borrowings existed:

Credit Facilities
	Mar. 31, 2015						Dec. 31, 2014
					Letters						Letters
	Credit		Borrowings		of Credit		Credit		Borrowings		of Credit
(millions)	Facilities		Outstanding (1)		Outstanding		Facilities		Outstanding (1)		Outstanding
Tampa Electric Company:
5-year facility (2)	$	325.0	$	5.0	$	0.6	$	325.0	$	12.0	$	0.6
1-year accounts           receivable facility		150.0		42.0		0.0		150.0		46.0		0.0
TECO Energy/TECO Finance:
5-year facility (2)(3)		300.0		144.0		0.0		300.0		50.0		0.0
New Mexico Gas Company:
5-year facility (2)		125.0		15.0		2.3		125.0		31.0		1.7
Total	$	900.0	$	206.0	$	2.9	$	900.0	$	139.0	$	2.3
(1)           Borrowings outstanding are reported as notes payable.
(2)           This 5-year facility matures Dec. 17, 2018. (3)           TECO Finance is the borrower and TECO Energy is the guarantor of this facility.

At Mar. 31, 2015, these credit facilities required commitment fees ranging from 12.5 to 30.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at Mar. 31, 2015 and Dec. 31, 2014 was 1.12% and 1.16%, respectively.  

Tampa Electric Company Accounts Receivable Facility

On Mar. 24, 2015, TEC and TRC amended and restated their $150 million accounts receivable collateralized borrowing facility in order to (i) appoint The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (BTMU), as Program Agent, replacing the previous Program Agent, Citibank, N.A., (ii) add new lenders, and (iii) extend the scheduled termination date from Apr. 14, 2015 to Mar. 23, 2018, by entering into (a) an Amended and Restated Purchase and Contribution Agreement dated as of Mar. 24, 2015 between TEC and TRC and (b) a Loan and Servicing Agreement dated as of Mar. 24, 2015, among TEC as Servicer, TRC as Borrower, certain lenders named therein and BTMU, as Program Agent.

Tampa Electric Company [Member]

Short-Term Debt

6. Short-Term Debt

At Mar. 31, 2015 and Dec. 31, 2014, the following credit facilities and related borrowings existed:

Credit Facilities
	Mar. 31, 2015						Dec. 31, 2014
					Letters						Letters
	Credit		Borrowings		of Credit		Credit		Borrowings		of Credit
(millions)	Facilities		Outstanding (1)		Outstanding		Facilities		Outstanding (1)		Outstanding
Tampa Electric Company:
5-year facility (2)	$	325.0	$	5.0	$	0.6	$	325.0	$	12.0	$	0.6
1-year accounts           receivable facility		150.0		42.0		0.0		150.0		46.0		0.0
Total	$	475.0	$	47.0	$	0.6	$	475.0	$	58.0	$	0.6

(1) Borrowings outstanding are reported as notes payable.

(2) This 5-year facility matures Dec. 17, 2018.

At Mar. 31, 2015, these credit facilities required commitment fees ranging from 12.5 to 30.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at Mar. 31, 2015 and Dec. 31, 2014 was 0.87% and 0.7%, respectively.

Tampa Electric Company Accounts Receivable Facility

On Mar. 24, 2015, TEC and TRC amended and restated their $150 million accounts receivable collateralized borrowing facility in order to (i) appoint The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (BTMU), as Program Agent, replacing the previous Program Agent, Citibank, N.A., (ii) add new lenders, and (iii) extend the scheduled termination date from Apr. 14, 2015 to Mar. 23, 2018, by entering into (a) an Amended and Restated Purchase and Contribution Agreement dated as of Mar. 24, 2015 between TEC and TRC and (b) a Loan and Servicing Agreement dated as of Mar. 24, 2015, among TEC as Servicer, TRC as Borrower, certain lenders named therein and BTMU, as Program Agent.