6. Short-Term Debt

Details of the credit facilities and related borrowings are presented in the following table:


	September 30, 2018						December 31, 2017
					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	$	45	$	1	$	325	$	5	$	1
3-year accounts receivable facility ⁽³⁾		150		66		0		150		0		0
1-year term facility ⁽⁴⁾		0		0		0		300		300		0
Total	$	475	$	111	$	1	$	775	$	305	$	1

(1)	Borrowings outstanding are reported as notes payable.

(2)	This 5-year facility matures March 22, 2022.

(3)	This 3-year facility matures March 22, 2021.

(4)

This 1-year facility of $300 million was outstanding on September 30, 2018 and was repaid on October 11, 2018 with the proceeds from the long-term debt issued on October 4, 2018. Therefore, this 1-year facility was classified as long-term debt on TEC’s balance sheet as of September 30, 2018. See Note 7 for information regarding the long-term debt issuance.

At September 30, 2018, these credit facilities required commitment fees ranging from 12.5 to 35.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at September 30, 2018 and December 31, 2017 was 2.8% and 2.1%, respectively.

Tampa Electric Company Accounts Receivable Facility

On March 23, 2018, TEC amended its $150 million accounts receivable collateralized borrowing facility in order to extend the scheduled termination date to March 22, 2021, by entering into a Second Amended Loan and Servicing Agreement, among TEC, certain lenders and the program agent (the Loan Agreement). Throughout the term of the facility, TEC will pay program and liquidity fees, which total 70 basis points at September 30, 2018. Interest rates on the borrowings are based on prevailing asset-backed commercial paper rates, unless such rates are not available from conduit lenders, in which case the rates will be at an interest rate equal to either The Bank of Tokyo-Mitsubishi UFJ, Ltd.’s prime rate, the federal funds rate, or the London interbank deposit rate, plus a margin. In the case of default, as defined under the terms of the Loan Agreement, TEC has pledged as collateral a pool of receivables equal to the borrowings outstanding. TEC continues to service, administer and collect the pledged receivables, which are classified as receivables on the balance sheet. As of September 30, 2018, TEC was in compliance with the requirements of the Loan Agreement.