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SHORT-TERM DEBT AND LINES OF CREDIT | 3 Months Ended
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Mar. 31, 2020
Short-term Debt [Abstract] |
SHORT-TERM DEBT AND LINES OF CREDIT | SHORT-TERM DEBT AND LINES OF CREDIT The following table shows our short-term borrowings and their corresponding weighted-average interest rates:
(in millions, except percentages) |  | March 31, 2020 |  | December 31, 2019
Commercial paper |  |  |  |
Amount outstanding |  | $ | 487.2 |  |  | $ | 830.8 |
Weighted-average interest rate on amounts outstanding |  | 3.03 | % |  | 2.00 | %
Term loan |  |  |  |
Amount outstanding |  | $ | 340.0 |  |  | $ | — |
Weighted-average interest rate on amounts outstanding |  | 2.12 | % |  | n/a |
Our average amount of commercial paper borrowings based on daily outstanding balances during the three months ended March 31, 2020 was $843.8 million with a weighted-average interest rate during the period of 1.88%. In order to enhance our liquidity position in response to the COVID-19 pandemic, in March 2020, WEC Energy Group entered into a $340 million 364-day term loan that will mature on March 29, 2021. The proceeds from this term loan were used to pay down commercial paper. The information in the table below relates to our term loan agreement and our revolving credit facilities used to support our commercial paper borrowing programs, including available capacity under these credit agreements:
(in millions) |  | Maturity |  | March 31, 2020
Term loan agreement (WEC Energy Group) |  | March 2021 |  | $ | 340.0 |
Revolving credit facility (WEC Energy Group) |  | October 2022 |  | 1,200.0 |
Revolving credit facility (WE) |  | October 2022 |  | 500.0 |
Revolving credit facility (WPS) |  | October 2022 |  | 400.0 |
Revolving credit facility (WG) |  | October 2022 |  | 350.0 |
Revolving credit facility (PGL) |  | October 2022 |  | 350.0 |
Total short-term credit capacity |  |  |  | $ | 3,140.0 |
Less: |  |  |  |  |
Letters of credit issued inside credit facilities |  |  |  | $ | 2.3 |
Term loan outstanding |  |  |  | 340.0 |
Commercial paper outstanding |  |  |  | 487.2 |
Available capacity under existing credit agreements |  |  |  | $ | 2,310.5 |

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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