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SHORT-TERM DEBT AND LINES OF CREDIT | 3 Months Ended
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Mar. 31, 2021
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, 2021 |  | December 31, 2020
Commercial paper |  |  |  |
Amount outstanding |  | $ | 1,580.4 |  |  | $ | 1,436.9 |
Weighted-average interest rate on amounts outstanding |  | 0.19 | % |  | 0.21 | %
Term loan |  |  |  |
Amount outstanding |  | $ | — |  |  | $ | 340.0 |
Weighted-average interest rate on amounts outstanding |  | n/a |  | 0.99 | %
Our average amount of commercial paper borrowings based on daily outstanding balances during the three months ended March 31, 2021 was $1,445.3 million with a weighted-average interest rate during the period of 0.18%. In order to enhance our liquidity position in response to the COVID-19 pandemic, in March 2020, WEC Energy Group entered into a $340.0 million 364-day term loan. The weighted-average interest rate on the term loan during the three months ended March 31, 2021 was 0.99%. In March 2021, we repaid the term loan using the net proceeds from the issuance of our 0.80% Senior Notes. See Note 9, Long-Term Debt, for more information. The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing programs, including remaining available capacity under these facilities:
(in millions) |  | Maturity |  | March 31, 2021
WEC Energy Group |  | October 2022 |  | 1,200.0 |
WE |  | October 2022 |  | 500.0 |
WPS |  | October 2022 |  | 400.0 |
WG |  | October 2022 |  | 350.0 |
PGL |  | October 2022 |  | 350.0 |
Total short-term credit capacity |  |  |  | $ | 2,800.0 |
Less: |  |  |  |
Letters of credit issued inside credit facilities |  |  |  | $ | 2.3 |
Commercial paper outstanding |  |  |  | 1,580.4 |
Available capacity under existing agreements |  |  |  | $ | 1,217.3 |

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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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