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Short-Term Borrowings
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| Short-Term Borrowings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Borrowings |
During June 2011, NiSource Finance implemented a new commercial paper program with a program limit of up to $500.0 million with four dealers: Barclays, Citigroup, Credit Suisse and Wells Fargo. Commercial paper issuances are supported by available capacity under NiSource's $1.5 billion unsecured revolving line of credit, which expires in March 2015. At June 30, 2011, NiSource had $180.5 million of commercial paper outstanding. On March 3, 2011, NiSource Finance entered into a new $1.5 billion four-year revolving credit facility with a syndicate of banks led by Barclays Capital. The new facility has a termination date of March 3, 2015 and replaced an existing $1.5 billion five-year credit facility which would have expired during July 2011. The purpose of the facility is to fund ongoing working capital requirements and for general corporate purposes, including supporting liquidity for NiSource's commercial paper program, and provides for the issuance of letters of credit. At June 30, 2011, NiSource had $506.0 million of outstanding borrowings under this facility. As of June 30, 2011 and December 31, 2010, NiSource had $38.0 million and $32.5 million, respectively, of stand-by letters of credit outstanding, of which $19.7 million and $14.2 million, respectively, were under the revolving credit facility. Beginning January 1, 2010, transfers of accounts receivable that previously qualified for sales accounting no longer qualify and are accounted for as secured borrowings resulting in the recognition of short-term debt on the Condensed Consolidated Balance Sheet (unaudited) in the amount of $183.9 million and $275.0 million as of June 30, 2011 and December 31, 2010, respectively. Refer to Note 11, "Transfers of Financial Assets," for additional information.
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