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NOTES PAYABLE AND CREDIT AGREEMENTS
 12 Months Ended
Sep. 30, 2013
Short-term Debt [Abstract]  
NOTES PAYABLE AND CREDIT AGREEMENTS
NOTES PAYABLE AND CREDIT AGREEMENTS

The Company’s short-term borrowing requirements typically peak during the colder months. These short-term cash requirements can be met through the sale of commercial paper supported by lines of credit with banks or through direct use of the lines of credit. On September 3, 2013, the Utility entered into a new syndicated line of credit for $450 million with nine banks, which will expire in September 2018. The largest portion provided by a single bank is 15.6%. The previous syndicated line of credit agreement was terminated at that time.

The Utility’s line of credit includes a covenant limiting total debt, including short-term debt, to no more than 70% of total capitalization. On September 30, 2013, total debt was 48% of total capitalization.

Information about the Laclede Group’s short-term borrowings (excluding intercompany borrowings) during the 12 months ended September 30, and as of September 30, is presented below for 2013 and 2012:
 
Commercial Paper Borrowings
Twelve Months Ended September 30, 2013
 
Weighted average borrowings outstanding
$34.2 million
Weighted average interest rate
0.3%
Range of borrowings outstanding
$0 – $99.4 million
As of September 30, 2013
 
Borrowings outstanding at end of period
$74.0 million
Weighted average interest rate
0.3%
Twelve Months Ended September 30, 2012
 
Weighted average borrowings outstanding
$43.8 million
Weighted average interest rate
0.3%
Range of borrowings outstanding
$0 – $133.5 million
As of September 30, 2012
 
Borrowings outstanding at end of period
$40.1 million
Weighted average interest rate
0.2%


Short-term cash requirements outside of the Utility have generally been met with internally-generated funds. On September 3, 2013, Laclede Group entered into a new $150 million in a syndicated line of credit, which expires September 2018. The previous syndicated line of credit agreement was terminated at that time. Laclede Group's line of credit has covenants limiting the total debt of the consolidated Laclede Group to no more than 70% of the Company’s total capitalization. This ratio stood at 49% on September 30, 2013. Occasionally, Laclede Group’s lines may be used to provide for the funding needs of various subsidiaries. There were no borrowings under Laclede Group’s lines during fiscal years 2013 and 2012.