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LONG-TERM DEBT | 12 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Composition of long-term debt for Laclede Group and Laclede Gas are shown in each registrant's Statements of Capitalization as part of the Financial Statements. Laclede Group Maturities on Laclede Group's long-term debt for the five fiscal years subsequent to September 30, 2014 are as follows:
($ Millions) | Laclede Group |  | Laclede Gas
2015 | $ | — |  |  | $ | — |
2016 | 80.0 |  |  | — |
2017 | 250.0 |  |  | — |
2018 | 100.0 |  |  | 100.0 |
2019 | 175.0 |  |  | 50.0 |
On August 19, 2014 Laclede Group issued $625.0 aggregate principal amount in long-term debt. Of this, $250.0 were floating rate senior notes with an interest rate of three-month LIBOR + 0.75% per annum maturing in August 2017, $125.0 were senior notes with an interest rate of 2.55% maturing in August 2019, and $250.0 were senior notes with an interest rate of 4.70% maturing in August 2044. The proceeds were used to fund a portion of the Alagasco acquisition. At September 30, 2014, the Company had long-term debt totaling $1,853.6. Of the $1,853.6 total long-term debt, the Company has fixed-rate long-term debt totaling $1,603.6 and floating rate long-term debt totaling $250.0. The fixed rate long-term debt issues are subject to changes in fair value as market interest rates change. However, increases and decreases in fair value would impact earnings and cash flows only if the Company were to reacquired any of these issues in the open market prior to maturity. Under GAAP applicable to the Utilities' regulated operations, losses or gains on early redemption of long-term debt would typically be deferred as regulatory assets or liabilities and amortized over a future period. Of the Company’s $1,853.6 in long-term debt, $25.0 have no call options, $675.0 have make-whole call options, $725.0 are callable at par between one to six months prior to maturity, $250.0 are callable at par one year prior to maturity and $34.8 are callable at par with 30 days' notice. This same $34.8 in notes also have a par put option limited to $0.8 per year. The remainder of the Company's long-term debt is $143.8 of 2% Remarketable Junior Subordinated Notes due in 2022. At September 30, 2014, Alagasco had fixed-rate long-term debt, including the current portion, totaling $249.8. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change. Of Alagasco's $249.8 in long-term debt, $215.0 have make-whole call options and $34.8 are callable at par with 30 days' notice. This same $34.8 in notes also have a par put option limited to $0.8 per year. Alagasco has no standing authority to issue long-term debt, but must petition the APSC for each planned issuance. On November 3, 2014, Alagasco received authorization and approval from the APSC to borrow $35.0 for the purposes of redeeming, without penalty, $34.8 in existing long-term, callable debt financed at 5.7% On August 6, 2013, Laclede Group and Laclede Gas filed with the SEC a joint shelf registration statement on Form S-3 for issuance of various types of debt and equity securities, which expires August 5, 2016. Bonds totaling $450.0 were issued by Laclede Gas from this registration statement on August 13, 2013. The amount, timing, and type of additional financing to be issued under these shelf registrations will depend on cash requirements and market conditions. Laclede Gas Laclede Gas issued $100.0 of first mortgage bonds in a private placement on March 15, 2013, that had been committed to in August 2012. Of this $100.0, $55.0 were issued at 3.00% for a 10-year term, maturing in March 2023, and $45.0 were issued at 3.40% for a 15-year term, maturing in March 2028. The proceeds were used for the repayment of short-term debt and general corporate purposes. Laclede Gas issued $450.0 of first mortgage bonds on August 13, 2013. Of this $450.0, $100.0 was issued at 2.00% maturing in August 2018, $250.0 was issued at 3.40% maturing in August 2023, and $100.0 was issued at 4.625% maturing in August 2043. The proceeds were used to fund a portion of the MGE acquisition. On December 6, 2013, Laclede Gas provided a notice of redemption to holders for the entire $80.0 aggregate principal amount outstanding of its previously issued 6.35% Series first mortgage bonds due in 2038. The redemption, which was for cash and included accrued interest, was completed on January 6, 2014. At September 30, 2014, Laclede Gas had fixed-rate long-term debt, including the current portion, totaling $810.0. While these long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change. Of Laclede Gas' $810.0 in long-term debt, $25.0 have no call options, $435.0 have make-whole call options and $350.0 are callable at par three to six months prior to maturity. None of the debt has any put options. Laclede Gas has authority from the MoPSC to issue up to $518.0 in debt securities and preferred stock, including on a private placement basis, as well as to enter into capital leases, issue common stock and receive paid-in capital. This authorization is more fully described in Note 5, Shareholder's Equity. Substantially all of Laclede Gas' plant is subject to the liens of its first mortgage bonds. The mortgage contains several restrictions on Laclede Gas' ability to pay cash dividends on its common stock, which are described more fully in Note 5, Stockholders’ Equity. Laclede Group's, Laclede Gas' and Alagasco's short-term credit facilities and long-term debt agreements contain customary covenants and default provisions. As of September 30, 2014, there were no events of default under these covenants.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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