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Financing
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Financing
(5)
Financing

 

Short-term Debt

 

Revolving Credit Facility and CP Program

 

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity (dollars in thousands):

 

 

March 31, 2023

 

December 31, 2022

 

Amount outstanding

$

—

 

$

535,600

 

Letters of credit (a)

$

2,401

 

$

24,626

 

Available capacity

$

747,599

 

$

189,774

 

Weighted average interest rates

N/A

 

 

4.88

%

 

(a)
Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

 

Revolving Credit Facility and CP Program borrowing activity was as follows (dollars in thousands):

 

 

Three Months Ended March 31,

 

 

2023

 

2022

 

Maximum amount outstanding (based on daily outstanding balances)

$

548,700

 

$

429,000

 

Average amount outstanding (based on daily outstanding balances)

$

331,268

 

$

360,823

 

Weighted average interest rates

 

4.91

%

 

0.44

%

 

Long-term Debt

 

On March 7, 2023, we completed a public debt offering of $350 million, 5.95% five year senior unsecured notes due March 15, 2028. The proceeds from the offering, which were net of $4.2 million of deferred financing costs, were used to repay notes outstanding under our CP Program and for other general corporate purposes.

 

Debt Covenants

 

Revolving Credit Facility

 

Under our Revolving Credit Facility, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding.

 

We were in compliance with our covenants at March 31, 2023, as shown below:

 

 

As of March 31, 2023

Covenant Requirement

Consolidated Indebtedness to Capitalization Ratio

59.1%

Less than 65%

 

Wyoming Electric

 

Covenants within Wyoming Electric's financing agreements require Wyoming Electric to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of March 31, 2023, we were in compliance with these financial covenants.

 

Equity

 

At-the-Market Equity Offering Program

 

ATM activity was as follows (net proceeds and issuance costs in millions):

 

 

Three Months Ended March 31,

 

 

2023

 

2022

 

Proceeds, (net of issuance costs of $(0.3), $(0.0) respectively)

$

27.4

 

$

3.8

 

Average price per share

$

62.21

 

$

68.79

 

Number of shares issued

 

445,578

 

 

55,707

 

 

As of March 31, 2023, there were 34,040 shares issued, but not settled.