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Financing
 3 Months Ended
Mar. 31, 2024
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 millions) as of:

 

 

March 31, 2024

 

December 31, 2023

 

Amount outstanding

$

-

 

$

-

 

Letters of credit (a)

$

3.7

 

$

3.7

 

Available capacity

$

746.3

 

$

746.3

 

Weighted average interest rates

N/A

 

N/A

 

 

(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 millions):

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

Maximum amount outstanding (based on daily outstanding balances)

$

-

 

$

548.7

 

Average amount outstanding (based on daily outstanding balances)

$

-

 

$

331.3

 

Weighted average interest rates

N/A

 

 

4.91

%

 

Financial Covenants

 

Revolving Credit Facility

 

We were in compliance with all of our Revolving Credit Facility covenants as of March 31, 2024. 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 this covenant would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. As of March 31, 2024, our Consolidated Indebtedness to Capitalization Ratio was 0.57 to 1.00.

 

Wyoming Electric

 

Wyoming Electric was in compliance with all covenants within its financing agreements as of March 31, 2024. Wyoming Electric is required to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of March 31, 2024, Wyoming Electric's debt to capitalization ratio was 0.52 to 1.00.

 

Equity

 

At-the-Market Equity Offering Program

 

ATM activity was as follows (in millions, except Average price per share amounts):

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

August 4, 2020 ATM Program

 

 

 

 

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

$

-

 

$

27.4

 

Number of shares issued

 

-

 

 

0.4

 

 

 

 

 

June 16, 2023 ATM Program

 

 

 

 

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

$

31.2

 

$

-

 

Number of shares issued

 

0.6

 

 

-

 

 

 

 

 

Total activity under both ATM Programs

 

 

 

 

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

$

31.2

 

$

27.4

 

Number of shares issued

 

0.6

 

 

0.4

 

Average price per share

$

52.51

 

$

62.21

 

 

As of March 31, 2024, there were 47,596 shares issued under the ATM Program, but not settled.