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Financing
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Financing
(5)
Financing

 

Short-term Debt

 

Revolving Credit Facility and CP Program

 

On May 31, 2024, we amended and restated our corporate Revolving Credit Facility, maintaining total commitments of $750 million and extending the term through May 31, 2029, with two one-year extension options (subject to consent from lenders). This facility is similar to the former revolving credit facility, which includes an accordion feature that allows us, with the consent of the administrative agent, the issuing agents and each bank increasing or providing a new commitment, to increase total commitments up to $1.0 billion. Borrowings continue to be available under a base rate or various SOFR options. Based on our current credit ratings, the margins for base rate borrowings, SOFR borrowings and letters of credit will be 0.125%, 1.125% and 1.125%, respectively, and a 0.175% commitment fee will be charged on unused amounts.

 

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:

 

 

June 30, 2024

 

December 31, 2023

 

Amount outstanding

$

-

 

$

-

 

Letters of credit (a)

$

3.6

 

$

3.7

 

Available capacity

$

746.4

 

$

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):

 

 

Six Months Ended June 30,

 

 

2024

 

2023

 

Maximum amount outstanding (based on daily outstanding balances)

$

-

 

$

548.7

 

Average amount outstanding (based on daily outstanding balances)

$

-

 

$

164.7

 

Weighted average interest rates

N/A

 

 

4.91

%

 

Long-term Debt

 

On May 16, 2024, we completed a public debt offering of $450 million, 6.00% senior unsecured notes due January 15, 2035. Proceeds from the offering, which were net of $5.2 million of deferred financing costs, were used for general corporate purposes. We also plan to use the proceeds from the offering, along with available cash or short-term borrowings under our existing facilities, to repay all of our $600 million principal amount outstanding, 1.04%, senior unsecured notes due August 23, 2024, on their maturity date.

 

Financial Covenants

 

Revolving Credit Facility

 

We were in compliance with all of our Revolving Credit Facility covenants as of June 30, 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 June 30, 2024, our Consolidated Indebtedness to Capitalization Ratio was 0.59 to 1.00.

 

Wyoming Electric

 

Wyoming Electric was in compliance with all covenants within its financing agreements as of June 30, 2024. Wyoming Electric is required to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of June 30, 2024, Wyoming Electric's debt to capitalization ratio was 0.51 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 June 30,

 

Six Months Ended June 30,

 

 

2024

 

2023

 

2024

 

2023

 

August 4, 2020 ATM Program

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $0.0, $(0.2), $0.0, and $(0.5), respectively)

$

-

 

$

21.0

 

$

-

 

$

48.5

 

Number of shares issued

 

-

 

 

0.3

 

 

-

 

 

0.8

 

 

 

 

 

 

 

 

 

June 16, 2023 ATM Program

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(0.4), $(0.1), $(0.7), and $(0.1), respectively)

$

41.8

 

$

6.4

 

$

73.0

 

$

6.4

 

Number of shares issued

 

0.8

 

 

0.1

 

 

1.4

 

 

0.1

 

 

 

 

 

 

 

 

 

Total activity under both ATM Programs

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(0.4), $(0.3), $(0.7), and $(0.6), respectively)

$

41.8

 

$

27.4

 

$

73.0

 

$

54.9

 

Number of shares issued

 

0.8

 

 

0.4

 

 

1.4

 

 

0.9

 

Average price per share

$

55.02

 

$

63.53

 

$

53.92

 

$

62.86

 

 

As of June 30, 2024, there were 85,946 shares issued under the ATM Program, but not settled.