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Financing
 9 Months Ended
Sep. 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 as of:

 

 

September 30, 2024

 

December 31, 2023

 

 

(dollars in millions)

 

Amount outstanding

$

17.5

 

$

-

 

Letters of credit (a)

$

3.5

 

$

3.7

 

Available capacity

$

729.0

 

$

746.3

 

Weighted average interest rates

 

4.93

%

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:

 

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

(dollars in millions)

 

Maximum amount outstanding (based on daily outstanding balances)

$

25.8

 

$

548.7

 

Average amount outstanding (based on daily outstanding balances)

$

0.6

 

$

109.2

 

Weighted average interest rates

 

5.15

%

 

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, along with available cash and short-term borrowings under our existing facilities were used to repay all $600 million principal amount outstanding of our 1.04% senior unsecured notes on their August 23, 2024, maturity date and for other general corporate purposes.

 

Financial Covenants

 

Revolving Credit Facility

 

We were in compliance with all of our Revolving Credit Facility covenants as of September 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 September 30, 2024, our Consolidated Indebtedness to Capitalization Ratio was 0.55 to 1.00.

 

Wyoming Electric

 

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

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024 (a)

 

2023

 

2024 (a)

 

2023

 

August 4, 2020 ATM Program

(in millions, except Average price per share amounts)

 

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

$

-

 

$

-

 

$

-

 

$

48.5

 

Number of shares issued

 

-

 

 

-

 

 

-

 

 

0.8

 

 

 

 

 

 

 

 

 

June 16, 2023 ATM Program

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(1.1), $(0.5), $(1.8), and $(0.6), respectively)

$

108.6

 

$

52.8

 

$

181.6

 

$

59.2

 

Number of shares issued

 

1.9

 

 

0.9

 

 

3.3

 

 

1.0

 

 

 

 

 

 

 

 

 

Total activity under both ATM Programs

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(1.1), $(0.5), $(1.8), and $(1.1), respectively)

$

108.6

 

$

52.8

 

$

181.6

 

$

107.7

 

Number of shares issued

 

1.9

 

 

0.9

 

 

3.3

 

 

1.8

 

Average price per share

$

56.84

 

$

57.33

 

$

55.63

 

$

60.02

 

 

(a)
In August 2024, we executed a block trade, which completed our planned equity issuances for 2024.