DTE Energy 2014 Annual Report Download - page 88
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Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to
timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy.
As of December 31, 2014, the amount of authorized and unissued stock is as follows:
DTE Energy
Preferred
$ —
5,000,000
DTE Electric
Preferred
$ 100
6,747,484
DTE Electric
Preference
$ 1
30,000,000
DTE Gas
Preferred
$ 1
7,000,000
DTE Gas
Preference
$ 1
4,000,000
DTE Energy and its wholly owned subsidiaries, DTE Electric and DTE Gas, have unsecured revolving credit agreements that can be used for general
corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the facilities
are available at prevailing short-term interest rates. Additionally, DTE Energy has other facilities to support letter of credit issuance.
The agreements require the Company to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. At December 31, 2014, the total
funded debt to total capitalization ratios for DTE Energy, DTE Electric and DTE Gas are 0.50 to 1, 0.51 to 1 and 0.48 to 1, respectively, and are in
compliance with this financial covenant. The availability under the facilities in place at December 31, 2014 is shown in the following table:
Unsecured letter of credit facility, expiring in February 2015 $ 100
$ —
$ —
$ 100
Unsecured letter of credit facility, expiring in August 2015 125
—
—
125
Unsecured revolving credit facility, expiring April 2018 1,200
300
300
1,800
1,425
300
300
2,025
Amounts outstanding at December 31, 2014:
Commercial paper issuances 203
50
145
398
Letters of credit 204
—
—
204
407
50
145
602
Net availability at December 31, 2014 $ 1,018
$ 250
$ 155
$ 1,423
The Company has other outstanding letters of credit which are not included in the above described facilities totaling approximately $35 million which
are used for various corporate purposes.
The weighted average interest rate for short-term borrowings was 0.4% and 0.2% at December 31, 2014 and 2013, respectively.
85