EXELON CORP

9. Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

Commercial Paper

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at March 31, 2025 and December 31, 2024.

(a)Exelon Corporate hadno outstanding commercial paper borrowings at March 31, 2025 and $426 million in outstanding commercial paper borrowings at December 31, 2024.

(b)Represents the consolidated amounts of Pepco, DPL, and ACE.

Note 9 — Debt and Credit Agreements

Revolving Credit Agreements

On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:

Exelon Corporate and the Utility Registrants hadno outstanding amounts on the revolving credit facilities as of March 31, 2025.

The Utility Registrants have credit facility agreements, arranged at community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 3, 2025.

See Note 16 — Debt and Credit Agreements of the 2024 Form 10-K for additional information on the Registrants' credit facilities.

Short-Term Loan Agreements

On March 14, 2024, Exelon Corporate amended and bifurcated the $500 million term loan agreement into two tranches of $350 million and $150 million. The loan agreements were renewed in the first quarter of 2025, extending the expiration date to March 13, 2026. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 1.00% and all indebtedness thereunder is unsecured. The loan agreements are reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

Note 9 — Debt and Credit Agreements

Long-Term Debt

Issuance of Long-Term Debt

During the three months ended March 31, 2025, the following long-term debt was issued:

(a)The Junior Subordinated Notes bear interest at 6.50% per annum, commencing February 19, 2025 to, but excluding March 15, 2035. Thereafter, the interest rate resets every five years on March 15 and will be set at a rate per annum equal to the Five-year U.S. Treasury Rate plus a spread of 1.975%.

(b)On March 26, 2025, Pepco entered into a purchase agreement of First Mortgage Bonds of $75 million at 5.78% due on September 17, 2055. The closing date of the issuance is expected to occur in September 2025.

(c)On March 26, 2025, ACE entered into a purchase agreement of First Mortgage Bonds of $75 million and $75 million at 5.54% and 5.81% due on November 19, 2040 and November 19, 2055, respectively. The closing date of the issuance is expected to occur in November 2025.

Debt Covenants

As of March 31, 2025, the Registrants are in compliance with debt covenants.