ATLANTIC CITY ELECTRIC CO
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
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9. Debt and Credit Agreements
- 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 September 30, 2025 and December 31, 2024.
| Outstanding Commercial Paper at | Average Interest Rate onCommercial Paper Borrowings at | |||
|---|---|---|---|---|
| Commercial Paper Issuer | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 |
| Exelon(a) | $580 | $1,359 | 4.29% | 4.66% |
| ComEd | $— | $36 | —% | 4.55% |
| PECO | $— | $192 | —% | 4.65% |
| BGE | $— | $175 | —% | 4.61% |
| PHI(b) | $166 | $530 | 4.30% | 4.70% |
| Pepco | $63 | $200 | 4.30% | 4.69% |
| DPL | $33 | $144 | 4.27% | 4.74% |
| ACE | $70 | $186 | 4.30% | 4.67% |
(a)Exelon Corporate had $414 million outstanding commercial paper borrowings at September 30, 2025 and $426 million in outstanding commercial paper borrowings at December 31, 2024.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
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:
| Borrower | Aggregate Bank Commitment | Interest Rate |
|---|---|---|
| Exelon Corporate | $900 | SOFR plus 1.075% |
| ComEd | $1,000 | SOFR plus 1.000% |
| PECO | $600 | SOFR plus 0.900% |
| BGE | $600 | SOFR plus 0.900% |
| Pepco | $300 | SOFR plus 1.000% |
| DPL | $300 | SOFR plus 1.000% |
| ACE | $300 | SOFR plus 1.000% |
Exelon Corporate and the Utility Registrants hadno outstanding amounts on the revolving credit facilities as of September 30, 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. On October 3, 2025, the Utility Registrants amended and extended their credit facilities at community banks. Previously structured as one-year arrangements, the facilities are now two-year terms. These facilities expire on October 1, 2027.
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.
Long-Term Debt
Issuance of Long-Term Debt
During the nine months ended September 30, 2025, the following long-term debt was issued:
| Company | Type | Interest Rate | Maturity | Amount | Use of Proceeds |
|---|---|---|---|---|---|
| Exelon | Junior Subordinated Notes(a) | 6.50% | March 15, 2055 | $1,000 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| Exelon | Notes | 5.125% | March 15, 2031 | $500 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| Exelon | Notes | 5.875% | March 15, 2055 | $500 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| ComEd | First Mortgage Bonds | 5.95% | June 1, 2055 | $725 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| PECO | First Mortgage Bonds | 4.875% | September 15, 2035 | $525 | Repay existing indebtedness, repay outstanding commercial paper obligations, and for general corporate purposes. |
| PECO | First Mortgage Bonds | 5.65% | September 15, 2055 | $525 | Repay existing indebtedness, repay outstanding commercial paper obligations, and for general corporate purposes. |
| BGE | Notes | 5.45% | June 1, 2035 | $650 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| Pepco | First Mortgage Bonds | 5.78% | September 17, 2055 | $75 | Repay existing indebtedness and for general corporate purposes. |
| Pepco | First Mortgage Bonds | 5.48% | March 26, 2040 | $200 | Repay existing indebtedness and for general corporate purposes. |
| DPL | First Mortgage Bonds | 5.28% | March 26, 2035 | $125 | Repay existing indebtedness and for general corporate purposes. |
| ACE(b) | First Mortgage Bonds | 5.28% | March 26, 2035 | $100 | Repay existing indebtedness and for general corporate purposes. |
(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, 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.
Reoffering of Tax-Exempt Bonds
On July 1, 2025, DPL completed the reoffering of $78.4 million aggregate principal amount of its Delaware Economic Development Authority’s Gas Facilities Refunding Revenue Bonds (Delmarva Power & Light Company Project) 2020 Series A (Non-AMT) (the "Bonds"). In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering.
Debt Covenants
As of September 30, 2025, the Registrants are in compliance with debt covenants.
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