For The Years Ended December 31, 1997, 1996 and 1995
 
Note 11. Debt and Credit Facilities
 

The following credit facilities were available to the Corporation at December 31, 1997 and 1996:

 
In Millions 1997 1996
Credit Facilities Outstanding Credit Facilities Outstanding
Annually renewable lines of credit $ 54.0 $ 16.3 $ 64.9 $ 8.6
364-day facilities 300.0 --  400.0 -- 
Two-year revolving facilitiesa 40.0 --  40.0 -- 
Four-year revolving facilitiesb 125.0 77.0 235.0 42.0
Five-year revolving facilities 2,200.0 --  755.0 -- 
 
    Total Consolidated $ 2,719.0 $ 93.3 $ 1,494.9 $ 50.6
a At December 31, 1997 and 1996, the Corporation had $40 million of pollution control bonds, included in long-term debt, backed by the two-year revolving facilities.
b The outstanding balance was included in long-term debt.
 
 
 
The 364-day and five-year credit facilities support the Corporation’s commercial paper facilities of $2.5 billion and $780 million at December 31, 1997 and 1996, respectively. Amounts outstanding under the commercial paper facilities at December 31, 1997 and 1996 were as follows:
 
In Millions 1997  1996
Total commercial paper outstanding $ 1,749.2 $ 324.2
Less portion classified as short-term 149.2 194.2
 
Portion classified as long-term debt $ 1,600.0 $ 130.0
 
 
 

In addition to amounts borrowed under the credit facilities and commercial paper facilities, the Corporation had $251.9 million of short-term borrowings from banks outstanding at December 31, 1996. Also, at December 31, 1997 and 1996, the Corporation had a note payable to an affiliate of $4 million and $5 million, respectively.

A summary of short-term debt is as follows:

 
Dollars In Millions 1997 1996  1995 
Amount outstanding at end of year $ 169.5 $ 459.7 $ 300.3
Weighted-average rate at end of year 6.04 % 6.16 % 6.09 %
Maximum amount outstanding during the year $ 889.1 $ 501.4 $ 409.3
Average amount outstanding during the year $ 417.6 $ 182.4 $ 152.8
Weighted-average interest rate for the year
   – computed on a daily basis		 5.65 % 5.92 % 6.15 %
 
 
 

Long-term debt outstanding as of December 31, 1997 and 1996 consisted of the following:

 
Dollars In Millions Year Due 1997  1996 
Duke Energy Corporationa
First and refunding mortgage bonds:
  5.17% 1998 $ 50.0 $ 50.0
  5.76% – 8% 1999 425.0 425.0
  7% 2000 200.0 200.0
  57/8% – 7.41% 2001 – 2004 600.0 600.0
  63/8% – 7% 2005 – 2008 325.0 325.0
  63/4% – 8.30% 2023 – 2025 878.0 878.0
  7% – 8.95% 2027 – 2033 165.5 165.6
  Mortgage bonds redeemed or matured during 1997 --  647.6
Pollution control bonds – 3.58% – 7.75% 2012 – 2017 172.0 172.0
Commercial paper, 5.9% and 6.23% weighted average rate
    at December 31, 1997 and 1996, respectively 		800.0 130.0
Other debt 25.7 27.8
 
Duke Capital Corp.
Commercial paper, 6.03% weighted-
  average rate at December 31, 1997 		800.0 -- 
 
PanEnergy
Bonds:
  73/4% 2022 328.0 328.0
  85/8% Debentures 2025 100.0 100.0
Notes:
  9.55%, maturing serially 1996 – 1999 27.5 41.3
  9.9%, maturing serially 2000 – 2003 45.0 45.0
  7% – 85/8% 1999 – 2006 450.0 450.0
  Notes converted or matured during 1997 --  124.5
 
TETCO
Notes:
  8% – 103/8% 2000 – 2004 500.0 500.0
  Medium term, Series A, 7.64-9.07% 1999 – 2012 100.0 100.0
 
Algonquin
9.13% Notes 2001 – 2003 100.0 100.0
 
PEPL
77/8% Notes 2004 100.0 100.0
7.2% – 7.95% Debentures 2023 – 2024 200.0 200.0
 
Crescent Resources, Inc.b
Construction and mortgage loans, 6.02% – 7.10% 1998 – 2011 116.7 76.0
Revolving credit facilities, 6.30% and 5.95%
  weighted-average rate
  at December 31, 1997 and 1996, respectively 		2001 77.0 42.0
 
Nantahala Power and Light Company
6.90% – 9.21% Senior Notes, maturing serially 2011 – 2016 67.3 68.0
Other 1998 – 2001 .2 .4
 
Unamortized debt discount and premium, net ( 45.6 ) ( 60.5 )
 
Total long-term debt 6,607.3 5,835.7
Current maturities of long-term debt ( 77.3 ) ( 350.6 )
 
Total long-term portion $ 6,530.0 $ 5,485.1
a Substantially all of the Corporation’s electric plant in service was mortgaged as of December 31, 1997.
b Substantial amounts of Crescent Resources, Inc.’s real estate development projects, land and buildings are pledged as collateral.
 

The annual maturities of consolidated long-term debt at December 31, 1997 were $77.3 million, $612.1 million, $427 million, $403 million and $192.5 million for 1998 through 2002, respectively.

On October 1, 1996, TETCO redeemed its $150 million, 10% debentures and its $100 million, 101/8% debentures due 2011. TETCO recorded a non-cash extraordinary item of $16.7 million (net of income tax of $10.3 million) related to the unamortized discount on this early retirement of debt. Earnings per common share for 1996 were reduced $0.05 as a result of this charge.

 
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