 |
|
|
December 31, |
|
|
|
| (In millions) |
Year Due |
|
1998 |
|
|
1997 |
|
|
| Duke Energy a |
|
|
|
|
|
|
|
| First and refunding mortgage bonds: |
|
|
|
|
|
|
|
| 5.76% - 8% |
1999 |
$ |
425 |
|
$ |
425 |
|
| 7% |
2000 |
|
200 |
|
|
200 |
|
| 5 7/8% - 7.41% |
2001-2004 |
|
500 |
|
|
600 |
|
| 6 3/8% - 7% |
2005-2008 |
|
125 |
|
|
325 |
|
| 6 3/4% - 8.30% |
2023-2025 |
|
678 |
|
|
878 |
|
| 7% - 8.95% |
2027-2033 |
|
165 |
|
|
165 |
|
| Mortgage bonds matured during 1998 |
|
|
-- |
|
|
50 |
|
| Pollution control bonds, 3.85% - 7.75% |
2012-2017 |
|
172 |
|
|
172 |
|
| Notes: |
|
|
|
|
|
|
|
| 6.9% - 9.21% |
2011-2016 |
|
65 |
|
|
-- |
|
| 6% |
2028 |
|
300 |
|
|
-- |
|
| Commercial paper, 5.28% and 5.9% weighted-average rate at |
|
|
|
|
|
|
|
| December 31, 1998 and 1997, respectively |
|
|
1,200 |
|
|
800 |
|
| Other Debt |
|
|
23 |
|
|
26 |
|
| |
|
| Duke Capital Corporation |
|
|
|
|
|
|
|
| Senior Notes: |
|
|
|
|
|
|
|
| 6 1/4% |
2005 |
|
250 |
|
|
-- |
|
| 6 3/4% |
2018 |
|
150 |
|
|
-- |
|
| Commercial paper, 5.73% and 6.03% weighted-average rate at |
|
|
|
|
|
|
|
| December 31, 1998 and 1997, respectively |
|
|
500 |
|
|
800 |
|
| Other Debt |
|
|
24 |
|
|
-- |
|
| |
|
| PanEnergy |
|
|
|
|
|
|
|
| Bonds: |
|
|
|
|
|
|
|
| 7 3/4% |
2022 |
|
328 |
|
|
328 |
|
| 8 5/8% Debentures |
2025 |
|
100 |
|
|
100 |
|
| Notes: |
|
|
|
|
|
|
|
| 9.55% - 9.9%, maturing serially |
1998-2003 |
|
59 |
|
|
73 |
|
| 7% - 8 5/8% |
1999-2006 |
|
450 |
|
|
450 |
|
| |
|
| TETCO |
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
| 8% - 10 3/8% |
2000-2004 |
|
500 |
|
|
500 |
|
| Medium term, Series A, 7.64 - 9.07% |
1999-2012 |
|
100 |
|
|
100 |
|
| |
|
| Algonquin Gas Transmission Company |
|
|
|
|
|
|
|
| 9.13% Notes |
2003 |
|
100 |
|
|
100 |
|
| |
|
| Panhandle Eastern Pipe Line Company (PEPL) |
|
|
|
|
|
|
|
| 7 7/8% Note |
2004 |
|
100 |
|
|
100 |
|
| 7.2% - 7.95% Debentures |
2023-2024 |
|
200 |
|
|
200 |
|
| |
|
| Cresent Resources, Inc. b |
|
|
|
|
|
|
|
| Construction and mortgage loans, |
|
|
|
|
|
|
|
| 5.21% - 7.10% |
1998-2011 |
|
69 |
|
|
117 |
|
| Revolving credit facilities, 5.98% and |
|
|
|
|
|
|
|
| 6.30% weighted-average rate at |
|
|
|
|
|
|
|
| December 31, 1998 and 1997, respectively |
2001 |
|
100 |
|
|
77 |
|
| |
|
| Global Asset Development |
|
|
|
|
|
|
|
| 5.2% - 18% Notes |
1999-2004 |
|
111 |
|
|
-- |
|
| |
|
| Other debt of subsidiaries |
|
|
13 |
|
|
67 |
|
| Unamortized debt discount and premium, net |
|
|
(48 |
) |
|
(46 |
) |
|
|
|
| Total long-term debt |
|
|
6,959 |
|
|
6,607 |
|
| Current maturities of long-term debt |
|
|
(687 |
) |
|
(77 |
) |
|
|
|
| Total long-term portion |
|
$ |
6,272 |
|
$ |
6,530 |
|
 |
| a |
Substantially all of Duke Energy's electric plant was mortgaged. |
| b |
Substantial amounts of Crescent Resources' real estate development projects, land and buildings were pledged as collateral.
|
|
The annual maturities of consolidated long-term debt at December 31, 1998 were $687 million, $413 million, $388 million, $133 million and $526 million for 1999 through 2003, respectively. Such payments exclude $1,853 million of long-term debt that matures after 2003 which have call options whereby Duke Energy has the option to repay the debt early. Based on the years in which Duke Energy may first exercise their redemption options, $820 million could potentially be repaid in 1999, $178 million in 2000, $328 million in 2002, $427 million in 2003 and $100 million thereafter.
| Credit Facilities |
|
|
December 31, |
|
1998 |
1997 |
|
|
| (In millions) |
Credit
Facilities |
Outstanding |
Credit
Facilities |
Outstanding |
|
| Annually renewable facilities |
$ |
-- |
|
$ |
-- |
|
$ |
54 |
|
$ |
16 |
|
| 364-day facilities a |
|
600 |
|
|
-- |
|
|
300 |
|
|
-- |
|
| Two-year revolving facilitiesb |
|
-- |
|
|
-- |
|
|
40 |
|
|
-- |
|
| Four-year revolving facilities |
|
125 |
|
|
100 |
|
|
125 |
|
|
77 |
|
| Five-year revolving facilities a |
|
2,200 |
|
|
-- |
|
|
2,200 |
|
|
-- |
|
|
|
| Total Consolidated |
$ |
2,925 |
|
$ |
100 |
|
$ |
2,719 |
|
$ |
93 |
|
|
| a |
Supported commercial paper facilities. |
| b |
Supported pollution control bonds.
|
|
| Notes Payable and Commercial Paper |
|
|
December 31, |
|
|
| (In millions) |
|
1998 |
|
|
1997 |
|
|
| Credit facilities outstanding |
$ |
100 |
|
$ |
93 |
|
| Note payable |
|
4 |
|
|
4 |
|
| Commercial paper outstanding |
|
1,905 |
|
|
1,750 |
|
|
|
| |
|
2,009 |
|
|
1,847 |
|
| Less portion classified as long-term |
|
|
|
|
|
|
| Credit facilities |
|
(100 |
) |
|
(77 |
) |
| Commercial paper |
|
(1,700 |
) |
|
(1,600 |
) |
|
|
| Portion classified as short-term |
$ |
209 |
|
$ |
170 |
|
|
The weighted average interest rate on outstanding short-term notes payable and commercial paper at December 31, 1998 and 1997 was 5.23% and 6.04%, respectively.
|
