CEG · 10-Q · 2026Q2 · Full report
Interest Rate and Refinancing Exposure
Constellation Energy Corp · 2026-08-06 · Importance 89 · Surprise 82 · In source text
Following the Calpine acquisition and related financing, long-term debt increased to $19.606 billion at June 30, 2026 from $7.403 billion at December 31, 2025, a change exceeding 10%. Debt carries fixed rates from 3.75% to 6.50% for senior unsecured notes, while project finance and other borrowings include variable-rate exposure tied to SOFR and other benchmark rates. The company’s $7.0 billion revolving credit facility, maturing in September 2030, permits borrowings based on Daily Simple SOFR or Term SOFR plus credit-rating-based spreads, and commercial paper outstanding at June 30, 2026 had a weighted-average interest rate of 4.21%.
Key facts
- Notional amounts for interest rate swaps were approximately $4.0 billion as of June 30, 2026 and $1.4 billion as of December 31, 2025. source
- If the Company were to lose its investment grade credit rating, the maximum adders for Daily Simple SOFR borrowings and Term SOFR borrowings would be 1.00% and 2.00%, respectively. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | contingent | — | If the Company were to lose its investment grade credit rating, the maximum adders for Daily Simple SOFR borrowings and Term SOFR… |