CEG · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

Constellation Energy Corp · 2026-11-09 · Importance 83 · Surprise 82 · No source text

The revolving credit facility commitment increased from $4.5 billion to $7.0 billion after the Calpine acquisition closed in January 2026, with maturity extended to September 2030. At September 30, 2026, the company reported total available capacity of $7,194 million across its credit facilities and $2,092 million of commercial paper outstanding; the commercial-paper weighted-average interest rate was 4.28%. The accounts receivable facility had a $1.5 billion limit, was drawn in full in the first quarter, and $1.1 billion was repaid in the second quarter using term-loan and senior-note proceeds. Constellation's cash, restricted cash and cash equivalents totaled $1,009 million at September 30, 2026.

Key facts

• In September 2025, Constellation amended its revolving credit facility to increase aggregate commitment from $4.5 billion to $7.0 billion, adding $2.5 billion of commitments and extending maturity to September 2030.
• As of September 30, 2026, Constellation's commercial paper program maximum size was $7.0 billion, compared with $4.5 billion as of December 31, 2025.
• The Accounts Receivable Facility has a maximum funding limit of $1.5 billion and matures in December 2027.
• Constellation Energy has access to credit facilities with aggregate bank commitments of approximately $14.5 billion.
• As of September 30, 2026, Constellation Energy had approximately $7.2 billion of available capacity under its credit facilities and $0.6 billion of cash on hand.
• Constellation Energy estimates 2026 benefit payments to non-qualified pension plans of approximately $25 million and planned OPEB plan contributions, including estimated payments to unfunded plans, of $64 million.
• In 2026, Constellation entered into or amended bilateral credit facilities, increasing aggregate letter-of-credit capacity by $1,025 million.
• As of September 30, 2026, Constellation's uncommitted credit facilities totaled $3,450 million.

Impact estimates