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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2012
DEBT |
DEBT | 16. DEBT
|  | Weighted Average |  |  |  |  |  |  |  |
December 31, |  | Interest Rate |  | Maturity |  | 2012 |  |  | 2011 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Liquids Pipelines |  |  |  |  |  |  |  |  |  |
Debentures |  | 8.2% |  | 2024 |  | 200 |  |  | 200 |
Medium-term notes |  | 4.9% |  | 2015-2112 |  | 2,435 |  |  | 2,435 |
Southern Lights project financing 1 |  | 2.7% |  | 2014 |  | 1,413 |  |  | 1,449 |
Commercial paper and credit facility draws |  |  |  |  |  | 25 |  |  | 26 |
Other 2 |  |  |  |  |  | 12 |  |  | 13 |
Gas Distribution |  |  |  |  |  |  |  |  |  |
Debentures |  | 9.9% |  | 2024 |  | 85 |  |  | 85 |
Medium-term notes |  | 5.5% |  | 2014-2050 |  | 2,295 |  |  | 2,295 |
Commercial paper and credit facility draws |  |  |  |  |  | 590 |  |  | 556 |
Sponsored Investments |  |  |  |  |  |  |  |  |  |
Junior subordinated notes 3 |  | 8.1% |  | 2067 |  | 398 |  |  | 406 |
Medium-term notes |  | 3.8% |  | 2013-2023 |  | 1,615 |  |  | 415 |
Senior notes 4 |  | 6.2% |  | 2013-2040 |  | 4,129 |  |  | 4,322 |
Commercial paper and credit facility draws 5 |  |  |  |  |  | 1,405 |  |  | 540 |
Corporate |  |  |  |  |  |  |  |  |  |
United States dollar term notes 6 |  | 5.5% |  | 2014-2017 |  | 1,094 |  |  | 1,119 |
Medium-term notes |  | 4.5% |  | 2013-2042 |  | 4,268 |  |  | 3,518 |
Commercial paper and credit facility draws 7 |  |  |  |  |  | 1,488 |  |  | 2,785 |
Other 8 |  |  |  |  |  | (14 | ) |  | (11 | )
Total debt |  |  |  |  |  | 21,438 |  |  | 20,153 |
Current maturities |  |  |  |  |  | (652 | ) |  | (354 | )
Short-term borrowings 9 |  |  |  |  |  | (583 | ) |  | (548 | )
Long-term debt |  |  |  |  |  | 20,203 |  |  | 19,251 |
1 2012 - $357 million and US$1,061 million (2011 - $360 million and US$1,071 million). 2 Primarily capital lease obligations. 3 2012 - US$400 million (2011 - US$400 million). 4 2012 - US$4,150 million (2011 - US$4,250 million). 5 2012 - $250 million and US$1,160 million (2011 - $260 million and US$275 million). 6 2012 - US$1,100 million (2011 - US$1,100 million). 7 2012 - $1,140 million and US$350 million (2011 - $1,655 million and US$1,111 million). 8 Primarily debt discount. 9 Weighted average interest rate - 1.1% (2011 - 1.1%). For the years ending December 31, 2013 through 2017, debenture and term note maturities are $649 million, $1,287 million, $908 million, $998 million, $1,321 million, respectively, and $11,356 million thereafter. The Company’s debentures and term notes bear interest at fixed rates and interest obligations for the years ending December 31, 2013 through 2017 are $997 million, $976 million, $926 million, $901 million and $826 million, respectively. At December 31, 2012 and 2011, all debt is unsecured except for the Southern Lights project financing which is collateralized by the Southern Lights project assets. INTEREST EXPENSE
Year ended December 31, |  | 2012 |  |  | 2011 |  | 2010 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |
Debentures and term notes |  | 986 |  |  | 891 |  | 835 |
Commercial paper and credit facility draws |  | 33 |  |  | 74 |  | 66 |
Southern Lights project financing |  | 38 |  |  | 38 |  | 37 |
Capitalized |  | (216 | ) |  | (75 | ) | (73 | )
|  | 841 |  |  | 928 |  | 865 |
CREDIT FACILITIES
December 31, 2012 |  | Maturity Dates 1 |  | Total Facilities |  | Draws 2 |  | Available |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Liquids Pipelines |  | 2014 |  | 300 |  | 25 |  | 275 |
Gas Distribution |  | 2014 |  | 712 |  | 590 |  | 122 |
Sponsored Investments |  | 2014-2017 |  | 3,162 |  | 1,645 |  | 1,517 |
Corporate |  | 2014-2017 |  | 9,108 |  | 1,520 |  | 7,588 |
|  |  |  | 13,282 |  | 3,780 |  | 9,502 |
Southern Lights project financing 3 |  | 2014 |  | 1,484 |  | 1,429 |  | 55 |
Total credit facilities |  |  |  | 14,766 |  | 5,209 |  | 9,557 |
1 Total facilities include $35 million in demand facilities with no maturity date. 2 Includes credit facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility. 3 Total facilities inclusive of $60 million for debt service reserve letters of credit. Credit facilities carry a weighted average standby fee of 0.2% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to the commercial paper programs and the Company has the option to extend the facilities, which are currently set to mature from 2014 to 2017. Commercial paper and credit facility draws, net of short-term borrowings, of $2,925 million (2011 - $3,359 million) are supported by the availability of long-term committed credit facilities and therefore have been classified as long-term debt.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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