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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company issued long-term debt over the three years ended December 31, 2019 as follows:

(millions of Canadian $, unless otherwise noted)

Company

Issue Date

Type

Maturity Date

Amount

Interest Rate

TRANSCANADA PIPELINES LIMITED

September 2019

Medium Term Notes

September 2029

700

3.00

%

September 2019

Medium Term Notes

July 2048

300

4.18

%

1

April 2019

Medium Term Notes

October 2049

1,000

4.34

%

October 2018

Senior Unsecured Notes

March 2049

US 1,000

5.10

%

October 2018

Senior Unsecured Notes

May 2028

US 400

4.25

%

2

July 2018

Medium Term Notes

July 2048

800

4.18

%

July 2018

Medium Term Notes

March 2028

200

3.39

%

3

May 2018

Senior Unsecured Notes

May 2028

US 1,000

4.25

%

May 2018

Senior Unsecured Notes

May 2048

US 1,000

4.875

%

May 2018

Senior Unsecured Notes

May 2038

US 500

4.75

%

November 2017

Senior Unsecured Notes

November 2019

US 550

Floating

November 2017

Senior Unsecured Notes

November 2019

US 700

2.125

%

September 2017

Medium Term Notes

March 2028

300

3.39

%

September 2017

Medium Term Notes

September 2047

700

4.33

%

NORTHERN COURIER PIPELINE LIMITED PARTNERSHIP4,5

July 2019

Senior Secured Notes

June 2042

1,000

3.365

%

NORTH BAJA PIPELINE, LLC

December 2018

Unsecured Term Loan

December 2021

US 50

Floating

PORTLAND NATURAL GAS TRANSMISSION SYSTEM

April 2018

Unsecured Loan Facility

April 2023

US 19

Floating

TUSCARORA GAS TRANSMISSION COMPANY

August 2017

Unsecured Term Loan

August 2020

US 25

Floating

TC PIPELINES, LP

May 2017

Senior Unsecured Notes

May 2027

US 500

3.90

%

1 Reflects coupon rate on re-opening of a pre-existing medium-term notes (MTN) issue. The MTNs were issued at a premium to par, resulting in a re-issuance yield of 3.991 per cent.

2 Reflects coupon rate on re-opening of a pre-existing senior unsecured notes issue. The notes were issued at a discount to par, resulting in a re-issuance yield of 4.439 per cent.

3 Reflects coupon rate on re-opening of a pre-existing MTN issue. The MTNs were issued at a discount to par, resulting in a re-issuance yield of 3.41 per cent.

4 Principal and interest payments are made semi-annually over the life of the senior secured notes.

5 Subsequent to the debt issuance, TC Energy completed the sale of an 85 per cent equity interest in Northern Courier. The Company's remaining 15 per cent interest is accounted for using the equity method. Refer to Note 27, Acquisitions and dispositions, for additional information.

			2019						2018
Outstanding amounts	Maturity Dates		Outstanding at December 31			Interest Rate1			Outstanding at December 31			Interest Rate1
(millions of Canadian $, unless otherwise noted)
TRANSCANADA PIPELINES LIMITED
Debentures
Canadian	2020		250			11.8	%		350			11.4	%
U.S. (2019 and 2018 – US$400)	2021		518			9.9	%		546			9.9	%
Medium Term Notes
Canadian	2021 to 2049		9,491			4.6	%		7,504			4.8	%
Senior Unsecured Notes
U.S. (2019 – US$14,792; 2018 – US$17,192)	2020 to 2049		19,174			5.2	%		23,456			5.1	%
			29,433						31,856
NOVA GAS TRANSMISSION LTD.
Debentures and Notes
Canadian	2024		100			9.9	%		100			9.9	%
U.S. (2019 and 2018 – US$200)	2023		259			7.9	%		273			7.9	%
Medium Term Notes
Canadian	2025 to 2030		504			7.4	%		504			7.4	%
U.S. (2019 and 2018 – US$33)	2026		42			7.5	%		44			7.5	%
			905						921
COLUMBIA PIPELINE GROUP, INC.
Senior Unsecured Notes
U.S. (2019 and 2018 – US$2,250)2	2020 to 2045		2,916			4.4	%		3,070			4.4	%
TC PIPELINES, LP
Unsecured Loan Facility
U.S. (2019 – nil; 2018 – US$40)			—			—			55			3.8	%
Unsecured Term Loan
U.S. (2019 – US$450; 2018 – US$500)	2022		583			2.9	%		682			3.6	%
Senior Unsecured Notes
U.S. (2019 and 2018 – US$1,200)	2021 to 2027		1,556			4.4	%		1,637			4.4	%
			2,139						2,374
ANR PIPELINE COMPANY
Senior Unsecured Notes
U.S. (2019 and 2018 – US$672)	2021 to 2026		872			7.2	%		918			7.2	%

			2019						2018
Outstanding amounts	Maturity Dates		Outstanding at December 31			Interest Rate1			Outstanding at December 31			Interest Rate1
(millions of Canadian $, unless otherwise noted)
GAS TRANSMISSION NORTHWEST LLC
Unsecured Term Loan
U.S. (2019 – nil; 2018 – US$35)			—			—			48			3.3	%
Senior Unsecured Notes
U.S. (2019 and 2018 – US$250)	2020 to 2035		324			5.6	%		341			5.6	%
			324						389
GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP
Senior Unsecured Notes
U.S. (2019 – US$219; 2018 – US$240)	2021 to 2030		284			7.7	%		327			7.7	%
PORTLAND NATURAL GAS TRANSMISSION SYSTEM
Unsecured Loan Facility
U.S. (2019 – US$39; 2018 – US$19)	2023		51			3.0	%		26			3.6	%
TUSCARORA GAS TRANSMISSION COMPANY
Unsecured Term Loan
U.S. (2019 – US$23; 2018 – US$24)	2020		30			2.8	%		33			3.5	%
NORTH BAJA PIPELINE, LLC
Unsecured Term Loan
U.S. (2019 and 2018 – US$50)	2021		65			2.8	%		68			3.5	%
			37,019						39,982
Current portion of long-term debt			(2,705	)					(3,462	)
Unamortized debt discount and issue costs			(228	)					(241	)
Fair value adjustments3			194						230
			34,280						36,509

1 Interest rates are the effective interest rates except for those pertaining to long-term debt issued for the Company's Canadian regulated natural gas operations, in which case the weighted average interest rate is presented as approved by the regulators. The effective interest rate is calculated by discounting the expected future interest payments, adjusted for loan fees, premiums and discounts. Weighted average and effective interest rates are stated as at the respective outstanding dates.

2 Certain subsidiaries of Columbia have guaranteed the principal payments of Columbia’s senior unsecured notes. Each guarantor of Columbia’s obligations is required to comply with covenants under the debt indenture and in the event of default, the guarantors would be obligated to pay the principal and related interest.

3

The fair value adjustments include $193 million (2018 – $232 million) related to the acquisition of Columbia. These adjustments also include an increase of $1 million (2018 – decrease of $2 million) related to hedged interest rate risk. Refer to Note 25, Risk management and financial instruments, for additional information.

Schedule of Repayments of Long-Term Debt

At December 31, 2019, principal repayments for the next five years on the Company's long-term debt are approximately as follows:

(millions of Canadian $)		2020		2021		2022		2023		2024
Principal repayments on long-term debt		2,705		1,966		1,932		1,897		289

Schedule of Retired Long-Term Debt

The Company retired/repaid long-term debt over the three years ended December 31, 2019 as follows:

(millions of Canadian $, unless otherwise noted)
Company		Retirement/Repayment Date		Type		Amount			Interest Rate
TRANSCANADA PIPELINES LIMITED
		November 2019		Senior Unsecured Notes		US 700			2.125	%
		November 2019		Senior Unsecured Notes		US 550			Floating
		May 2019		Medium Term Notes		13			9.35	%
		March 2019		Debentures		100			10.50	%
		January 2019		Senior Unsecured Notes		US 750			7.125	%
		January 2019		Senior Unsecured Notes		US 400			3.125	%
		August 2018		Senior Unsecured Notes		US 850			6.50	%
		March 2018		Debentures		150			9.45	%
		January 2018		Senior Unsecured Notes		US 500			1.875	%
		January 2018		Senior Unsecured Notes		US 250			Floating
		December 2017		Debentures		100			9.80	%
		November 2017		Senior Unsecured Notes		US 1,000			1.625	%
		June 2017		Acquisition Bridge Facility1		US 1,513			Floating
		February 2017		Acquisition Bridge Facility1		US 500			Floating
		January 2017		Medium Term Notes		300			5.10	%
TC PIPELINES, LP
		June 2019		Unsecured Term Loan		US 50			Floating
		December 2018		Unsecured Term Loan		US 170			Floating
GAS TRANSMISSION NORTHWEST LLC
		May 2019		Unsecured Term Loan		US 35			Floating
COLUMBIA PIPELINE GROUP, INC.
		June 2018		Senior Unsecured Notes		US 500			2.45	%
PORTLAND NATURAL GAS TRANSMISSION SYSTEM
		May 2018		Senior Secured Notes		US 18			5.90	%
GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP
		March 2018		Senior Unsecured Notes		US 9			6.73	%
TUSCARORA GAS TRANSMISSION COMPANY
		August 2017		Senior Secured Notes		US 12			3.82	%
TRANSCANADA PIPELINE USA LTD.
		June 2017		Acquisition Bridge Facility1		US 630			Floating
		April 2017		Acquisition Bridge Facility1		US 1,070			Floating

1

These facilities were put in place to finance a portion of the Columbia acquisition and were fully retired in 2017.

Schedule of Interest Expense

year ended December 31	2019			2018			2017
(millions of Canadian $)
Interest on long-term debt	1,931			1,877			1,794
Interest on junior subordinated notes	427			391			348
Interest on short-term debt	106			73			33
Capitalized interest	(186	)		(124	)		(173	)
Amortization and other financial charges1	55			48			67
	2,333			2,265			2,069

1

Amortization and other financial charges includes amortization of transaction costs and debt discounts calculated using the effective interest method and losses on derivatives used to manage the Company's exposure to changes in interest rates.

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