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JUNIOR SUBORDINATED NOTES (Tables)
 12 Months Ended
Dec. 31, 2019
Junior Subordinated Notes [Abstract]  
Schedule of Junior Subordinated Notes
 
 
 
2019
 
2018
Outstanding loan amount
Maturity
Date
 
Outstanding at December 31

 
Effective
Interest Rate1

 
Outstanding at December 31

 
Effective
Interest Rate1

(millions of Canadian $, unless otherwise noted)
 
 
 
 
 
 
 
 
 
 
TRANSCANADA PIPELINES LIMITED2
 
 
 
 
 
 
 
 
 
US$1,000 notes issued 2007 at 6.35%3
2067
 
1,296

 
5.1
%
 
1,364

 
5.6
%
US$750 notes issued 2015 at 5.875%4,5
2075
 
972

 
6.0
%
 
1,024

 
6.5
%
US$1,200 notes issued 2016 at 6.125%4,5
2076
 
1,556

 
6.7
%
 
1,637

 
7.2
%
US$1,500 notes issued 2017 at 5.55%4,5
2077
 
1,944

 
5.7
%
 
2,047

 
6.2
%
$1,500 notes issued 2017 at 4.90%4,5
2077
 
1,500

 
5.4
%
 
1,500

 
5.5
%
US$1,100 notes issued 2019 at 5.75%4,5
2079
 
1,426

 
6.3
%
 
—

 
—

 
 
 
8,694

 
 
 
7,572

 
 
Unamortized debt discount and issue costs
 
 
(80
)
 
 
 
(64
)
 
 
 
 
 
8,614

 
 
 
7,508

 
 

1
The effective interest rate is calculated by discounting the expected future interest payments using the coupon rate and any estimated future rate resets, adjusted for issue costs and discounts.
2
The Junior subordinated notes are subordinated in right of payment to existing and future senior indebtedness or other obligations of TCPL.
3
In May 2017, Junior subordinated notes of US$1 billion converted from a fixed rate of 6.35 per cent to a floating rate that is reset quarterly to the three-month LIBOR plus 2.21 per cent.
4
The Junior subordinated notes were issued to TransCanada Trust, a financing trust subsidiary wholly-owned by TCPL. While the obligations of the Trust are fully and unconditionally guaranteed by TCPL on a subordinated basis, the Trust is not consolidated in TC Energy's financial statements since TCPL does not have a variable interest in the Trust and the only substantive assets of the Trust are junior subordinated notes of TCPL.
5
The coupon rate is initially a fixed interest rate for the first 10 years and converts to a floating rate thereafter.