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DEBT AND CREDIT FACILITIES | 12 Months Ended
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Dec. 31, 2021
DEBT AND CREDIT FACILITIES |
DEBT AND CREDIT FACILITIES | 21. DEBT AND CREDIT FACILITIES Debt and credit facilities are comprised of the following: Short-Term Debt
​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31
($ millions) | ​ | 2021 | ​ | 2020
Commercial paper(1) |  | 1 284 |  | 3 566
(1) | The commercial paper is supported by a revolving credit facility with a syndicate of lenders. The company is authorized to issue commercial paper to a maximum of $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2021 was 0.33% (December 31, 2020 - 0.39%).
Long-Term Debt
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31 |
($ millions) | ​ | 2021 | ​ | 2020 |
Fixed-term debt(2)(3) | ​ | ​ | ​ | ​ | ​
3.10% Series 5 Medium Term Notes, due 2021 |  | - |  | 748 | ​
9.25% Debentures, due 2021 (US$300) |  | - |  | 389 | ​
9.40% Notes, due 2021 (US$220)(4)(5) |  | - |  | 281 | ​
4.50% Notes, due 2022 (US$182)(4) |  | 231 |  | 224 | ​
2.80% Notes, due 2023 (US$450) | ​ | 569 | ​ | 574 | ​
3.60% Notes, due 2024 (US$750) |  | - |  | 953 | ​
3.10% Notes, due 2025 (US$550) | ​ | 696 | ​ | 701 | ​
3.00% Series 5 Medium Term Notes, due 2026 |  | 699 |  | 699 | ​
7.875% Debentures, due 2026 (US$275) |  | 359 |  | 364 | ​
8.20% Notes, due 2027 (US$59)(4) |  | 78 |  | 79 | ​
7.00% Debentures, due 2028 (US$250) |  | 320 |  | 323 | ​
3.10% Series 6 Medium Term Notes, due 2029 | ​ | 748 | ​ | 748 | ​
5.00% Series 7 Medium Term Notes, due 2030 | ​ | 1 247 | ​ | 1 247 | ​
7.15% Notes, due 2032 (US$500) |  | 631 |  | 637 | ​
5.35% Notes, due 2033 (US$300) |  | 355 |  | 356 | ​
5.95% Notes, due 2034 (US$500) |  | 630 |  | 636 | ​
5.95% Notes, due 2035 (US$600) |  | 731 |  | 736 | ​
5.39% Series 4 Medium Term Notes, due 2037 |  | 599 |  | 599 | ​
6.50% Notes, due 2038 (US$1 150) |  | 1 451 |  | 1 464 | ​
6.80% Notes, due 2038 (US$900) |  | 1 156 |  | 1 167 | ​
6.85% Notes, due 2039 (US$750) |  | 946 |  | 953 | ​
6.00% Notes, due 2042 (US$152)(4) |  | 149 |  | 149 | ​
4.34% Series 5 Medium Term Notes, due 2046 | ​ | 300 | ​ | 300 | ​
4.00% Notes, due 2047 (US$750) |  | 945 |  | 952 | ​
3.95% Series 8 Medium Term Notes, due 2051 | ​ | 493 | ​ | - | ​
3.75% Notes, due 2051 (US$750) |  | 945 |  | - | ​
Total unsecured long-term debt |  | 14 278 |  | 15 279 | ​
​ | ​ | ​ | ​ | ​ | ​
Lease liabilities(6) | ​ | 2 850 | ​ | 2 908 | ​
Deferred financing costs |  | (58) |  | (54) | ​
​ |  | 17 070 |  | 18 133 | ​
Current portion of long-term debt and lease liabilities | ​ | ​ | ​ | ​ | ​
Lease liabilities | ​ | (310) | ​ | (272) | ​
Long-term debt | ​ | (231) | ​ | (1 413) | ​
​ |  | (541) |  | (1 685) | ​
Total long-term lease liabilities | ​ | 2 540 | ​ | 2 636 | ​
Total long-term debt |  | 13 989 |  | 13 812 | ​
(2) | The value of debt includes the unamortized balance of premiums or discounts.
(3) | Certain securities are redeemable at the option of the company.
(4) | Debt acquired through the acquisition of Canadian Oil Sands Limited (COS).
(5) | Subsequent to the acquisition of COS, Moody’s Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%.
(6) | Interest rates range from 0.4% to 14.2% and maturity dates range from 2022 to 2062.
​ Subsequent to the fourth quarter of 2021, the company completed an early redemption of its outstanding US$182 million 4.50% notes, originally scheduled to mature in the second quarter of 2022. During the fourth quarter of 2021, the company repaid its US$300 million (book value of $371 million) senior unsecured notes at maturity with a coupon of 9.25%, for US$314 million ($388 million), including US$14 million ($17 million) of accrued interest. In the third quarter of 2021, the company completed an early redemption of its US$750 million (book value of $951 million) senior unsecured notes with a coupon interest of 3.60% originally scheduled to mature on December 1, 2024, for US$822 million ($1.0 billion), including US$9 million ($11 million) of accrued interest, resulting in a debt extinguishment loss of $80 million ($60 million after tax). On March 4, 2021, the company issued US$750 million of senior unsecured notes maturing on March 4, 2051. The notes have a coupon of 3.75% and were priced at US$99.518 per US$100 principal amount for an effective yield of 3.777%. The company also issued $500 million of senior unsecured Series 8 medium-term notes on March 4, 2021, maturing on March 4, 2051. The notes have a coupon of 3.95% and were priced at $98.546 per $100 principal amount for an effective yield of 4.034%. Interest on the 3.75% and 3.95% notes is paid semi-annually. In the first quarter of 2021, the company completed an early redemption of its $750 million senior unsecured Series 5 medium-term notes with a coupon of 3.10%, originally scheduled to mature on November 26, 2021, for $770 million, including $8 million of accrued interest, resulting in a debt extinguishment loss of $12 million ($9 million after-tax). The company also completed an early redemption of its US$220 million (book value of $278 million) senior unsecured notes with a coupon of 9.40%, originally scheduled to mature on September 1, 2021, for US$230 million ($290 million), including US$2 million ($2 million) of accrued interest, resulting in a debt extinguishment loss of $10 million ($8 million after-tax). In 2020, the company issued $1.25 billion of senior unsecured Series 7 Medium Term Notes maturing on April 9, 2030. The Series 7 Medium Term Notes have a coupon of 5.00% and were priced at $99.697 per $100 principal amount for an effective yield of 5.039%. Interest on the Series 7 Medium Term Notes is paid semi-annually. In 2020, the company issued US$450 million of senior unsecured notes maturing on May 15, 2023. The notes have a coupon of 2.80% and were priced at US$99.903 per US$100 principal amount for an effective yield of 2.834%. The company also issued US$550 million of senior unsecured notes in 2020 maturing on May 15, 2025. The notes have a coupon of 3.10% and were priced at US$99.949 per US$100 principal amount for an effective yield of 3.111%. Interest on the 2.80% and 3.10% notes is paid semi-annually. Scheduled Debt Repayments Scheduled principal repayments as at December 31, 2021 for lease liabilities, short-term debt and long-term debt are as follows:
​ | ​ | ​ | ​
($ millions) |  | Repayment |
2022 |  | 1 816 | ​
2023 |  | 828 | ​
2024 |  | 232 | ​
2025 |  | 907 | ​
2026 |  | 1 244 | ​
Thereafter |  | 13 482 | ​
​ |  | 18 509 | ​
​ ​ Credit Facilities In the second quarter of 2021, the company reduced the size of each tranche of its syndicated credit facilities by US$500 million and $500 million to US$2.0 billion and $3.0 billion, respectively, and extended the maturity from April 2022 and April 2023 to June 2024 and June 2025, respectively. Effective March 5, 2021, the company terminated $2.8 billion of bilateral credit facilities as these credit facilities were no longer required. The terminated credit facilities had a two-year term and were entered into in March and April 2020 to ensure access to adequate financial resources in connection with the COVID-19 pandemic should they have been required. ​ A summary of available and unutilized credit facilities is as follows: ​
​ | ​ | ​ | ​
($ millions) |  | 2021 |
Fully revolving and expires in 2025 |  | 3 000 | ​
Fully revolving and expires in 2024 |  | 2 531 | ​
Can be terminated at any time at the option of the lenders |  | 1 420 | ​
Total credit facilities |  | 6 951 | ​
Credit facilities supporting outstanding commercial paper |  | (1 284) | ​
Credit facilities supporting standby letters of credit |  | (1 147) | ​
Total unutilized credit facilities(1) |  | 4 520 | ​
​
| (1) | Available credit facilities for liquidity purposes at December 31, 2021 decreased to $4.247 billion, compared to $6.043 billion at December 31, 2020.

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