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SHORT-TERM BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | Below is a summary of our short-term borrowings as at December 31, 2017 and 2016.
| As at December 31 |
(In millions of dollars) | 2017 | 2016
Accounts receivable securitization program | 650 |  | 800 |
US commercial paper program | 935 |  | — |
Total short-term borrowings | 1,585 |  | 800 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2017 and 2016.
| Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
| Notional |  | Exchange |  | Notional |  |  | Notional |  | Exchange |  | Notional |
(In millions of dollars, except exchange rates) | (US$) |  | rate |  | (Cdn$) |  |  | (US$) |  | rate |  | (Cdn$) |
Proceeds received from accounts receivable securitization |  |  | 530 |  |  |  |  | 295 |
Repayment of accounts receivable securitization |  |  | (680 | ) |  |  |  | (295 | )
Net repayment of accounts receivable securitization |  |  | (150 | ) |  |  |  | — |
Proceeds received from US commercial paper | 8,267 |  | 1.30 |  | 10,712 |  |  | — |  | — |  | — |
Repayment of US commercial paper | (7,530 | ) | 1.29 |  | (9,704 | ) |  | — |  | — |  | — |
Net proceeds received from US commercial paper | 737 |  | 1.37 |  | 1,008 |  |  |  |  | — |
Net proceeds received on short-term borrowings |  |  | 858 |  |  |  |  | — |
The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2017 and 2016.
| Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
(In millions of dollars, except exchange rates) | Notional |  | Exchange |  | Notional |  |  | Notional |  | Exchange |  | Notional |
(US$) |  | rate |  | (Cdn$) |  |  | (US$) |  | rate |  | (Cdn$) |
Credit facility borrowings (Cdn$) |  |  |  | 1,730 |  |  |  |  | 1,140 |
Credit facility borrowings (US$) | 960 |  | 1.32 |  | 1,269 |  |  | 2,188 |  | 1.31 |  | 2,877 |
Total credit facility borrowings |  |  | 2,999 |  |  |  |  | 4,017 |
Credit facility repayments (Cdn$) |  |  | (1,830 | ) |  |  |  | (1,540 | )
Credit facility repayments (US$) | (1,110 | ) | 1.31 |  | (1,453 | ) |  | (2,038 | ) | 1.32 |  | (2,686 | )
Total credit facility repayments |  |  | (3,283 | ) |  |  |  | (4,226 | )
Net repayments under credit facilities |  |  | (284 | ) |  |  |  | (209 | )
Senior note issuances (US$) | — |  | — |  | — |  |  | 500 |  | 1.34 |  | 671 |
Senior note repayments (Cdn$) |  |  | (750 | ) |  |  |  | (1,000 | )
Net repayment of senior notes |  |  | (750 | ) |  |  |  | (329 | )
Net repayment of long-term debt |  |  | (1,034 | ) |  |  |  | (538 | )
|  | Years ended December 31 |
(In millions of dollars) |  | 2017 |  | 2016 |
Long-term debt net of transaction costs, beginning of period |  | 16,080 |  | 16,870 |
Net repayment of long-term debt |  | (1,034 | ) | (538 | )
Gain on foreign exchange |  | (608 | ) | (245 | )
Deferred transaction costs incurred |  | (3 | ) | (12 | )
Amortization of deferred transaction costs |  | 13 |  | 5 |
Long-term debt net of transaction costs, end of period |  | 14,448 |  | 16,080 |
|  |  |  |  | As at December 31 |
(In millions of dollars, except interest rates) | Due date |  | Principal amount |  | Interest rate |  | 2017 |  | 2016 |
Bank credit facilities (Cdn$ portion) |  |  |  | Floating |  | — |  | 100 |
Bank credit facilities (US$ portion) |  | US |  | Floating |  | — |  | 201 |
Senior notes | 2017 |  | 250 |  | Floating |  | — |  | 250 |
Senior notes | 2017 |  | 500 |  | 3.000 | % | — |  | 500 |
Senior notes | 2018 | US | 1,400 |  | 6.800 | % | 1,756 |  | 1,880 |
Senior notes | 2019 |  | 400 |  | 2.800 | % | 400 |  | 400 |
Senior notes | 2019 |  | 500 |  | 5.380 | % | 500 |  | 500 |
Senior notes | 2020 |  | 900 |  | 4.700 | % | 900 |  | 900 |
Senior notes | 2021 |  | 1,450 |  | 5.340 | % | 1,450 |  | 1,450 |
Senior notes | 2022 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2023 | US | 500 |  | 3.000 | % | 627 |  | 671 |
Senior notes | 2023 | US | 850 |  | 4.100 | % | 1,066 |  | 1,141 |
Senior notes | 2024 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 878 |  | 940 |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 627 |  | 671 |
Senior debentures 1 | 2032 | US | 200 |  | 8.750 | % | 251 |  | 269 |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 439 |  | 470 |
Senior notes | 2039 |  | 500 |  | 6.680 | % | 500 |  | 500 |
Senior notes | 2040 |  | 800 |  | 6.110 | % | 800 |  | 800 |
Senior notes | 2041 |  | 400 |  | 6.560 | % | 400 |  | 400 |
Senior notes | 2043 | US | 500 |  | 4.500 | % | 627 |  | 671 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 816 |  | 873 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,318 |  | 1,410 |
|  |  |  |  | 14,555 |  | 16,197 |
Deferred transaction costs and discounts |  |  |  |  | (107 | ) | (117 | )
Less current portion |  |  |  |  |  |  | (1,756 | ) | (750 | )
Total long-term debt |  |  |  |  |  |  | 12,692 |  | 15,330 |
1 | Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2017 and 2016.
Below is a summary of the senior notes that we issued in 2016. We did not issue any senior notes in 2017.
(In millions of dollars, except interest rates and discounts) |  |  |
Date Issued |  | Principal amount |  | Due date | Interest rate |  | Discount/ premium at issuance |  | Total gross proceeds 1 (Cdn$) |  | Transaction costs and discounts 2 (Cdn$) |
2016 issuances |  |  |  |  |  |  |
November 4, 2016 | US | 500 |  | 2026 | 2.900 | % | 98.354 | % | 671 |  | 17 |
1 | Gross proceeds before transaction costs and discounts.
2 | Transaction costs and discounts are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
Disclosure of detailed information about accounts receivable securitization program |
| As at December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Trade accounts receivable sold to buyer as security | 1,355 |  | 1,460 |
Short-term borrowings from buyer | (650 | ) | (800 | )
Overcollateralization | 705 |  | 660 |
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Accounts receivable securitization program, beginning of period | 800 |  | 800 |
Net repayment of accounts receivable securitization | (150 | ) | — |
Accounts receivable securitization program, end of period | 650 |  | 800 |
Disclosure of detailed information about commercial paper program |
| Year ended December 31, 2017 |
| Notional |  | Exchange |  | Notional |
(In millions of dollars, except exchange rates) | (US$) |  | rate |  | (Cdn$) |
US commercial paper, beginning of period | — |  | — |  | — |
Net proceeds received from US commercial paper | 737 |  | 1.37 |  | 1,008 |
Discounts on issuance 1 | 9 |  | 1.33 |  | 12 |
Gain on foreign exchange 1 |  |  | (85 | )
US commercial paper, end of period | 746 |  | 1.25 |  | 935 |
1 Included in finance costs.

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