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SHORT-TERM BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2018
Financial Instruments [Abstract]  
Disclosure of detailed information about borrowings
Below is a summary of our short-term borrowings as at December 31, 2018 and 2017.
 
As at December 31
 
(In millions of dollars)
2018
2017
 
 
 
Accounts receivable securitization program
650

650

US commercial paper program
1,605

935

 
 
 
Total short-term borrowings
2,255

1,585


Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2018 and 2017.
 
Year ended December 31, 2018
 
 
Year ended December 31, 2017
 
 
Notional

Exchange

Notional

 
Notional

Exchange

Notional

(In millions of dollars, except exchange rates)
(US$)

rate

(Cdn$)

 
(US$)

rate

(Cdn$)

 
 
 
 
 
 
 
 
Proceeds received from US commercial paper
15,262

1.29

19,752

 
8,267

1.30

10,712

Repayment of US commercial paper
(14,858
)
1.30

(19,244
)
 
(7,530
)
1.29

(9,704
)
Net proceeds received from US commercial paper




508

 




1,008

 
 
 
 
 
 
 
 
Proceeds received from accounts receivable securitization
 
 
225

 
 
 
530

Repayment of accounts receivable securitization
 
 
(225
)
 
 
 
(680
)
Net repayment of accounts receivable securitization
 
 
—

 
 
 
(150
)
 
 
 
 
 
 
 
 
Net proceeds received on short-term borrowings
 
 
508

 
 
 
858

Below is a summary of the senior notes that we issued in 2018. 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$)

 
 
 
 
 
 
 
 
2018 issuances
 
 
 
 
 
 
 
February 8, 2018
US
750

2048
4.300
%
99.398
%
938

16

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.
 
 
 
 
 
As at December 31
 
(In millions of dollars, except interest rates)
Due date
 
Principal amount

Interest rate

2018

2017

 
 
 
 
 
 
 
Senior notes
2018
US
1,400

6.800
%
—

1,756

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
%
682

627

Senior notes
2023
US
850

4.100
%
1,160

1,066

Senior notes
2024
 
600

4.000
%
600

600

Senior notes
2025
US
700

3.625
%
955

878

Senior notes
2026
US
500

2.900
%
682

627

Senior debentures 1
2032
US
200

8.750
%
273

251

Senior notes
2038
US
350

7.500
%
478

439

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
%
682

627

Senior notes
2043
US
650

5.450
%
887

816

Senior notes
2044
US
1,050

5.000
%
1,433

1,318

Senior notes
2048
US
750

4.300
%
1,022

—

 
 
 
 
 
14,404

14,555

Deferred transaction costs and discounts
 
 
 
 
(114
)
(107
)
Less current portion
 
 
 

 

(900
)
(1,756
)
 
 
 
 
 
 
 
Total long-term debt
 
 
 

 

13,390

12,692

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, 2018 and 2017.
The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2018 and 2017.
 
Year ended December 31, 2018
 
 
Year ended December 31, 2017
 
(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

Credit facility borrowings (US$)
125

1.26

157

 
960

1.32

1,269

Total credit facility borrowings
 
 
157

 
 
 
2,999

 
 
 


 
 
 
 
Credit facility repayments (Cdn$)
 
 
—

 
 
 
(1,830
)
Credit facility repayments (US$)
(125
)
1.26

(157
)
 
(1,110
)
1.31

(1,453
)
Total credit facility repayments
 
 
(157
)
 
 
 
(3,283
)
 
 
 
 
 
 
 
 
Net repayments under credit facilities
 
 
—

 
 
 
(284
)
 
 
 
 
 
 
 
 
Senior note issuances (US$)
750

1.25

938

 
—

—

—

 
 
 
 
 
 
 
 
Senior note repayments (Cdn$)
 
 
—

 
 
 
(750
)
Senior notes repayments (US$)
(1,400
)
1.26

(1,761
)
 
—

—

—

Total senior notes repayments
 
 
(1,761
)
 
 
 
(750
)
 
 
 
 
 
 
 
 
Net repayment of senior notes
 
 
(823
)
 
 
 
(750
)
 
 
 
 
 
 
 
 
Net repayment of long-term debt
 
 
(823
)
 
 
 
(1,034
)
 
 
Years ended December 31
 
(In millions of dollars)
 
2018

2017

 
 
 

Long-term debt net of transaction costs, beginning of year
 
14,448

16,080

Net repayment of long-term debt
 
(823
)
(1,034
)
Loss (gain) on foreign exchange
 
672

(608
)
Deferred transaction costs incurred
 
(18
)
(3
)
Amortization of deferred transaction costs
 
11

13

 
 
 
 
Long-term debt net of transaction costs, end of year
 
14,290

14,448
Disclosure of detailed information about accounts receivable securitization program
 
As at December 31
 
(In millions of dollars)
2018

2017

 
 
 
Trade accounts receivable sold to buyer as security
1,391

1,355

Short-term borrowings from buyer
(650
)
(650
)
 
 
 
Overcollateralization
741

705

 
Years ended December 31
 
(In millions of dollars)
2018

2017

 
 
 
Accounts receivable securitization program, beginning of year
650

800

Net repayment of accounts receivable securitization
—

(150
)
 
 
 
Accounts receivable securitization program, end of year
650

650
Disclosure of detailed information about commercial paper program
Below is a summary of the activity relating to our long-term debt for the years ended December 31, 2018 and 2017.
 
Year ended December 31, 2018
 
Year ended December 31, 2017
 
 
Notional

Exchange

Notional

Notional

Exchange

Notional

(In millions of dollars, except exchange rates)
(US$)

rate

(Cdn$)

(US$)

rate

(Cdn$)

 
 
 
 
 
 
 
US commercial paper, beginning of year
746

1.25

935

—

—

—

Net proceeds received from US commercial paper
404

1.26

508

737

1.37

1,008

Discounts on issuance 1
27

1.33

36

9

1.33

12

Loss (gain) on foreign exchange 1
 
 
126

 
 
(85
)
 
 
 
 
 
 
 
US commercial paper, end of year
1,178

1.36

1,605

746

1.25

935

1 Included in finance costs.