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SHORT-TERM BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2021
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.
| As at December 31
(In millions of dollars) | 2021 | 2020
Receivables securitization program | 800 |  | 650 |
US commercial paper program (net of the discount on issuance) | 893 |  | 571 |
Non-revolving credit facility borrowings | 507 |  | — |
Total short-term borrowings | 2,200 |  | 1,221 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.
| Year ended December 31, 2021 |  | Year ended December 31, 2020
| Notional | Exchange | Notional |  | Notional | Exchange | Notional
(In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Proceeds received from receivables securitization |  |  | 150 |  |  |  |  | — |
Net proceeds received from receivables securitization |  |  | 150 |  |  |  |  | — |
Proceeds received from US commercial paper | 2,568 |  | 1.260 |  | 3,235 |  |  | 3,316 |  | 1.329 |  | 4,406 |
Repayment of US commercial paper | (2,314) |  | 1.259 |  | (2,914) |  |  | (4,098) |  | 1.355 |  | (5,552) |
Net proceeds received from (repayment of) US commercial paper |  |  | 321 |  |  |  |  | (1,146) |
Proceeds received from non-revolving credit facilities (US$) | 1,200 |  | 1.253 |  | 1,503 |  |  | — |  | — |  | — |
Repayment of non-revolving credit facilities (US$) | (800) |  | 1.254 |  | (1,003) |  |  | — |  | — |  | — |
Net proceeds received from non-revolving credit facilities |  |  | 500 |  |  |  |  | — |
Net proceeds received from (repayment of) short-term borrowings |  |  | 971 |  |  |  |  | (1,146) |
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.
| Year ended December 31, 2021 |  | Year ended December 31, 2020
| 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 | 449 |  | 1.272 |  | 571 |  |  | 1,223 |  | 1.298 |  | 1,588 |
Net proceeds received from (repayment of) US commercial paper | 254 |  | 1.264 |  | 321 |  |  | (782) |  | 1.465 |  | (1,146) |
Discounts on issuance 1 | 1 |  | n/m | 2 |  |  | 8 |  | 1.250 |  | 10 |
(Gain) loss on foreign exchange 1 |  |  | (1) |  |  |  |  | 119 |
US commercial paper, end of year | 704 |  | 1.268 |  | 893 |  |  | 449 |  | 1.272 |  | 571 |
n/m - not meaningful 1 Included in finance costs. Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.
| Year ended December 31, 2021 |  |
| Notional | Exchange | Notional |  |  |  |
(In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) |  |  |  |
Non-revolving credit facility, beginning of year | — |  | — |  | — |  |  |  |  |
Net proceeds received from non-revolving credit facilities | 400 |  | 1.250 |  | 500 |  |  |  |  |
Loss on foreign exchange 1 |  |  | 7 |  |  |  |  |
Non-revolving credit facility, end of year | 400 |  | 1.268 |  | 507 |  |  |  |  |
|  |  |  |  | As at December 31
(In millions of dollars, except interest rates) | Due date |  | Principal amount | Interest rate | 2021 | 2020
Senior notes | 2021 |  | 1,450 |  | 5.340 | % | — |  | 1,450 |
Senior notes | 2022 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2022 | US | 750 |  | Floating | 951 |  | 955 |
Senior notes | 2023 | US | 500 |  | 3.000 | % | 634 |  | 637 |
Senior notes | 2023 | US | 850 |  | 4.100 | % | 1,078 |  | 1,082 |
Senior notes | 2024 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 886 |  | 890 |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 634 |  | 637 |
Senior notes | 2027 |  | 1,500 |  | 3.650 | % | 1,500 |  | 1,500 |
Senior notes | 2029 |  | 1,000 |  | 3.250 | % | 1,000 |  | 1,000 |
Senior debentures 1 | 2032 | US | 200 |  | 8.750 | % | 254 |  | 255 |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 444 |  | 446 |
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 | % | 634 |  | 637 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 823 |  | 827 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,331 |  | 1,337 |
Senior notes | 2048 | US | 750 |  | 4.300 | % | 951 |  | 955 |
Senior notes | 2049 | US | 1,250 |  | 4.350 | % | 1,585 |  | 1,592 |
Senior notes | 2049 | US | 1,000 |  | 3.700 | % | 1,268 |  | 1,273 |
Subordinated notes 2 | 2081 |  | 2,000 |  | 5.000 | % | 2,000 |  | — |
|  |  |  |  | 18,873 |  | 18,373 |
Deferred transaction costs and discounts |  |  |  |  | (185) |  | (172) |
Less current portion |  |  |  |  | (1,551) |  | (1,450) |
Total long-term debt |  |  |  |  | 17,137 |  | 16,751 |
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, 2021 and 2020. 2 The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date. The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.
| Year ended December 31, 2021 |  | Year ended December 31, 2020
(In millions of dollars, except exchange rates) | Notional | Exchange | Notional |  | Notional | Exchange | Notional
(US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Credit facility borrowings (US$) | — |  | — |  | — |  |  | 970 |  | 1.428 |  | 1,385 |
Credit facility repayments (US$) | — |  | — |  | — |  |  | (970) |  | 1.406 |  | (1,364) |
Net borrowings under credit facilities |  |  | — |  |  |  |  | 21 |
Senior note issuances (Cdn$) |  |  | — |  |  |  |  | 1,500 |
Senior note issuances (US$) | — |  | — |  | — |  |  | 750 |  | 1.359 |  | 1,019 |
Total senior note issuances |  |  | — |  |  |  |  | 2,519 |
Senior note repayments (Cdn$) |  |  | (1,450) |  |  |  |  | — |
Net (repayment) issuance of senior notes |  |  | (1,450) |  |  |  |  | 2,519 |
Subordinated note issuances (Cdn$) |  |  | 2,000 |  |  |  |  | — |
Net issuance of long-term debt |  |  | 550 |  |  |  |  | 2,540 |
|  | Years ended December 31
(In millions of dollars) |  | 2021 | 2020
Long-term debt net of transaction costs, beginning of year |  | 18,201 |  | 15,967 |
Net issuance of long-term debt |  | 550 |  | 2,540 |
Gain on foreign exchange |  | (50) |  | (297) |
Deferred transaction costs incurred |  | (31) |  | (23) |
Amortization of deferred transaction costs |  | 18 |  | 14 |
Long-term debt net of transaction costs, end of year |  | 18,688 |  | 18,201 |
Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.
(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$) | Transaction costs and discounts 2 (Cdn$)
2021 issuance |  |  |  |  |  |  |
December 17, 2021 (subordinated) 3 |  | 2,000 |  | 2081 | 5.000 | % | At par | 2,000 |  | 20 |
2020 issuances |  |  |  |  |  |  |
March 31, 2020 (senior) |  | 1,500 |  | 2027 | 3.650 | % | 99.511 | % | 1,500 |  | 16 |
June 22, 2020 (senior) | US | 750 |  | 2022 | USD LIBOR + 0.60% | At par | 1,019 |  | 5 |
1 Gross proceeds before transaction costs, discounts, and premiums. 2 Transaction costs, discounts, and premiums 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. 3 Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.
Disclosure of detailed information about accounts receivable securitization program |
| As at December 31
(In millions of dollars) | 2021 | 2020
Receivables sold to buyer as security | 2,679 |  | 2,130 |
Short-term borrowings from buyer | (800) |  | (650) |
Overcollateralization | 1,879 |  | 1,480 |
| Years ended December 31
(In millions of dollars) | 2021 | 2020
Receivables securitization program, beginning of year | 650 |  | 650 |
Net proceeds received from receivables securitization | 150 |  | — |
Receivables securitization program, end of year | 800 |  | 650 |

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