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BORROWINGS | 12 Months Ended
--- | ---
Dec. 31, 2018
Financial Instruments [Abstract] |
BORROWINGS | BORROWINGS
(a) | Corporate Borrowings
Brookfield Infrastructure has a $1.975 billion senior unsecured revolving credit facility used for general working capital including acquisitions. The $1.975 billion is available on a revolving basis for the full term of the facility. All amounts outstanding under this facility will be repayable on June 30, 2023. All obligations of Brookfield Infrastructure under the facility are guaranteed by our partnership. Loans under this facility accrue interest at a floating rate based on LIBOR plus 1.2%. Brookfield Infrastructure is required to pay an unused commitment fee under the facility of 18 basis points per annum. As at December 31, 2018, draws on the credit facility were $510 million (2017: $789 million) and $47 million of letters of credit were issued (2017: $106 million).
|  | Maturity |  | Annual Rate |  | Currency |  | 2018 |  | 2017
Corporate revolving credit facility |  | June 30, 2023 |  | LIBOR plus 1.2% |  | US$ |  | 510 |  |  | 789 |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Public - Canadian |  | October 30, 2018 |  | 3.0% |  | C$ |  | — |  |  | 99 |
Non-Current: |  |  |  |  |  |  |  |  |  |
Public - Canadian |  | October 30, 2020 |  | 3.5% |  | C$ |  | 275 |  |  | 298 |
Public - Canadian |  | March 11, 2022 |  | 3.5% |  | C$ |  | 330 |  |  | 358 |
Public - Canadian |  | February 22, 2024 |  | 3.3% |  | C$ |  | 220 |  |  | 239 |
Public - Canadian |  | February 22, 2024 |  | 3.3% |  | C$ |  | 293 |  |  | 318 |
Public - Canadian |  | September 11, 2028 |  | 4.2% |  | C$ |  | 365 |  |  | — |
Total |  |  |  |  |  |  |  | $ | 1,993 |  |  | $ | 2,101 |
(1) | See Note 20, Subsidiary Public Issuers for further details.
On October 30, 2018, Brookfield Infrastructure Finance ULC repaid C$125 million of maturing medium-term notes. On September 10, 2018, Brookfield Infrastructure Finance ULC issued C$500 million of medium-term notes maturing September 11, 2028 with a coupon of 4.2%. The proceeds were swapped into U.S. dollars on a matched maturity basis at an all-in rate of 4.7%. On April 17, 2017, Brookfield Infrastructure Finance ULC issued C$400 million of medium-term notes maturing February 22, 2024 with a coupon of 3.3%. The notes were issued at a premium with an effective interest rate of 3.1% per annum, which was swapped into U.S. dollars on a matched maturity basis at an all-in rate of 4.0%. On February 22, 2017, Brookfield Infrastructure Finance ULC issued C$300 million of medium-term notes maturing February 22, 2024 with a coupon of 3.3%, which was swapped into U.S. dollars on a matched maturity basis at an all-in rate of 4.1%. The decrease in corporate borrowings of $108 million during the year ended December 31, 2018 is due to a net repayment of $279 million on the corporate revolving credit facility, repayment of $94 million of maturing debt and the impact of a weaker Canadian dollar relative to the U.S. dollar. These reductions were partially offset by the September 2018 medium-term note issuance of $377 million. Brookfield Infrastructure has entered into a $500 million revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility has an effective date of February 8, 2018 and automatically renews for four consecutive one year terms on the first, second, third and fourth anniversary of such effective date, which would result it in ultimately maturing on February 8, 2023. Brookfield has the option to terminate the agreement prior to February 8 each year by providing Brookfield Infrastructure with written notice. All obligations of Brookfield Infrastructure under the facility were guaranteed by our partnership. Loans under this facility accrued interest on LIBOR plus 2.0% and no commitment fees were incurred for any undrawn balance. As of December 31, 2018, there were $nil (2017: $nil) of borrowings outstanding.
(b) | Non-Recourse Borrowings
The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS |  | 2018 |  | 2017
Current |  | $ | 985 |  |  | $ | 364 |
Non-current |  | 12,128 |  |  | 7,699 |
Total |  | $ | 13,113 |  |  | $ | 8,063 |
Non-recourse borrowings have increased by $5.1 billion since year-end. This increase is primarily attributable to $4.0 billion of borrowings associated with our recent acquisitions and the issuance of $1.5 billion five-year senior notes at our Brazilian regulated gas transmission business. These increases are partially offset by a decrease in the U.S. dollar equivalent of foreign denominated debt as most of the currencies we operate in depreciated relative to the U.S. dollar during the year ended December 31, 2018. Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Total
2019 |  | 98 |  |  | 233 |  |  | 82 |  |  | 583 |  |  | 996 |
2020 |  | 348 |  |  | 205 |  |  | 247 |  |  | 6 |  |  | 806 |
2021 |  | 501 |  |  | 307 |  |  | 11 |  |  | 16 |  |  | 835 |
2022 |  | 205 |  |  | 340 |  |  | 211 |  |  | 6 |  |  | 762 |
2023 |  | 2,252 |  |  | 340 |  |  | 925 |  |  | 6 |  |  | 3,523 |
Thereafter |  | 2,008 |  |  | 2,023 |  |  | 1,733 |  |  | 520 |  |  | 6,284 |
Total Principal repayments |  | 5,412 |  |  | 3,448 |  |  | 3,209 |  |  | 1,137 |  |  | 13,206 |
Deferred financing costs and other |  | (15 | ) |  | (4 | ) |  | (54 | ) |  | (20 | ) |  | (93 | )
Total - Dec. 31, 2018 |  | $ | 5,397 |  |  | $ | 3,444 |  |  | $ | 3,155 |  |  | $ | 1,117 |  |  | $ | 13,113 |
Total - Dec. 31, 2017 |  | $ | 3,649 |  |  | $ | 3,257 |  |  | $ | 1,157 |  |  | $ | — |  |  | $ | 8,063 |
The weighted average interest rates of non-recourse borrowings are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Total
Dec. 31, 2018 |  | 4 | % |  | 6 | % |  | 6 | % |  | 6 | % |  | 5 | %
Dec. 31, 2017 |  | 4 | % |  | 5 | % |  | 5 | % |  | — |  |  | 5 | %
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2018 |  | Local Currency |  |  | Dec. 31, 2017 |  | Local Currency |
U.S. dollars |  | $ | 5,317 |  |  | USD |  | 5,317 |  |  | $ | 3,087 |  |  | USD |  | $ | 3,087 |
British pounds |  | 1,847 |  |  | GBP |  | 1,447 |  |  | 1,735 |  |  | GBP |  | 1,283 |
Canadian dollars |  | 1,388 |  |  | CAD |  | 1,893 |  |  | 397 |  |  | CAD |  | 499 |
Brazilian real |  | 1,342 |  |  | BRL |  | 5,200 |  |  | — |  |  | BRL |  | — |
Australian dollars |  | 925 |  |  | AUD |  | 1,312 |  |  | 1,013 |  |  | AUD |  | 1,297 |
Chilean Unidad de Fomento(1) |  | 837 |  |  | UF |  | 21 |  |  | 960 |  |  | UF |  | 22 |
Indian rupees |  | 565 |  |  | INR |  | 39,236 |  |  | 186 |  |  | INR |  | 11,847 |
Colombian pesos |  | 411 |  |  | COP |  | 1,337,497 |  |  | 184 |  |  | COP |  | 549,384 |
Peruvian soles |  | 441 |  |  | PEN |  | 1,486 |  |  | 458 |  |  | PEN |  | 1,483 |
New Zealand dollars |  | 40 |  |  | NZD |  | 60 |  |  | 43 |  |  | NZD |  | 61 |
(1) | Chilean Unidad de Fomento is an inflation adjusted unit of account indexed to the Chilean Peso.
(c) | Supplemental Information
Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS |  | 2017 |  | Cash Flows |  | Acquisitions |  | Foreign Exchange Movement |  | 2018
Corporate borrowings |  | $ | 2,101 |  |  | $ | 4 |  |  | $ | — |  |  | $ | (112 | ) |  | $ | 1,993 |
Non-recourse borrowings |  | 8,063 |  |  | 3,951 |  |  | 1,484 |  |  | (385 | ) |  | 13,113 |

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