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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Long-term Debt [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

millions of Canadian dollars	Weighted Average Interest Rate 2016 (1)	Weighted Average Interest Rate 2015 (1)	Maturity	2016		2015
Emera
Bankers acceptances, LIBOR loans	Variable	Variable	2020	$	30	$	240
Unsecured fixed rate notes	3.50%	3.85%	2019-2023		725		475
Fixed to floating subordinated notes (USD) (2)	6.75%	-	2076		1,611		-
				$	2,366	$	715
Emera US Finance LP
Unsecured senior notes (USD) (2)	3.60%	-	2019 - 2046	$	4,364	$	-
					4,364		-
TECO Finance (3)
Variable rate notes (USD)	Variable	-	2018	$	336	$	-
Fixed rate notes and bonds (USD)	5.86%		2017 - 2020		805		-
				$	1,141	$	-
Tampa Electric (4)
Fixed rate notes and bonds (USD)	4.90%	-	2018 - 2045	$	2,579	$	-
				$	2,579	$	-
PGS
Fixed rate notes and bonds (USD)	5.06%	-	2018 - 2045	$	351	$	-
				$	351	$	-
NMGC
Fixed rate notes and bonds (USD)	4.53%	-	2021 - 2026	$	363	$	-
				$	363	$	-
NMGI
Fixed rate notes and bonds (USD)	3.41%	-	2019 - 2024	$	269	$	-
				$	269	$	-
NSPI
Commercial paper	Variable	Variable	2020	$	264	$	369
Medium term fixed rate notes	5.73%	5.73%	2019 - 2097		1,965		1,965
Fixed rate debenture	9.75%	9.75%	2019		95		95
Capital lease obligations	4.80%	4.58%	2019		-		1
				$	2,324	$	2,430
Emera Maine
LIBOR loans and demand loans	Variable	Variable	2019	$	32	$	32
Secured fixed rate mortgage bonds (USD)	9.74%	9.74%	2020-2022		67		69
Unsecured senior fixed rate notes (USD)	4.28%	4.31%	2017-2044		281		296
				$	380	$	397
EBP
Senior secured credit facility	3.08%	3.08%	2019	$	248	$	249
				$	248	$	249
GBPC
Unsecured amortizing fixed rate notes (USD)	3.62%	3.62%	2021-2022	$	63	$	77
Unsecured senior notes (USD)	7.07%	7.07%	2020-2023		67		68
				$	130	$	145
BLPC & ECI
Secured fixed rate senior notes (5)	5.65%	5.64%	2020 - 2028	$	81	$	89
Secured senior notes (USD) (6)	Variable	-	2021		201		-
				$	282	$	89
Adjustments
Fair market value adjustment - TECO Energy acquisition (7)				$	58	$	-
Debt issuance costs					(111)		(16)
Amount due within one year					(476)		(274)
				$	(529)	$	(290)
Long-Term Debt				$	14,268	$	3,735
(1) Weighted average interest rate of fixed rate long-term debt.
(2) See below for details on the long-term debt related to the acquisition of TECO Energy.
(3) TECO Energy is a full and unconditional guarantor of TECO Finance’s securities, and no subsidiaries of TECO Energy guarantee TECO Finance’s securities.
(4) A substantial part of Tampa Electric’s tangible assets are pledged as collateral to secure its first mortgage bonds. There are currently no bonds outstanding under Tampa Electric’s first mortgage bond indenture.
(5) Notes are issued and payable in either USD, BBD or East Caribbean Dollar (XCD).
(6) See below for details on the long-term debt issued by ECI in November, 2016.
(7) On acquisition of TECO Energy, Emera recorded a fair market value adjustment on the unregulated long-term debt acquired. The fair market value adjustment is amortized over the remaining term of the debt.

The Company’s total long-term revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows:
millions of Canadian dollars	Maturity		2016		2015
Emera – revolving credit facility (1)	June 2020	$	700	$	700
NSPI - revolving credit facility (1)	October 2020		600		500
Emera Maine – revolving credit facility	September 2019		107		111
BLPC – revolving credit facility	2017-2021		26		26
Total			1,433		1,337
Less:
Borrowings under credit facilities			326		641
Letters of credit issued inside credit facilities			37		33
Use of available facilities			363		674
Available capacity under existing agreements		$	1,070	$	663
(1) Advances on the revolving credit facility can be made by way of overdraft on accounts up to $50 million.

Schedule of Debt Conversions [Table Text Block]

			As at
	Financial Covenant	Requirement	December 31, 2016
Emera
Syndicated credit facilities	Debt to capital ratio	Less than or equal to 0.70 to 1	0.62:1

Schedule of Maturities of Long-term Debt [Table Text Block]

millions of Canadian dollars		2017		2018		2019		2020		2021		Thereafter		Total
Emera	$	-	$	-	$	225	$	30	$	-	$	2,111	$	2,366
Emera US Finance LP		-		-		671		-		1,007		2,686		4,364
TECO Energy		-		409		67		-		643		2,443		3,562
TECO Finance		403		335		-		403		-		-		1,141
NSPI		-		-		95		264		-		1,965		2,324
Emera Maine		33		6		32		40		-		269		380
EBP		-		-		248		-		-		-		248
GBPC		11		12		12		40		11		44		130
BLPC and ECI		29		29		30		58		26		110		282
Total	$	476	$	791	$	1,380	$	835	$	1,687	$	9,628	$	14,797

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