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Short-Term Debt
 12 Months Ended
Dec. 31, 2017
Short-term Debt [Abstract]  
SHORT-TERM DEBT

23. SHORT-TERM DEBT

Emera’s short-term borrowings consist of commercial paper issuances, advances on revolving and non-revolving credit facilities and short-term notes. Short-term debt and the related weighted-average interest rates as at December 31 consisted of the following:

millions of Canadian dollars 2017Weighted-average interest rate2016Weighted-average interest rate
TECO Energy/TECO Finance
Advances on revolving credit and term facilities$ 8202.58%$ 6851.74%
Tampa Electric Company
Advances on accounts receivable and revolving credit facilities 3822.07% 2281.49%
NMGC
Advances on revolving credit facilities 382.47% 351.71%
NSPI
Bank indebtedness 1-% 1-%
GBPC
Advances on revolving credit facilities - -% 125.75%
Short-term debt$ 1,241$ 961

The Company’s total short-term revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows:
millions of Canadian dollarsMaturity20172016
TECO Energy/TECO Finance - term credit facility2018$ 502$ 537
TECO Energy/TECO Finance - revolving credit facility2022 376 403
Tampa Electric Company - revolving credit facility2022 408 436
Tampa Electric Company - accounts receivable revolving credit facility2018 188 201
Tampa Electric Company - term loan2018 377 -
NMGC - revolving credit facility2022 157 168
GBPC - revolving credit facilityVarious 16 17
Total 2,024 1,762
Less:
Advances under revolving credit and term facilities 1,241 960
Letters of credit issued within the credit facilities 3 3
Total advances under available facilities 1,244 963
Available capacity under existing agreements$ 780$ 799

The weighted average interest rate on outstanding short-term debt at December 31, 2017 was 2.42 per cent (2016 – 1.73 per cent).

Recent financing activities

TEC Non-revolving term loan

On November 2, 2017, TEC entered into a $300 million USD non-revolving term loan with a maturity date of November 1, 2018. The loan contains customary representations and warranties, events of default, financial and other covenants and bears interest at LIBOR plus a margin.

TECO Energy/TECO Finance Revolving Credit Facility

On March 22, 2017, TECO Energy/Finance extended the maturity date of its $300 million USD bank credit facility from December 17, 2018 to March 22, 2022 with no significant change in commercial terms from the prior agreement.

TEC Credit Facility

On March 22, 2017, TEC extended the maturity date of its $325 million USD bank credit facility from December 17, 2018 to March 22, 2022, and reduced the existing letter of credit facility to $50 million USD from $200 million USD. There were no other significant changes in commercial terms from the prior agreement.

NMGC Credit Agreement

On March 22, 2017, NMGC extended the maturity date of its $125 million USD bank credit facility from December 17, 2018 to March 22, 2022 with no significant change in commercial terms from the prior agreement.

TECO Energy/TECO Finance Term Credit Facility

On March 8, 2017, TECO Energy/Finance extended the maturity date of its $400 million USD term bank credit facility from March 14, 2017 to March 8, 2018 with no significant change in commercial terms from the prior agreement.