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Short-Term Debt
 12 Months Ended
Dec. 31, 2018
Short-term Debt [Abstract]  
SHORT-TERM DEBT

22. 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 2018Weighted average interest rate2017Weighted average interest rate
TECO Finance
Advances on revolving credit and term facilities$ 8053.43%$ 8202.58%
Tampa Electric Company
Advances on accounts receivable and revolving credit facilities 3023.10% 3822.07%
NMGC
Advances on revolving credit facilities 793.40% 382.47%
NSPI
Bank indebtedness - -% 1-%
Short-Term debt$ 1,186$ 1,241

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 dollarsMaturity20182017
TECO Energy/TECO Finance - term credit facility2019$ 682$ 502
TECO Energy/TECO Finance - revolving credit facility2022 546 376
Tampa Electric Company - revolving credit facility2022 443 408
Tampa Electric Company - accounts receivable revolving credit facility2021 205 188
Tampa Electric Company - term loan2018 - 377
NMGC - revolving credit facility2022 171 157
GBPC - revolving credit facility2019 18 16
Total 2,065 2,024
Less:
Advances under revolving credit and term facilities 1,186 1,241
Letters of credit issued within the credit facilities 3 3
Total advances under available facilities 1,189 1,244
Available capacity under existing agreements$ 876$ 780

The weighted average interest rate on outstanding short-term debt at December 31, 2018 was 3.34 per cent (2017 – 2.42 per cent).

Recent Financing Activity

Emera Florida and New Mexico

On October 11, 2018, TEC repaid a $300 million USD 1-year term credit facility using proceeds from a senior note issuance. Refer to note 24.

On March 23, 2018, TEC extended the maturity date of its $150 million USD accounts receivable collateralized borrowing facility from March 23, 2018 to March 22, 2021. There were no other changes in commercial terms.

On March 7, 2018, TECO Energy/Finance increased its $300 million USD revolving credit facility by $100 million USD to $400 million USD. There were no other changes in commercial terms.

On March 7, 2018, TECO Energy/Finance increased its $400 million USD term bank credit facility by $100 million USD to $500 million USD, and extended the maturity date to March 8, 2019. There were no other changes in commercial terms.