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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Long-term Debt [Abstract]

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

	Weighted average interest rate (1)
millions of Canadian dollars	2018	2017	Maturity	2018		2017
Emera
Bankers acceptances, LIBOR loans	Variable	Variable	2020	$	339	$	133
Unsecured fixed rate notes	3.50%	3.50%	2019-2023		725		725
Fixed to floating subordinated notes (USD)	6.75%	6.75%	2076		1,637		1,505
				$	2,701	$	2,363
Emera US Finance LP
Unsecured senior notes (USD)	3.60%	3.60%	2019 - 2046	$	4,434	$	4,077
TECO Finance (2)
Variable rate notes (USD)		Variable	2018	$	-	$	314
Fixed rate notes and bonds (USD)	5.15%	5.15%	2020		409		376
				$	409	$	690
Tampa Electric (3)
Fixed rate notes and bonds (USD)	4.64%	4.75%	2021 - 2049	$	3,126	$	2,410
PGS
Fixed rate notes and bonds (USD)	4.66%	5.06%	2021 - 2049	$	425	$	328
NMGC
Fixed rate notes and bonds (USD)	4.53%	4.53%	2021 - 2026	$	368	$	339
NMGI
Fixed rate notes and bonds (USD)	3.41%	3.41%	2019 - 2024	$	273	$	251
NSPI
Discount notes	Variable	Variable	2023	$	516	$	364
Medium term fixed rate notes	5.73%	5.73%	2025 - 2097		1,965		1,965
Fixed rate debenture	9.75%	9.75%	2019		95		95
				$	2,576	$	2,424
Emera Maine
LIBOR loans and demand loans	Variable	Variable	2023	$	28	$	51
Secured fixed rate mortgage bonds (USD)	9.74%	9.74%	2020-2022		68		63
Unsecured senior fixed rate notes (USD)	4.23%	4.15%	2022 -2048		382		294
				$	478	$	408
EBP
Senior secured credit facility	3.08%	3.08%	2022	$	248	$	248
GBPC
Amortizing fixed rate notes (USD)	3.83%	3.77%	2021-2022	$	114	$	78
Senior notes (USD)	7.07%	7.07%	2020-2023		68		88
				$	182	$	166
ICDU
Fixed rate note (USD)	4.00%	-	2023	$	24	$	-
BLPC & ECI
Secured senior notes (USD)	Variable	Variable	2021		159		168
Secured fixed rate senior notes (4)	4.74%	5.06%	2020 - 2035	$	99	$	76
				$	258	$	244
Adjustments
Fair market value adjustment - TECO Energy acquisition (5)				$	22	$	31
Debt issuance costs					(113)		(98)
Amount due within one year					(1,119)		(741)
				$	(1,210)	$	(808)
Long-Term Debt				$	14,292	$	13,140
(1) Weighted average interest rate of fixed rate long-term debt.
(2) TECO Energy is a full and unconditional guarantor of TECO Finance’s securities, and no subsidiaries of TECO Energy guarantee TECO Finance’s securities.
(3) 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.
(4) Notes are issued and payable in either USD, BBD or East Caribbean Dollar (XCD).
(5) 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		2018		2017
Emera – revolving credit facility (1)	June 2020	$	900	$	900
NSPI - revolving credit facility (1)	October 2023		600		600
Emera Maine – revolving credit facility	February 2023		109		100
BLPC – revolving credit facility	2021 - 2022		26		24
Total			1,635		1,624
Less:
Borrowings under credit facilities			899		598
Letters of credit issued inside credit facilities			77		44
Use of available facilities			976		642
Available capacity under existing agreements		$	659	$	982
(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, 2018
Emera
Syndicated credit facilities	Debt to capital ratio	Less than or equal to 0.70 to 1	0.60 : 1

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

millions of Canadian dollars		2019		2020		2021		2022		2023		Thereafter		Total
Emera	$	225	$	339	$	-	$	-	$	500	$	1,637	$	2,701
Emera US Finance LP		682		-		1,023		-		-		2,729		4,434
TECO Finance		-		409		-		-		-		-		409
Tampa Electric		-		-		315		307		-		2,504		3,126
PGS		-		-		64		34		-		327		425
NMGC		-		-		273		-		-		95		368
NMGI		69		-		-		-		-		204		273
NSPI		95		-		-		-		516		1,965		2,576
Emera Maine		-		41		-		123		28		286		478
EBP		-		-		-		248		-		-		248
GBPC		17		50		37		33		45		-		182
ICDU		-		-		-		-		24		-		24
BLPC & ECI		31		59		30		13		25		100		258
Total	$	1,119	$	898	$	1,742	$	758	$	1,138	$	9,847	$	15,502

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