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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
24. Long-term Debt |
Long-term debt & long-term revolving credit facilities, outstanding borrowings and available capacity |
| Weighted average interest rate (1) |  |  |  |  |
millions of Canadian dollars | 2019 | 2018 | Maturity | 2019 | 2018
Emera |  |  |  |  |  |  |
Bankers acceptances, LIBOR loans | Variable | Variable | 2024 | $ | 437 | $ | 339
Unsecured fixed rate notes | 2.90% | 3.50% | 2023 |  | 500 |  | 725
Fixed to floating subordinated notes (USD) | 6.75% | 6.75% | 2076 |  | 1,559 |  | 1,637
|  |  |  | $ | 2,496 | $ | 2,701
Emera Finance |  |  |  |  |  |  |
Unsecured senior notes (USD) | 3.86% | 3.60% | 2021 - 2046 | $ | 3,572 | $ | 4,434
TECO Finance (2) |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 5.15% | 5.15% | 2020 |  | 390 |  | 409
Tampa Electric (3) |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.53% | 4.64% | 2021 - 2050 | $ | 3,334 | $ | 3,126
PGS |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.58% | 4.66% | 2021 - 2050 | $ | 437 | $ | 425
NMGC |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.30% | 4.53% | 2021 - 2049 | $ | 474 | $ | 368
NMGI |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 3.64% | 3.41% | 2024 | $ | 195 | $ | 273
NSPI |  |  |  |  |  |  |
Discount notes | Variable | Variable | 2024 | $ | 308 | $ | 516
Medium term fixed rate notes | 5.37% | 5.73% | 2025 - 2097 |  | 2,365 |  | 1,965
Fixed rate debenture | - | 9.75% | - |  | - |  | 95
|  |  |  | $ | 2,673 | $ | 2,576
Emera Maine |  |  |  |  |  |  |
LIBOR loans and demand loans | Variable | Variable | 2023 | $ | 11 | $ | 28
Secured fixed rate mortgage bonds (USD) | 9.74% | 9.74% | 2020 - 2022 |  | 65 |  | 68
Unsecured senior fixed rate notes (USD) | 4.15% | 4.23% | 2022 - 2049 |  | 442 |  | 382
|  |  |  | $ | 518 | $ | 478
EBP |  |  |  |  |  |  |
Senior secured credit facility | Variable | 3.08% | 2023 | $ | 248 | $ | 248
ECI |  |  |  |  |  |  |
Secured senior notes (USD) | Variable | Variable | 2021 | $ | 130 | $ | 159
Amortizing fixed rate notes (USD) | 3.89% | 3.83% | 2021 - 2022 | $ | 122 | $ | 114
Secured fixed rate senior notes (4) | 4.84% | 5.51% | 2020 - 2035 | $ | 218 | $ | 191
|  |  |  | $ | 470 | $ | 464
Adjustments |  |  |  |  |  |  |
Fair market value adjustment - TECO Energy acquisition (5) |  |  | $ | 8 | $ | 22
Debt issuance costs |  |  |  |  | (119) |  | (113)
Classification as liabilities held for sale (6) |  |  |  |  | (516) |  | -
Amount due within one year (7) |  |  |  |  | (501) |  | (1,119)
|  |  |  | $ | (1,128) | $ | (1,210)
Long-Term Debt |  |  |  | $ | 13,679 | $ | 14,292
(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.
(6) Emera Maine’s assets and liabilities are classified as held for sale. Refer to note 4 for further details.
(7) Excludes Emera Maine amounts which are classified as current liabilities associated with assets held for sale.
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 |  | 2019 |  | 2018
Emera – revolving credit facility (1) | June 2024 | $ | 900 | $ | 900
NSPI - revolving credit facility (1) | October 2024 |  | 600 |  | 600
Emera Maine – revolving credit facility | February 2023 |  | 104 |  | 109
BLPC – revolving credit facility | 2020-2032 |  | 25 |  | 26
Total |  |  | 1,629 |  | 1,635
Less: |  |  |  |  |
Borrowings under credit facilities |  |  | 771 |  | 899
Letters of credit issued inside credit facilities |  |  | 65 |  | 77
Use of available facilities |  |  | 836 |  | 976
Available capacity under existing agreements |  | $ | 793 | $ | 659
(1) Advances on the revolving credit facility can be made by way of overdraft on accounts up to $50 million.
|  |  | As at
| Financial Covenant | Requirement | December 31, 2019
Emera |  |  |
Syndicated credit facilities | Debt to capital ratio | Less than or equal to 0.70 to 1 | 0.59 : 1
Long-Term Debt Maturities |
millions of Canadian dollars | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
Emera | $ | - | $ | - | $ | - | $ | 500 | $ | 437 | $ | 1,559 | $ | 2,496
Emera US Finance LP |  | - |  | 974 |  | - |  | - |  | - |  | 2,598 |  | 3,572
TECO Finance |  | 390 |  | - |  | - |  | - |  | - |  | - |  | 390
Tampa Electric |  | - |  | 301 |  | 292 |  | - |  | - |  | 2,741 |  | 3,334
PGS |  | - |  | 61 |  | 32 |  | - |  | - |  | 344 |  | 437
NMGC |  | - |  | - |  | - |  | - |  | 195 |  | - |  | 195
NMGI |  | - |  | 260 |  | - |  | - |  | - |  | 214 |  | 474
NSPI |  | - |  | - |  | - |  | - |  | 308 |  | 2,365 |  | 2,673
Emera Maine (1) |  | 49 |  | - |  | 107 |  | 11 |  | - |  | 351 |  | 518
EBP |  | - |  | - |  | - |  | 248 |  | - |  | - |  | 248
ECI |  | 111 |  | 69 |  | 81 |  | 72 |  | 47 |  | 90 |  | 470
Total | $ | 550 | $ | 1,665 | $ | 512 | $ | 831 | $ | 987 | $ | 10,262 | $ | 14,807
(1) Classified as held for sale.

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