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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
25. 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 | 2020 | 2019 | Maturity | 2020 | 2019
Emera |  |  |  |  |  |  |
Bankers acceptances, LIBOR loans | Variable | Variable | 2024 | $ | 263 | $ | 437
Unsecured fixed rate notes | 2.90% | 2.90% | 2023 |  | 500 |  | 500
Fixed to floating subordinated notes (USD) | 6.75% | 6.75% | 2076 |  | 1,528 |  | 1,559
|  |  |  | $ | 2,291 | $ | 2,496
Emera Finance |  |  |  |  |  |  |
Unsecured senior notes (USD) | 3.86% | 3.86% | 2021 - 2046 | $ | 3,501 | $ | 3,572
TECO Finance |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | - | 5.15% | - | $ | - |  | 390
Tampa Electric (2) |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.53% | 4.53% | 2021 - 2050 | $ | 3,268 | $ | 3,334
PGS |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.58% | 4.58% | 2021 - 2050 | $ | 429 | $ | 437
NMGC |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.30% | 4.30% | 2021 - 2049 | $ | 465 | $ | 474
NMGI |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 3.64% | 3.64% | 2024 | $ | 191 | $ | 195
NSPI |  |  |  |  |  |  |
Discount notes | Variable | Variable | 2024 | $ | 291 | $ | 308
Medium term fixed rate notes | 5.14% | 5.37% | 2025 - 2097 |  | 2,665 |  | 2,365
|  |  |  | $ | 2,956 | $ | 2,673
Emera Maine |  |  |  |  |  |  |
LIBOR loans and demand loans |  | Variable |  | $ | - | $ | 11
Secured fixed rate mortgage bonds (USD) | - | 9.74% | - |  | - |  | 65
Unsecured senior fixed rate notes (USD) | - | 4.15% | - |  | - |  | 442
|  |  |  | $ | - | $ | 518
EBP |  |  |  |  |  |  |
Senior secured credit facility | Variable | Variable | 2023 | $ | 249 | $ | 248
ECI |  |  |  |  |  |  |
Secured senior notes (USD) | Variable | Variable | 2021 - 2031 | $ | 106 | $ | 130
Amortizing fixed rate notes (USD) | 3.92% | 3.89% | 2021 - 2022 |  | 100 | $ | 122
Non-revolving term facility, floating rate | Variable | - | 2025 |  | 28 | $ | -
Non-revolving term facility, fixed rate | 2.60% | - | 2025 |  | 68 | $ | -
Secured fixed rate senior notes (3) | 4.39% | 4.84% | 2022 - 2035 |  | 174 | $ | 218
|  |  |  | $ | 476 | $ | 470
Adjustments |  |  |  |  |  |  |
Fair market value adjustment - TECO Energy acquisition (4) |  |  | $ | 5 | $ | 8
Debt issuance costs |  |  |  |  | (110) |  | (119)
Classification as liabilities held for sale (5) |  |  |  |  | - |  | (516)
Amount due within one year |  |  |  |  | (1,382) |  | (501)
|  |  |  | $ | (1,487) | $ | (1,128)
Long-Term Debt |  |  |  | $ | 12,339 | $ | 13,679
(1) Weighted average interest rate of fixed rate long-term debt.
(2) 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.
(3) Notes are issued and payable in either USD, BBD or East Caribbean Dollar (XCD).
(4) 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.
(5) On March 24,2020 Emera sold Emera Maine. Refer to note 4 for further detail. As at December 31, 2019, Emera Maine’s assets and liabilities are classified as 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 |  | 2020 |  | 2019
Emera – revolving credit facility (1) | June 2024 | $ | 900 | $ | 900
NSPI - revolving credit facility (1) | October 2024 |  | 600 |  | 600
ECI – revolving credit facilities | 2021-2023 |  | 28 |  | 25
Emera Maine – revolving credit facility |  |  | - |  | 104
Total |  |  | 1,528 |  | 1,629
Less: |  |  |  |  |
Borrowings under credit facilities |  |  | 569 |  | 771
Letters of credit issued inside credit facilities |  |  | 31 |  | 65
Use of available facilities |  |  | 600 |  | 836
Available capacity under existing agreements |  | $ | 928 | $ | 793
(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, 2020
Emera |  |  |
Syndicated credit facilities | Debt to capital ratio | Less than or equal to 0.70 to 1 | 0.56 : 1
Long-Term Debt Maturities |
millions of Canadian dollars | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter |  | Total
Emera | $ | - | $ | - | $ | 500 | $ | 263 | $ | - | $ | 1,528 | $ | 2,291
Emera US Finance LP |  | 955 |  | - |  | - |  | - |  | - |  | 2,546 |  | 3,501
Tampa Electric |  | 295 |  | 286 |  | - |  | - |  | - |  | 2,687 |  | 3,268
PGS |  | 59 |  | 33 |  | - |  | - |  | - |  | 337 |  | 429
NMGC |  | - |  | - |  | - |  | - |  | - |  | 465 |  | 465
NMGI |  | - |  | - |  | - |  | 191 |  | - |  | - |  | 191
NSPI |  | - |  | - |  | - |  | 291 |  | 125 |  | 2,540 |  | 2,956
EBP |  | - |  | - |  | 249 |  | - |  | - |  | - |  | 249
ECI |  | 73 |  | 88 |  | 60 |  | 75 |  | 101 |  | 79 |  | 476
Total | $ | 1,382 | $ | 407 | $ | 809 | $ | 820 | $ | 226 | $ | 10,182 | $ | 13,826

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