Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2022
25. Long-term Debt
Long-term Debt	25. LONG-TERM DEBT Bonds, notes and debentures are at fixed interest rates and are unsecured unless noted below. Included are certain bankers’ acceptances and commercial paper where the Company has the intention and the unencumbered ability to refinance the obligations for a period greater than one year. Long-term debt as at December 31 consisted of the following: Weighted average interest rate (1) millions of dollars 2022 2021 Maturity 2022 2021 Emera Bankers acceptances, LIBOR loans Variable Variable 2027 $ 403 $ 378 Unsecured fixed rate notes 2.90% 2.90% 2023 500 500 Fixed to floating subordinated notes (USD) (2) 6.75% 6.75% 2076 1,625 1,521 $ 2,528 $ 2,399 Emera Finance Unsecured senior notes (USD) 3.65% 3.65% 2024 - 2046 $ 3,725 $ 3,487 Tampa Electric (3) Fixed rate notes and bonds (USD) 4.15% 4.15% 2024 - 2052 $ 4,341 $ 3,683 PGS Fixed rate notes and bonds (USD) 3.78% 3.78% 2024 - 2052 $ 772 $ 660 NMGC Fixed rate notes and bonds (USD) 3.11% 3.11% 2026 - 2051 $ 521 $ 488 Non-revolving term facility, floating rate Variable Variable 2024 108 101 $ 629 $ 589 NMGI Fixed rate notes and bonds (USD) 3.64% 3.64% 2024 $ 203 $ 190 NSPI Discount notes Variable Variable 2024 - 2027 $ 881 $ 376 Medium term fixed rate notes 5.14% 5.14% 2025 - 2097 2,665 2,665 $ 3,546 $ 3,041 EBP Senior secured credit facility Variable Variable 2026 $ 249 $ 249 ECI Secured senior notes (USD) Variable Variable 2026 $ 86 $ 84 Amortizing fixed rate notes (USD) 3.97% 3.97% 2024 - 2026 100 $ 104 Non-revolving term facility, floating rate Variable Variable 2027 30 $ 28 Non-revolving term facility, fixed rate 2.05% 2.36% 2025 - 2026 91 $ 101 Secured fixed rate senior notes (4) 3.06% 4.43% 2023 - 2029 142 $ 161 $ 449 $ 478 Adjustments Fair market value adjustment - TECO Energy acquisition (5) $ 2 $ 3 Debt issuance costs (126) (121) Amount due within one year (574) (462) $ (698) $ (580) Long-Term Debt $ 15,744 $ 14,196 (1) Weighted average interest rate of fixed rate long-term debt. (2) In 2022, the Company recognized $ 110 million in interest expense (2021 – $ 102 million) related to its fixed to floating subordinated notes. (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 or BBD. (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 dollars Maturity 2022 2021 Emera – revolving credit facility (1) June 2027 $ 900 $ 900 NSPI - revolving credit facility (1) December 2027 800 600 NSPI - non-revolving credit facility July 2024 400 - NMGC - non-revolving credit facility March 2024 108 - ECI – revolving credit facilities 2023-2032 11 27 Total $ 2,219 $ 1,527 Less: Borrowings under credit facilities 1,396 770 Letters of credit issued inside credit facilities 12 124 Use of available facilities $ 1,408 $ 894 Available capacity under existing agreements $ 811 $ 633 (1) Advances on the revolving credit facility can be made by way of overdraft on accounts up to $ 50 million. Debt Covenants Emera and its subsidiaries have debt covenants associated with their credit facilities. Covenants are tested regularly and the Company is in compliance with covenant requirements. Emera’s significant covenants are listed below: As at Financial Covenant Requirement December 31, 2022 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.57 : 1 Recent Significant Financing Activity by Segment Florida Electric Utilities On September 15, 2022, TEC repaid a $ 250 million USD note upon maturity. The note was repaid using existing credit facilities. On July 12, 2022, TEC completed an issuance of $ 600 million USD senior notes. The issuance included $ 300 million USD senior notes that bear an interest rate of 3.875 per cent with a maturity date of July 12, 2024 , and $ 300 million USD senior notes that bear an interest rate of 5 per cent with a maturity date of July 15, 2052 . Canadian Electric Utilities On December 16, 2022, NSPI amended its revolving operating credit facility to extend the maturity date from December 16, 2026 to December 16, 2027 and increase the amount of the facility from $ 600 million to $ 800 million. There were no other significant changes in commercial terms from the prior agreement. On July 15, 2022, NSPI entered into a $ 400 million non-revolving term credit facility which matures on July 15, 2024 . The credit facility contains customary representation and warranties, events of default and financial and other covenants, and bears interest at Bankers’ Acceptances or prime rate advances, plus a margin. Gas Utilities and Infrastructure On September 23, 2022, NMGC amended its $ 80 million USD, unsecured, non-revolving term credit facility to extend the maturity from September 23, 2022 , to March 22, 2024 . There were no other changes in commercial terms from the prior agreement. On June 30, 2022, Brunswick Pipeline amended its non-revolving credit agreement to extend the maturity from June 30, 2025 to June 30, 2026 . There were no other changes in commercial terms from the prior agreement. Other Electric Utilities On March 25, 2022, ECI amended its amortizing floating rate notes to extend the maturity from March 25, 2022 to March 25, 2027 . There were no other changes in commercial terms from the prior agreement. Other On December 16, 2022, Emera amended its $ 900 million revolving operating credit facility to extend the maturity date from June 30, 2026 to June 30, 2027 . There were no other significant changes in commercial terms from the prior agreement. Long-Term Debt Maturities As at December 31, long-term debt maturities, including capital lease obligations, for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2023 2024 2025 2026 2027 Thereafter Total Emera $ 500 $ - $ - $ 1,625 $ 403 $ - $ 2,528 Emera US Finance LP - 407 - 1,016 - 2,302 3,725 Tampa Electric - 356 - - - 3,985 4,341 PGS - 51 - - - 721 772 NMGC - 108 - 95 - 426 629 NMGI - 203 - - - - 203 NSPI - 398 125 40 483 2,500 3,546 EBP - - - 249 - - 249 ECI 74 90 137 85 60 3 449 Total $ 574 $ 1,613 $ 262 $ 3,110 $ 946 $ 9,937 $ 16,442