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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
25. Long-term Debt  
Long-term debt & long-term revolving credit facilities, outstanding borrowings and available capacity
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.
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
Long-Term Debt Maturities
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