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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Long-term Debt [Abstract]  
Summary of Long-Term Debt, Revolving Credit Facilities, Outstanding Borrowings and Available Capacity
Weighted average interest
rate
(1)
millions of dollars
2023
2022
Maturity
2023
2022
Emera
 
Bankers acceptances, SOFR loans
 
Variable
Variable
2027
$
 
465
$
 
403
Unsecured fixed rate notes
4.84%
2.90%
2030
 
500
 
500
Fixed to floating subordinated notes
(2)
6.75%
6.75%
2076
 
1,587
 
1,625
$
 
2,552
$
 
2,528
Emera Finance
 
Unsecured senior notes
3.65%
3.65%
2024 - 2046
$
 
3,637
$
 
3,725
TEC
(3)
Fixed rate notes and bonds
4.61%
4.15%
2024 - 2051
$
 
5,654
$
 
4,341
PGS
Fixed rate notes and bonds
5.63%
3.78%
2028 - 2053
$
 
1,223
$
 
772
NMGC
Fixed rate notes and bonds
3.78%
3.11%
2026 - 2051
$
 
642
$
 
521
Non-revolving term facility, floating rate
Variable
Variable
2024
 
30
 
108
$
 
672
$
 
629
NMGI
Fixed rate notes and bonds
3.64%
3.64%
2024
$
 
198
$
 
203
NSPI
Discount Notes
(4)
Variable
Variable
2024 - 2027
$
 
721
$
 
881
Medium term fixed rate notes
5.13%
5.14%
2025 - 2097
 
3,165
 
2,665
$
 
3,886
$
 
3,546
EBP
Senior secured credit facility
Variable
Variable
2026
$
 
246
$
 
249
ECI
Secured senior notes
Variable
Variable
2027
$
 
75
$
 
86
Amortizing fixed rate notes
4.00%
3.97%
2026
 
79
 
100
Non-revolving term facility, floating rate
Variable
Variable
2025
 
29
 
30
Non-revolving term facility, fixed rate
2.15%
2.05%
2025 - 2027
 
155
 
91
Secured fixed rate senior notes
(5)
3.09%
3.06%
2024 - 2029
 
84
 
142
$
 
422
$
 
449
Adjustments
Fair market value adjustment - TECO Energy acquisition
$
-
 
$
 
2
Debt issuance costs
(125)
(126)
Amount due within one year
(676)
(574)
$
(801)
$
(698)
Long-Term Debt
$
 
17,689
$
 
15,744
(1) Weighted average interest rate of fixed rate long-term debt.
(2) In 2023, the Company recognized $
109
 
million in interest expense (2022 – $
110
 
million) related to its fixed to floating
subordinated notes.
(3) A substantial part of TEC’s tangible assets are pledged as collateral to secure its first mortgage bonds. There are currently
 
no
bonds outstanding under TEC’s first mortgage bond indenture.
(4) Discount notes are backed by a revolving credit facility which matures in 2027. Banker’s acceptances are issued under NSPI’s
non-revolving term facility which matures in 2024. NSPI has the intention and unencumbered ability to refinance bankers’
acceptances for a period of greater than one year.
(5) Notes are issued and payable in either USD or BBD.
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
2023
2022
Emera – revolving credit facility
(1)
June 2027
$
 
900
$
 
900
TEC - Unsecured committed revolving credit facility
December 2026
 
657
-
 
NSPI - revolving credit facility
(1)
December 2027
 
800
 
800
NSPI - non-revolving credit facility
July 2024
 
400
 
400
Emera - Unsecured non-revolving credit facility
February 2024
 
400
-
 
NMGC - Unsecured non-revolving credit facility
March 2024
 
30
 
108
ECI – revolving credit facilities
October 2024
 
10
 
11
Total
$
 
3,197
$
 
2,219
Less:
Borrowings under credit facilities
 
1,884
 
1,396
Letters of credit issued inside credit facilities
 
6
 
12
Use of available facilities
$
 
1,890
$
 
1,408
Available capacity under existing agreements
$
 
1,307
$
 
811
(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, 2023
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
2024
2025
2026
2027
2028
Thereafter
Total
Emera
$
 
199
$
-
 
$
 
1,587
$
 
266
$
-
 
$
 
500
$
 
2,552
Emera US Finance LP
 
397
-
 
 
992
-
 
-
 
 
2,248
 
3,637
TEC
 
397
-
 
-
 
-
 
-
 
 
5,257
 
5,654
PGS
-
 
-
 
-
 
-
 
 
463
 
760
 
1,223
NMGC
 
30
-
 
 
93
-
 
-
 
 
549
 
672
NMGI
 
198
-
 
-
 
-
 
-
 
-
 
 
198
NSPI
 
398
 
125
 
40
 
323
-
 
 
3,000
 
3,886
EBP
-
 
-
 
 
246
-
 
-
 
-
 
 
246
ECI
 
51
 
139
 
89
 
77
 
62
 
4
 
422
Total
$
 
1,670
$
 
264
$
 
3,047
$
 
666
$
 
525
$
 
12,318
$
 
18,490