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Long-term debt (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Long Term Debt
7.
Long-term debt
Long-term debt consists of the following:
Borrowing type
 
Weighted average coupon
 
Maturity
 
Par value
 
June 30, 2020
 
December 31, 2019
Senior unsecured revolving credit facilities (a)
 
—

 
2023-2024
 
N/A

 
$
89,000

 
$
141,577

Senior unsecured bank credit facilities (b)
 
—

 
2020-2021
 
N/A

 
458,510

 
75,000

Commercial paper
 
—

 
2020
 
N/A

 
215,000

 
218,000

U.S. dollar borrowings
 
 
 
 
 
 
 
 
 
 
Senior unsecured notes (c)
 
4.21
%
 
2020-2047
 
$
1,125,000

 
1,120,004

 
1,219,579

Senior unsecured utility notes
 
6.01
%
 
2020-2035
 
$
212,000

 
227,956

 
233,686

Senior secured utility bonds (d)
 
4.71
%
 
2026-2044
 
$
556,000

 
562,913

 
672,337

Canadian dollar borrowings
 
 
 
 
 
 
 
 
 
 
Senior unsecured notes (e)
 
4.28
%
 
2021-2050
 
C$
1,150,669

 
840,337

 
728,679

Senior secured project notes
 
10.21
%
 
2027
 
C$
27,098

 
19,870

 
21,961

 
 
 
 
 
 
 
 
$
3,533,590

 
$
3,310,819

Subordinated U.S. dollar borrowings
 
 
 
 
 
 
 
 
 
 
Subordinated unsecured notes
 
6.50
%
 
2078-2079
 
$
637,500

 
621,186

 
621,049

 
 
 
 
 
 
 
 
$
4,154,776

 
$
3,931,868

Less: current portion
 
 
 
 
 
 
 
(221,827
)
 
(225,013
)
 
 
 
 
 
 
 
 
$
3,932,949

 
$
3,706,855

Short-term obligations of $659,558 that are expected to be refinanced using the long-term credit facilities are presented as long-term debt.
Long-term debt issued at a subsidiary level (project notes or utility bonds) relating to a specific operating facility is generally collateralized by the respective facility with no other recourse to the Company. Long-term debt issued at a subsidiary level whether or not collateralized generally has certain financial covenants, which must be maintained on a quarterly basis. Non-compliance with the covenants could restrict cash distributions/dividends to the Company from the specific facilities.
7.
Long-term debt (continued)
Recent financing activities:
(a)
Senior unsecured revolving credit facilities
On February 24, 2020, the Renewable Energy Group increased its uncommitted letter of credit facility to $350,000 and extended the maturity to June 30, 2021.
(b)
Senior unsecured bank credit facilities
Given the uncertainty caused by the COVID-19 pandemic, the Company secured additional liquidity as an additional margin of safety intended to ensure the Company can continue to move forward with its 2020 capital expenditure program and committed acquisitions independent of the state of the capital markets. The additional liquidity is in the form of three new senior unsecured delayed draw non-revolving credit facilities for a total of $1,600,000 maturing in April, 2021. As at June 30, 2020, there was $400,000 drawn on these facilities.
(c)
Senior unsecured notes
On April 30, 2020, the Company repaid, upon its maturity, a $100,000 unsecured note.
(d)
Senior secured utility bonds
On June 1, 2020, the Company repaid, upon its maturity, a $100,000 secured utility bond at Empire.
(e)
Canadian dollar senior unsecured notes
On February 14, 2020, the Regulated Services Group issued C$200,000 senior unsecured debentures bearing interest at 3.315% with a maturity date of February 14, 2050. The debentures are redeemable at the option of the Company at a price based on a make-whole provision.