Emeras short-term borrowings consist of commercial paper issuances, advances on revolving and non-revolving credit facilities and short-term notes. For details regarding short-term debt, refer to note 23 in Emeras 2022 annual audited consolidated financial statements, and below for 2023 short-term debt
financing activity.
Florida Electric Utilities
On March 1, 2023,
TEC entered into a 364-day, $200 million USD senior unsecured revolving credit facility which matures on February 28, 2024. The credit facility contains customary representations and warranties,
events of default and financial and other covenants, and bears interest at a variable interest rate, based on either the term secured overnight financing rate (SOFR), the Bank of Nova Scotias prime rate, the federal funds rate or
the one-month SOFR, plus a margin.
On April 3, 2023, TEC entered into an additional
364-day, $200 million USD senior unsecured revolving credit facility which matures on April 1, 2024. The credit agreement contains customary representation and warranties, events of default and
financial and other covenants, and bears interest at a variable interest rate, based on either the term SOFR, Wells Fargos prime rate, the federal funds rate or the one-month SOFR, plus a margin.
Other
On June 30, 2023, Emera amended its $400 million unsecured non-revolving facility to extend the maturity date from August 2, 2023 to August 2, 2024. There were no other changes in commercial terms from the prior agreement.
19. LONG-TERM DEBT
For details
regarding long-term debt, refer to note 25 in Emeras 2022 annual audited consolidated financial statements, and below for 2023 long-term debt financing activity.
Canadian Electric Utilities
On March 24, 2023, NSPI issued
$500 million in unsecured notes. The issuance included $300 million unsecured notes that bear interest at 4.95 per cent with a maturity date of November 15, 2032, and $200 million unsecured notes that bear interest at
5.36 per cent with a maturity date of March 24, 2053.
Other Electric Utilities
On May 24, 2023, GBPC issued a $28 million USD non-revolving term loan that bears interest at 4.00 per cent with
a maturity date of May 24, 2028.
Other
On May 2, 2023, Emera
issued $500 million in senior unsecured notes that bear interest at 4.84 per cent with a maturity date of May 2, 2030.
20. COMMITMENTS AND
CONTINGENCIES
As at June 30, 2023, contractual commitments (excluding pensions and other post-retirement obligations, long-term debt and asset retirement obligations) for each
of the next five years and in aggregate thereafter consisted of the following: