Principal repayments on the long-term debt of the Company for the next five years are approximately as follows: 2010 — $478 million; 2011 — $923 million; 2012 — $1,176 million; 2013 — $911 million; and 2014 — $968 million.
Debt Shelf Programs — TransCanada PipeLines Limited
In December 2009, TransCanada PipeLines Limited (TCPL) filed a debt base shelf prospectus qualifying for the issuance of up to US$4.0 billion of debt securities in the U.S. This prospectus replaced the debt base shelf prospectus filed in January 2009, discussed below. No amounts have been issued under the December 2009 base shelf prospectus.
In April 2009, TCPL filed a $2.0 billion Canadian Medium-Term Notes base shelf prospectus to replace a March 2007 $1.5 billion Canadian Medium-Term Notes base shelf prospectus, which expired in April 2009. No amounts have been issued under the April 2009 base shelf prospectus.
In January 2009, TCPL filed a debt shelf prospectus in the U.S. qualifying for issuance of US$3.0 billion of debt securities. Subsequent to the January 2009 debt issue discussed below, the Company had US$1.0 billion of remaining capacity available under this debt shelf prospectus.
TransCanada PipeLines Limited
In February 2009, TCPL issued Medium-Term Notes of $300 million and $400 million maturing in February 2014 and February 2039, respectively, and bearing interest at 5.05 per cent and 8.05 per cent, respectively. These notes were issued by way of a pricing supplement under a Canadian $1.5 billion debt base shelf prospectus filed in March 2007.
In January 2009, TCPL issued Senior Unsecured Notes of US$750 million and US$1.25 billion maturing in January 2019 and January 2039, respectively, and bearing interest at 7.125 per cent and 7.625 per cent, respectively. These notes were issued by way of a prospectus supplement under the U.S. debt base shelf prospectus filed in January 2009.
In August 2008, TCPL issued $500 million of Medium-Term Notes maturing in August 2013 and bearing interest at 5.05 per cent by way of a pricing supplement under the Canadian debt base shelf prospectus filed in March 2007.
In August 2008, TCPL issued US$850 million and US$650 million of Senior Unsecured Notes maturing in August 2018 and August 2038, respectively, and bearing interest at 6.50 per cent and 7.25 per cent, respectively. These notes were issued by way of a prospectus supplement under a US$2.5 billion debt base shelf prospectus filed in September 2007, which was fully utilized following these issuances.
NOVA Gas Transmission Ltd.
Debentures issued by NOVA Gas Transmission Ltd. (NGTL) in the amount of $225 million have retraction provisions that entitle the holders to require redemption of up to eight per cent of the then outstanding principal plus accrued and unpaid interest on specified repayment dates. No redemptions were made to December 31, 2009.
TransCanada PipeLine USA Ltd.
TransCanada PipeLine USA Ltd. (TCPL USA) has a US$1.0 billion committed, unsecured, syndicated credit facility, guaranteed by TransCanada, consisting of a US$700 million five year term loan maturing in 2012 and a US$300 million, revolving facility maturing in February 2013 described further under Note 20. Included in Long-Term Debt was an outstanding balance of US$700 million on the term loan at December 31, 2009 and 2008.
TC PipeLines, LP
PipeLines LP has available a committed, unsecured syndicated revolving credit and term loan facility of US$725 million maturing December 2011, consisting of a US$475 million senior term loan and a US$250 million senior revolving credit facility. There was an outstanding balance of US$484 million and US$475 million on the credit facility at December 31, 2009 and 2008, respectively.
The Company made interest payments of $916 million in 2009 (2008 — $833 million; 2007 — $966 million) net of interest capitalized on construction projects.