The long-term debt of joint ventures is non-recourse to TransCanada, except that TransCanada has provided certain pro-rata guarantees related to the capital lease obligations of Bruce Power. The security provided with respect to the debt of each joint venture is limited to the rights and assets of the joint venture and does not extend to the rights and assets of TransCanada, except to the extent of TransCanada's investment. Trans Québec & Maritimes Pipeline Inc.'s (TQM Pipeline) bonds are secured by a first interest in all TQM Pipeline real and immoveable property and rights, a floating charge on all residual property and assets, and a specific interest on bonds of TQM Finance Inc. and on rights under all licenses and permits relating to the TQM pipeline system and natural gas transportation agreements.
Subject to meeting certain requirements, the Bruce Power capital lease agreements provide for a series of renewals commencing January 1, 2019. The first renewal is for a period of one year and each of 12 renewals thereafter is for a period of two years.
The Company's proportionate share of principal repayments for the next five years resulting from maturities and sinking fund obligations of the non-recourse joint venture debt is approximately as follows: 2010 — $199 million; 2011 — $21 million; 2012 — $120 million; 2013 — $7 million; and 2014 — $44 million.
The Company's proportionate share of principal payments for the next five years resulting from the capital lease obligations of Bruce Power is approximately as follows: 2010 — $13 million; 2011 — $15 million; 2012 — $18 million; 2013 — $20 million; and 2014 — $23 million.
In September 2009, TQM issued $75 million of bonds maturing in September 2014 and bearing interest at 4.05 per cent.
In August 2009, Northern Border issued US$100 million of Senior Unsecured Notes maturing in August 2016 and bearing interest at 6.24 per cent.
In May 2009, Iroquois issued US$140 million Senior Unsecured Notes maturing in May 2019 and bearing interest at 6.63 per cent.
In September 2008, Bruce A entered into a $193 million unsecured term loan maturing December 2031 and bearing interest at 7.1 per cent.
A one per cent change in interest rates would have the following effect on net income assuming all other variables were to remain constant:
Interest Expense of Joint Ventures
The Company's proportionate share of the interest payments by joint ventures was $41 million in 2009 (2008 — $50 million; 2007 — $45 million) net of interest capitalized on construction projects.
The Company's proportionate share of interest payments from the capital lease obligations of Bruce Power was $17 million in 2009 (2008 and 2007 — $18 million).