Financial Report - Veresen Inc.
Financial Report - Veresen Inc.
Financial Report - Veresen Inc.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
Note 11. Long-Term Senior Debt<br />
2012 2011<br />
<strong>Veresen</strong><br />
Revolving credit facility 222.0 67.0<br />
5.6% Senior notes due 2014 200.0 200.0<br />
3.95% Medium term notes due 2017 300.0 –<br />
4.0% Medium term notes due 2018 150.0 150.0<br />
5.05% Medium term notes due 2022 50.0 –<br />
922.0 417.0<br />
Less: current portion – –<br />
922.0 417.0<br />
AEGS<br />
5.565% Senior notes due 2020 90.9 94.0<br />
Less: current portion (3.1) (3.0)<br />
87.8 91.0<br />
East Windsor Cogeneration (1)<br />
6.283% Senior bonds due 2029 161.2 166.5<br />
Less: current portion (5.7) (5.3)<br />
155.5 161.2<br />
Clowhom and Furry Creek<br />
Term loan due 2016 52.4 53.9<br />
7.2947% Term loan due 2024 11.0 11.6<br />
Less: current portion (2.1) (2.1)<br />
61.3 63.4<br />
EnPower (1)<br />
6.65% Term loan due 2018 21.8 22.6<br />
Less: current portion (0.8) (0.8)<br />
21.0 21.8<br />
1,247.6 754.4<br />
(1)<br />
For 2011, these amounts reflect 100% of corresponding amounts contained in financial statements of the respective entities, which <strong>Veresen</strong> controlled by virtue<br />
of its majority ownership interest. The balances related to the portion not owned by <strong>Veresen</strong> are reflected in Non-Controlling Interest (note 15).<br />
<strong>Veresen</strong><br />
Revolving Credit Facilities<br />
On December 23, 2010, the Company entered into a new revolving credit facility with a syndicate of Canadian chartered banks (the<br />
“Revolving Credit Facility”) for a three-year term. In November 2011, the term of the Revolving Credit Facility was extended to mature<br />
on November 30, 2015. In December 2011, the Company increased the maximum principal amount available under this facility from<br />
$450 million to $550 million. In December 2012, the term of the Revolving Credit Facility was extended such that it now matures on<br />
December 13, 2016. Outstanding advances bear interest based on various quoted floating rates plus a margin. A standby fee applies<br />
to any undrawn amounts. As at December 31, 2012, the Company had no letters of credit outstanding, leaving $328.0 million available<br />
under this facility (as at December 31, 2011, the Revolving Credit Facility had no letters of credit outstanding, leaving $483.0 million<br />
available under this facility).<br />
On February 28, 2011, the Company entered into a second revolving credit agreement which provides for a $45.0 million revolving<br />
credit facility. In December 2012, the term of the second revolving credit agreement was extended such that it now matures on<br />
December 13, 2016. As at December 31, 2012, the Company had $21.0 million of letters of credit outstanding (2011 – $20.5 million),<br />
leaving $24.0 million (2011 – $24.5 million) available under this facility.<br />
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