Notes to the Consolidated Financial Statements
78
17. Long-Term Debt (millions) Balance, beginning of year
2026
2025
$
1,862 $
1,767
149
Proceeds
195
(75)
Repayments
(100)
1,936
Balance, end of year
1,862
(17)
Less: Current portion of long-term debt
(75)
$
1,919 $
1,787
Long-term debt consists of the following:
2026
2025
Principal Outstanding (millions)
Effective Interest Rate
Principal Outstanding (millions)
Effective Interest Rate
GENERAL REVENUE FUND 1 - 5 years
$
67
4.9% $
142 185 114 275 450 490 200
7.0% 4.7% 3.3% 4.1% 3.4% 3.4% 3.0%
185 189 350 515 275 350
4.7% 4.0% 3.8% 3.1% 3.6% 3.6%
6 - 10 years 11 - 15 years 16 - 20 years 21 - 25 years 26 - 30 years 31 plus years
1,931
1,856
-
Unamortized debt premium/discount and issue costs
1
1,931
1,857
OTHER LONG-TERM DEBT 16 - 20 years
5
13.5%
5
13.5%
1,936
1,862
(17)
Less: Current portion of long-term debt
(75)
$
1,919
$
1,787
Long-term debt is unsecured. As at March 31, 2026, principal repayments due in each of the next five fiscal years are as follows: (millions) 2027 2028 2029 2030 2031 Principal repayments $ 17 $ - $ 50 $ - $ - During the fiscal year, the Corporation issued $150 million in long-term debt in two increments. Factoring in discounts and commissions, net proceeds from these issuances totaled $149 million. The first $75 million increment, issued in June 2025 at a discount of $1 million, bears a coupon rate of 4.4 per cent and matures in 2056. The second increment of $75 million, issued in December 2025, also bears a coupon rate of 4.4 per cent and matures in 2056. The Corporation also repaid $75 million in long-term debt that matured in May 2025. Both the issuances and maturity are reflected in the tables above.
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