Notes to the Consolidated Financial Statements
19. Long-Term Debt (millions) Balance, beginning of year
2024
2023
$
1,647 $
1,559
120
Proceeds
88
1,767
Balance, end of year
1,647
(100)
Less: Current portion of long-term debt
-
$
1,667 $
1,647
Long-term debt consists of the following:
2024
2023
W w
Principal Outstanding (millions)
Principal Outstanding (millions)
Effective Interest Rate
Effective Interest Rate
(millions)
GENERAL REVENUE FUND 1 - 5 years
$
241
5.4% $
191 110
5.3% 6.1% 3.6% 3.9% 3.4% 3.1% 2.8%
85 82
5.7% 3.6% 3.9% 3.4% 3.0% 3.3%
6 - 10 years 11 - 15 years 16 - 20 years 21 - 25 years 26 - 30 years 31 plus years
82
308 450 340 250
308 250 540 150
1,756
1,631
Unamortized debt premium/ discount and issue costs
6
11
1,762
1,642
OTHER LONG-TERM DEBT 21 - 25 years
5
13.5%
5
13.5%
1,767
1,647
Less: Current portion of long-term debt
(100)
-
$
1,667
$
1,647
Long-term debt is unsecured. As at March 31, 2024, principal repayments due in each of the next five fiscal years were as follows: (millions) 2025 2026 2027 2028 2029 Principal repayments $ 100 $ 75$ 17$ - $ 50 During the year, the Corporation entered into three separate agreements with the Province to borrow an additional $125 million of long-term debt. The first $50 million increment was issued at a discount of $5 million with an interest rate of 3.8 per cent maturing in 2062. The second $25 million increment was issued at no premium or discount with an interest rate of 3.9 per cent maturing in 2033. The third $50 million increment was issued at no premium or discount with an interest rate of 4.2 per cent maturing in 2054.
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