Notes to the Consolidated Financial Statements (unaudited)
15.
Net Finance Expenses
For the Three Months Ended June 30,
(millions)
2023
2024
$
1 1
$
1 1
Debt retirement funds earnings
Finance income
(2)
(2)
Interest expense on short-term debt Interest expense on long-term debt Unwinding of discount on provisions
(17)
(16)
(2)
(2)
1
-
Borrowing costs capitalized to qualifying assets
(20) (19)
(20) (19)
Finance expenses
$
$
Net finance expenses
Borrowing costs were capitalized to qualifying assets using the weighted average cost of debt of 3.9 per cent during the period (June 30, 2023 – 3.8 per cent).
16.
Subsequent Event
On August 12, 2024, the Corporation entered into an agreement with the Province to borrow an additional $50 million in long-term debt. The debt has a coupon interest rate of 4.2% and matures in 2054.
29
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