12. Financing costs and additional notes and loans payable information


millions of dollars	2013			2012			2011
Debt-related interest		69			20			16
Capitalized interest		(69	)		(20	)		(16	)
Net interest expense		-			-			-
Other interest		11			(1	)		3
Total financing costs (a)		11			(1	)		3

(a)	Cash interest payments in 2013 were $69 million (2012 – $20 million, 2011 – $16 million). The weighted average interest rate on short-term borrowings in 2013 was 1.1 percent (2012 – 1.1 percent).

In the fourth quarter of 2013, the company entered into an arrangement with an affiliated company of ExxonMobil that provides for a non-interest bearing, revolving demand loan from ExxonMobil to the company of up to $75 million (Canadian). The loan represents ExxonMobil’s share of a working capital facility required to support purchasing, marketing and transportation arrangements for crude oil and diluent products undertaken by Imperial on behalf of ExxonMobil. As at December 31, 2013, the company had drawn $75 million on this agreement.

In the first quarter of 2013, to further support the commercial paper program, the company entered into an unsecured committed bank credit facility in the amount of $250 million that matures in March 2014. In the second quarter, the amount of this facility increased to $500 million. The company has not drawn on the facility.