NOTES PAYABLE

12 Months Ended

Dec. 31, 2022

Short-Term Debt [Abstract]

NOTES PAYABLE

NOTES PAYABLE

	2022			2021
(millions of Canadian $, unless otherwise noted)	Outstanding at December 31	Weighted Average Interest Rate per Annum at December 31		Outstanding at December 31	Weighted Average Interest Rate per Annum at December 31
Canada1	5,971	4.9	%	4,953	0.4	%
U.S. (2022 – nil; 2021 – US$54)	—	—		68	0.3	%
Mexico (2022 – US$215; 2021 – US$115)2	291	6.0	%	145	1.7	%
	6,262			5,166

1At December 31, 2022, Notes payable consisted of Canadian dollar-denominated notes of $2,810 million (2021 – $1,989 million) and U.S. dollar-denominated notes of US$2,336 million (2021 – US$2,341 million).

2The demand senior unsecured revolving credit facility for the Company's Mexico subsidiary can be drawn in either Mexican pesos or U.S. dollars, up to the total facility amount of MXN$5.0 billion or the U.S. dollar equivalent.

On November 22, 2022, TransCanada PipeLines Limited (TCPL) entered into a 364-day $1.5 billion senior unsecured term loan bearing interest at a floating rate. At December 31, 2022 and 2021, Notes payable reflects short-term borrowings in Canada by TCPL, in the U.S. by TransCanada PipeLine USA Ltd. (TCPL USA) and in Mexico by a wholly-owned Mexican subsidiary.

At December 31, 2022, total committed revolving and demand credit facilities were $12.9 billion (2021 – $12.4 billion). When drawn, interest on these lines of credit is charged at negotiated floating rates of Canadian and U.S. banks, and at other negotiated financial bases. These unsecured credit facilities included the following:

at December 31
(billions of Canadian $, unless otherwise noted)			2022			2021
Borrowers	Description	Matures	Total Facilities		Unused Capacity1	Total Facilities
Committed, syndicated, revolving, extendible, senior unsecured credit facilities2:
TCPL	Supports TCPL's Canadian dollar commercial paper program and for general corporate purposes	December 2027	3.0		1.7	3.0
TCPL / TCPL USA / Columbia / TransCanada American Investments Ltd.	Supports TCPL's and TCPL USA's U.S. dollar commercial paper programs and for general corporate purposes of the borrowers, guaranteed by TCPL	December 2023	US 3.0		US 0.6	US 4.5
TCPL / TCPL USA / Columbia / TransCanada American Investments Ltd.	Supports TCPL's and TCPL USA's U.S. dollar commercial paper programs and for general and corporate purposes of the borrowers, guaranteed by TCPL	December 2025	US 2.5		US 2.5	US 1.0
Demand senior unsecured revolving credit facilities2:
TCPL / TCPL USA	Supports the issuance of letters of credit and provides additional liquidity; TCPL USA facility guaranteed by TCPL	Demand	2.1	3	1.0	2.1	3
Mexico subsidiary	For Mexico general corporate purposes, guaranteed by TCPL	Demand	MXN 5.0	3	MXN 0.8	MXN 5.0	3

1Unused capacity is net of commercial paper outstanding and facility draws.

2Provisions of various trust indentures and credit arrangements with the Company's subsidiaries can restrict their ability to declare and pay dividends or make distributions under certain circumstances. If such restrictions apply, they may, in turn, have an impact on the Company's ability to declare and pay dividends on common and preferred shares. These trust indentures and credit arrangements also require the Company to comply with various affirmative and negative covenants and maintain certain financial ratios. At December 31, 2022, the Company was in compliance with all financial covenants.

3Or the U.S. dollar equivalent.

For the year ended December 31, 2022, the cost to maintain the above facilities was $14 million (2021 – $17 million; 2020 – $21 million).