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LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Outstanding amounts 20222021
Maturity DatesOutstanding at December 31
Interest
Rate1
Outstanding at December 31
Interest
Rate1
(millions of Canadian $, unless otherwise noted)
TRANSCANADA PIPELINES LIMITED     
Medium Term Notes     
Canadian2023 to 205213,966 4.5 %12,491 4.2 %
Senior Unsecured Notes     
U.S. (2022 – US$15,542; 2021 – US$16,542)

2023 to 204921,032 4.9 %20,936 4.8 %
  34,998  33,427  
NOVA GAS TRANSMISSION LTD.     
Debentures and Notes     
Canadian2024100 9.9 %100 9.9 %
U.S. (2022 and 2021 – US$200)
2023271 7.9 %254 7.9 %
Medium Term Notes     
Canadian2025 to 2030504 7.4 %504 7.4 %
U.S. (2022 and 2021 – US$33)
202644 7.5 %41 7.5 %
 919  899  
COLUMBIA PIPELINE GROUP, INC.
Senior Unsecured Notes2
U.S. (2022 and 2021 – US$1,500)
2025 to 20452,030 4.9 %1,898 4.9 %
ANR PIPELINE COMPANY     
Senior Unsecured Notes     
U.S. (2022 – US$1,172; 2021 – US$372)
2024 to 20371,587 4.1 %472 5.3 %
TC PIPELINES, LP     
Senior Unsecured Notes
U.S. (2022 and 2021 – US$850)
2025 to 20271,150 4.2 %1,076 4.2 %
GAS TRANSMISSION NORTHWEST LLC    
Senior Unsecured Notes
U.S. (2022 and 2021 – US$325)
2030 to 2035440 4.3 %411 4.3 %
Outstanding amounts 20222021
Maturity DatesOutstanding at December 31
Interest
Rate1
Outstanding at December 31
Interest
Rate1
(millions of Canadian $, unless otherwise noted)
PORTLAND NATURAL GAS TRANSMISSION SYSTEM
Senior Unsecured Notes
U.S. (2022 and 2021 – US$250 )
2030 to 2031338 2.8 %316 2.8 %
GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP    
Senior Unsecured Notes
 
    
U.S. (2022 – US$146; 2021 – US$167)
2028 to 2030198 7.6 %211 7.6 %
TUSCARORA GAS TRANSMISSION COMPANY    
Unsecured Term Loan
U.S. (2022 – US$34; 2021 – US$36)
202446 6.5 %46 1.3 %
41,706 38,756 
Current portion of long-term debt (1,898) (1,320) 
Unamortized debt discount and issue costs(239)(243)
Fair value adjustments3
76 148 
  39,645  37,341  
1Interest rates are the effective interest rates except for those pertaining to long-term debt issued for the Company's Canadian regulated natural gas operations, in which case the weighted average interest rate is presented as approved by the regulators. The effective interest rate is calculated by discounting the expected future interest payments, adjusted for loan fees, premiums and discounts. Weighted average and effective interest rates are stated as at the respective outstanding dates.
2Certain subsidiaries of Columbia have guaranteed the principal payments of Columbia’s senior unsecured notes. Each guarantor of Columbia's obligations is required to comply with covenants under the debt indenture and, in the event of default, the guarantors would be obligated to pay the principal and related interest.
3The fair value adjustments include $140 million (2021 – $148 million) related to the acquisition of Columbia Pipeline Group, Inc. These adjustments also include a decrease of $64 million (2021 – nil) related to hedged interest rate risk. Refer to Note 28, Risk management and financial instruments for additional information.
Principal Repayments
At December 31, 2022, principal repayments for the next five years on the Company's long-term debt are approximately as follows:
(millions of Canadian $)20232024202520262027
Principal repayments on long-term debt1,8982,7822,8272,2783,113
Long-Term Debt Issued
The Company issued long-term debt over the three years ended December 31, 2022 as follows:
(millions of Canadian $, unless otherwise noted)
Company Issue Date Type Maturity DateAmount Interest Rate
TRANSCANADA PIPELINES LIMITED
May 2022Medium Term NotesMay 20328005.33 %
May 2022Medium Term NotesMay 20264004.35 %
May 2022Medium Term NotesMay 20523005.92 %
October 2021Senior Unsecured NotesOctober 2024US 1,2501.00 %
October 2021Senior Unsecured NotesOctober 2031US 1,0002.50 %
June 2021Medium Term NotesJune 2024750Floating
June 2021Medium Term NotesJune 20315002.97 %
June 2021Medium Term NotesSeptember 20472504.33 %
1
April 2020Senior Unsecured NotesApril 2030US 1,2504.10 %
April 2020Medium Term NotesApril 20272,0003.80 %
ANR PIPELINE COMPANY
May 2022Senior Unsecured NotesMay 2032US 3003.43 %
May 2022Senior Unsecured NotesMay 2034US 2003.58 %
May 2022Senior Unsecured NotesMay 2037US 2003.73 %
May 2022Senior Unsecured NotesMay 2029US 1003.26 %
PORTLAND NATURAL GAS TRANSMISSION SYSTEM
October 2021Senior Unsecured NotesOctober 2031US 1252.68 %
October 2020Senior Unsecured NotesOctober 2030US 1252.84 %
TUSCARORA GAS TRANSMISSION COMPANY
August 2021Unsecured Term LoanAugust 2024US 13Floating
KEYSTONE XL SUBSIDIARIES2
VariousProject-Level Credit FacilityJune 2021US 849Floating
COLUMBIA PIPELINE GROUP, INC.3
January 2021Unsecured Term LoanJune 2022US 4,040Floating
GAS TRANSMISSION NORTHWEST LLC
June 2020Senior Unsecured NotesJune 2030US 1753.12 %
COASTAL GASLINK PIPELINE LIMITED PARTNERSHIP 4
April 2020Senior Secured Credit FacilitiesApril 20271,603Floating
1Reflects coupon rate on re-opening of a pre-existing Medium Term Notes (MTN) issue. The MTNs were issued at a premium to par, resulting in a re-issuance yield of 4.186 per cent.
2In January 2021, the Company established a US$4.1 billion project-level credit facility to support the construction of the Keystone XL pipeline, which was fully guaranteed by the Government of Alberta and non-recourse to TC Energy. The availability of this credit facility was subsequently reduced to US$1.6 billion and all amounts outstanding were fully repaid by the Government of Alberta in June 2021. Refer to Note 6, Keystone XL, for additional information.
3In December 2020, Columbia entered into a US$4.2 billion Unsecured Term Loan agreement. In January 2021, US$4.0 billion was drawn on the Unsecured Term Loan and the total availability under the loan agreement was reduced accordingly. The loan was fully repaid and retired in December 2021.
4In April 2020, Coastal GasLink LP entered into secured long-term project financing credit facilities. In May 2020, TC Energy completed the sale of a 65 per cent equity interest in Coastal GasLink LP and subsequently accounts for its remaining 35 per cent interest using the equity method. Immediately preceding the equity sale, Coastal GasLink LP made an initial draw of $1.6 billion on the credit facilities, of which approximately $1.5 billion was paid to TC Energy. Refer to Note 30, Acquisitions and dispositions, for additional information.
Long-Term Debt Retired/Repaid
The Company retired/repaid long-term debt over the three years ended December 31, 2022 as follows:
(millions of Canadian $, unless otherwise noted)
Company Retirement/Repayment Date Type Amount Interest Rate
TRANSCANADA PIPELINES LIMITED
December 2022Medium Term Notes25 9.95 %
August 2022Senior Unsecured NotesUS 1,0002.50 %
November 2021Medium Term Notes500 3.65 %
January 2021DebenturesUS 4009.875 %
November 2020Debentures250 11.80 %
October 2020Senior Unsecured NotesUS 1,0003.80 %
March 20201
Senior Unsecured NotesUS 7504.60 %
COLUMBIA PIPELINE GROUP, INC.
December 2021
Unsecured Term Loan2
US 4,040Floating
June 2020Senior Unsecured NotesUS 7503.30 %
NORTH BAJA PIPELINE, LLC
December 2021Unsecured Term LoanUS 50Floating
TC PIPELINES, LP
November 2021Unsecured Term LoanUS 450Floating
March 2021Senior Unsecured NotesUS 3504.65 %
ANR PIPELINE COMPANY
November 2021Senior Unsecured NotesUS 3009.625 %
GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP
November 2021Senior Unsecured NotesUS 109.09 %
PORTLAND NATURAL GAS TRANSMISSION SYSTEM
October 2021Unsecured Loan FacilityUS 93Floating
October 2020Unsecured Loan FacilityUS 99Floating
KEYSTONE XL SUBSIDIARIES3
June 2021Project-Level Credit FacilityUS 849Floating
GAS TRANSMISSION NORTHWEST LLC
June 2020Senior Unsecured NotesUS 1005.29 %
1Related unamortized debt issue costs of $8 million were included in Interest expense in the Consolidated statement of income for the year ended December 31, 2020.
2In December 2020, Columbia entered into a US$4.2 billion Unsecured Term Loan agreement. In January 2021, US$4.0 billion was drawn on the Unsecured Term Loan and the total availability under the loan agreement was reduced accordingly. The loan was fully repaid and retired in December 2021. Related unamortized debt issue costs of $5 million were included in Interest expense in the Consolidated statement of income for the year ended December 31, 2021.
3In June 2021, in accordance with the terms of the guarantee, the Government of Alberta repaid the US$849 million outstanding balance under the Keystone XL project-level credit facility bearing interest at a floating rate, subsequent to which it was terminated, resulting in no cash impact to TC Energy. Refer to Note 6, Keystone XL, for additional information.
In March 2021, the Company's subsidiary, TC PipeLines, LP, terminated its US$500 million Unsecured Loan Facility bearing interest at a floating rate on which no amount was outstanding.
Interest Expense
year ended December 31202220212020
(millions of Canadian $)
Interest on long-term debt1,883 1,841 1,963 
Interest on junior subordinated notes 543 453 470 
Interest on short-term debt153 10 46 
Capitalized interest(27)(22)(294)
Amortization and other financial charges1
36 78 43 
 2,588 2,360 2,228 
1Amortization and other financial charges includes amortization of transaction costs and debt discounts calculated using the effective interest method and losses on derivatives used to manage the Company's exposure to changes in interest rates.
The Company made interest payments of $2,478 million in 2022 (2021 – $2,299 million; 2020 – $2,203 million) on long-term debt, junior subordinated notes and short-term debt, net of interest capitalized.