Borrowings under credit facilities by the utilities are primarily in support of their capital expenditure programs and/or for working capital requirements. Repayments are primarily financed through the issuance of long-term debt, cash from operations and/or equity injections from Fortis. From time to time, proceeds from preference share, common share and long-term debt offerings are used to repay borrowings under the Corporation's committed credit facility.
Advances of approximately $22 million were received during the first quarter of 2013 from non-controlling interests in the Waneta Expansion Limited Partnership ("Waneta Partnership") to finance capital spending related to the Waneta Expansion, compared to $29 million received during the first quarter of 2012. In January 2012 advances of approximately $12 million were received from two First Nations bands, representing their 15% equity investment in the LNG storage facility on Vancouver Island.
Proceeds from the issuance of common shares were $8 million higher quarter over quarter, reflecting an increase in the number of shares issued under the Corporation's stock option and employee share purchase plans.
Common share dividends paid during the first quarter of 2013 were $41 million, net of $19 million of dividends reinvested, compared to $44 million, net of $13 million of dividends reinvested, paid during the same quarter of 2012. The dividend paid per common share for the first quarter of 2013 was $0.31 compared to $0.30 for the first quarter of 2012. The weighted average number of common shares outstanding for the first quarter was 192.0 million, compared to 189.0 million for the first quarter of 2012.
CONTRACTUAL OBLIGATIONS
The Corporation's consolidated contractual obligations with external third parties in each of the next five years and for periods thereafter, as at March 31, 2013, are outlined in the following table. A detailed description of the nature of the obligations is provided in the 2012 Annual MD&A and below, where applicable.
----------------------------------------------------------------------------Contractual Obligations (Unaudited) Due DueAs at March 31, 2013 within Due in Due in Due in Due in after($ millions) Total 1 year year 2 year 3 year 4 year 5 5 years--------------------------------------------------------------------------------------------------------------------------------------------------------Long-term debt 6,014 81 693 280 314 103 4,543Government loan obligations 29 4 10 10 5 - -Capital lease and finance obligations 2,587 48 49 49 50 51 2,340Interest obligations on long-term debt 6,618 355 336 313 286 272 5,056Gas purchase contract obligations (1) 225 225 - - - - -Power purchase obligations FortisBC Electric 29 11 7 6 3 2 - FortisOntario 346 47 49 50 52 53 95 Maritime Electric 131 38 41 37 1 1 13Capital cost (2) 497 17 18 18 18 17 409Operating lease obligations 22 4 4 3 3 3 5Waneta Partnership promissory note 72 - - - - - 72Joint-use asset and shared service agreements 62 4 3 3 3 3 46Defined benefit pension funding contributions 75 35 15 12 9 1 3Performance Share Unit Plan obligations 2 1 - 1 - - -Other 6 2 1 - - - 3----------------------------------------------------------------------------Total 16,715 872 1,226 782 744 506 12,585--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Based on index prices as at March 31, 2013(2) Maritime Electric has entitlement to approximately 4.7% of the output from Point Lepreau for the life of the unit. As part of its entitlement, Maritime Electric is required to pay its share of the capital and operating costs of the unit. A major refurbishment of Point Lepreau that began in 2008 was completed and the facility returned to service in November 2012. The refurbishment is expected to extend the facility's estimated life an additional 27 years and, as a result, the total estimated capital cost obligation has increased approximately $51 million from that disclosed in the 2012 Annual MD&A.
