As at March 31, 2013, management expects consolidated long-term debt maturities and repayments to average approximately $295 million annually over the next five years. The combination of available credit facilities and relatively low annual debt maturities and repayments will provide the Corporation and its subsidiaries with flexibility in the timing of access to capital markets.
In May 2012 Fortis filed a base shelf prospectus under which Fortis may offer, from time to time during the 25-month period from May 10, 2012, by way of a prospectus supplement, common shares, preference shares, subscription receipts and/or unsecured debentures in the aggregate amount of up to $1.3 billion (or the equivalent in US dollars or other currencies). The base shelf prospectus provides the Corporation with flexibility to access securities markets in a timely manner. The nature, size and timing of any offering of securities under the Corporation's base shelf prospectus will be consistent with the past capital-raising practices of the Corporation and continue to be dependent upon the Corporation's assessment of its requirements for funding and general market conditions.
To finance a portion of the Corporation's pending acquisition of CH Energy Group, Fortis offered and sold, by way of a prospectus supplement, approximately $601 million of Subscription Receipts in June 2012 under a bought-deal offering with a syndicate of underwriters. Fortis also closed an offering of approximately $200 million First Preference Shares, Series J in November 2012, by way of a prospectus supplement, under the above-noted base shelf prospectus.
Fortis and its subsidiaries were compliant with debt covenants as at March 31, 2013 and are expected to remain compliant throughout 2013.
CREDIT FACILITIES
As at March 31, 2013, the Corporation and its subsidiaries had consolidated credit facilities of approximately $2.4 billion, of which $2.0 billion was unused, including $910 million unused under the Corporation's $1 billion committed revolving corporate credit facility. The credit facilities are syndicated mostly with the seven largest Canadian banks, with no one bank holding more than 20% of these facilities. Approximately $2.3 billion of the total credit facilities are committed facilities with maturities ranging from 2013 through 2017.
The following summary outlines the credit facilities of the Corporation and its subsidiaries.
----------------------------------------------------------------------------Credit Facilities (Unaudited) As at December Regulated Fortis Corporate March 31, 31,($ millions) Utilities Properties and Other 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Total credit facilities 1,383 13 1,030 2,426 2,460Credit facilities utilized: Short-term borrowings (89) - - (89) (136) Long-term debt (including current portion) (178) - (88) (266) (150)Letters of credit outstanding (66) - (2) (68) (67)----------------------------------------------------------------------------Credit facilities unused 1,050 13 940 2,003 2,107--------------------------------------------------------------------------------------------------------------------------------------------------------
