To help mitigate liquidity risk, the Corporation and its larger regulated utilities have secured committed credit facilities to support short-term financing of capital expenditures and seasonal working capital requirements.
The Corporation's committed corporate credit facility is available for interim financing of acquisitions and for general corporate purposes. Depending on the timing of cash payments from the subsidiaries, borrowings under the Corporation's committed corporate credit facility may be required from time to time to support the servicing of debt and payment of dividends. As at March 31, 2013, average annual consolidated long-term debt maturities and repayments over the next five years are expected to be approximately $295 million. The combination of available credit facilities and relatively low annual debt maturities and repayments provide the Corporation and its subsidiaries with flexibility in the timing of access to capital markets.
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 $2.3 billion of the total credit facilities are committed credit facilities with maturities ranging from 2013 to 2017.
The following table outlines the credit facilities of the Corporation and its subsidiaries.
As at December Regulated Fortis Corporate March 31, 31,($ millions) Utilities Properties and Other 2013 2012----------------------------------------------------------------------------Total credit facilities 1,383 13 1,030 2,426 2,460Credit facilities utilized: Short-term borrowings (1) (89) - - (89) (136) Long-term debt (2) (178) - (88) (266) (150)Letters of credit outstanding (66) - (2) (68) (67)----------------------------------------------------------------------------Credit facilities unused 1,050 13 940 2,003 2,107--------------------------------------------------------------------------------------------------------------------------------------------------------(1) The weighted average interest rate on short-term borrowings was approximately 2.1% as at March 31, 2013 (December 31, 2012 - 1.9%).(2) As at March 31, 2013, no credit facility borrowings classified as long term were included in current installments of long-term debt on the consolidated balance sheet (December 31, 2012 - $20 million). The weighted average interest rate on credit facility borrowings classified as long-term debt was approximately 2.2% as at March 31, 2013 (December 31, 2012 - 2.1%).
As at March 31, 2013 and December 31, 2012, certain borrowings under the Corporation's and subsidiaries' credit facilities were classified as long-term debt. These borrowings are under long-term committed credit facilities and management's intention is to refinance these borrowings with long-term permanent financing during future periods.
