Once a year, the Board of Directors approves a borrowing program. The program is then authorized by the shareholder, the Québec government, which guarantees the payment of principal and interest.

Sources of financing

Type of financing Amount authorized by the Board of Directors Market Maturity Outstanding as at December 31, 2016
Operating credit lines C$ or US$1,000 millionNote 1     C$3.1 million
Credit facilityNote 2 US$2,000 million 2022Note 3 -
Commercial paperNote 2 US$3,500 million or equivalent in C$ United States
or Canada
Max. 364 days
Max. 365 days

C$7.4 million
Medium-term notesNote 2 US$3,000 million or equivalent in other currencies
C$20,000 million or equivalent in $US
United States 9 months or longer US$340 millionNote 4
Canada 1 year or longer C$14,204 millionNote 4
  1. Of this amount, US$200 million and $232 million in C$ or US$, is covered by operating credit line agreements with financial institutions.
  2. Guaranteed by the Québec government.
  3. On February 16, 2017, the maturity of the credit facility was extended to 2022.
  4. This amount corresponds to the net proceeds from the issuance of medium-term notes.

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