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, 2019|
|Operating credit lines||C$ or US$1,000 million1||C$2.1 million|
|Credit facility2||US$2,000 million||20243||-|
|Commercial paper2||US$3,500 million or equivalent in C$||United States
|Max. 364 days
Max. 365 days
|Medium-term notes2||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 million4|
|Canada||1 year or longer||C$10,051 million 4|
- Of this amount, US$200 million and $264 million in C$ or US$, is covered by operating credit line agreements with financial institutions.
- Guaranteed by the Québec government.
- In February 2019, the maturity of the credit facility was extended to 2024.
- This amount corresponds to the net proceeds from the issuance of medium-term notes.
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