12. Financing costs and additional notes and loans payable information


millions of dollars	2015			2014			2013
Debt-related interest		102			82			69
Capitalized interest		(68	)		(82	)		(69	)
Net interest expense		34			-			-
Other interest		5			4			11
Total financing costs (a)		39			4			11

(a)

Cash interest payments in 2015 were $74 million (2014 – $82 million, 2013 – $69 million). The weighted average interest rate on short-term borrowings in 2015 was 0.8 percent (2014 – 1.1 percent).

As at December 31, 2015, the company had borrowed $75 million under an arrangement with an affiliated company of ExxonMobil that provides for a non-interest bearing, revolving demand loan from ExxonMobil to the company of up to $75 million. The loan represents ExxonMobil’s share of a working capital facility required to support purchasing, marketing and transportation arrangements for crude oil and diluent products undertaken by Imperial on behalf of ExxonMobil.

In the first quarter of 2015, the company extended the maturity date of its existing $500 million 364-day short-term unsecured committed bank credit facility to March 2016. The company has not drawn on the facility.