Financing and additional notes and loans payable information

12 Months Ended

Dec. 31, 2019

Financing and additional notes and loans payable information

13. Financing and additional notes and loans payable information

millions of Canadian dollars	2019			2018			2017
Debt-related interest (a)		138			133			103
Capitalized interest		(48	)		(28	)		(38)
Net interest expense		90			105			65
Other interest		3			3			13
Total financing (b)		93			108			78

(a) Includes related party interest with ExxonMobil.

(b) The weighted average interest rate on short-term borrowings in 2019 was 1.8 percent (2018 – 1.5 percent, 2017– 0.9 percent). Average effective rate on the long-term borrowings with ExxonMobil in 2019 was 2.2 percent (2018 – 2.0 percent, 2017 – 1.3 percent).

In November 2019, the company increased the capacity of its non-interest bearing, revolving demand loan with ExxonMobil from $75 million to $150 million. The loan represents ExxonMobil’s share of a working capital facility required to support purchasing, marketing, transportation and derivative arrangements for crude oil and diluent products undertaken by Imperial on behalf of ExxonMobil. At December 31, 2019 the company had borrowed $111 million under this arrangement.

In November 2019, the company extended the maturity date of its existing $250 million committed long-term line of credit to November 2021. The company has not drawn on the facility.

In December 2019, the company extended the maturity date of its existing $250 million committed short-term line of credit to December 2020. The company has not drawn on the facility.