NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 12. DEBT AND CREDIT AGREEMENTS Short-Term Notes Long-Term Debt Hydro One meets its short-term liquidity requirements in part through the issuance of commercial paper under its Commercial Paper Program  which has a maximum authorized amount of $1,000 million. These short-term notes are denominated in Canadian dollars with varying  maturities not exceeding 365 days. Hydro One had no commercial paper borrowings outstanding as at December 31, 2013 and 2012. Hydro One has a $1,500 million committed and unused revolving standby credit facility with a syndicate of banks, maturing in June 2018.  If used, interest on the facility would apply based on Canadian benchmark rates. This credit facility is unsecured and supports the Company’s  Commercial Paper Program. The Company may use the credit facility for general corporate purposes, including meeting short-term funding  requirements. The obligation of each lender to make any credit extension to the Company under its credit facility is subject to various conditions  including, among other things, that no event of default has occurred or would result from such credit extension.  The Company issues notes for long-term financing under its Medium-Term Note (MTN) Program. The maximum authorized principal amount of notes  issuable under this program is $3,000 million. At December 31, 2013, $1,815 million remained available for issuance until October 2015. The following table presents the outstanding long-term debt at December 31, 2013 and 2012: 1  The unrealized marked-to-market loss relates to $500 million of the Series 19 notes due 2014, and $250 million of the Series 21 notes due 2015. The unrealized marked-to-market loss is offset by a $12 million (2012 – $19 million) unrealized marked-to-market gain on the related fixed-to-floating interest-rate swap agreements, which are accounted for as fair value hedges. See Note 13 – Fair Value of Financial Instruments and Risk Management for details of fair value hedges. 2  The interest rates of the floating-rate notes are referenced to the 3-month Canadian dollar bankers’ acceptance rate, plus a margin. HYDRO ONE ANNUAL REPORT 2013 72 December 31 (millions of Canadian dollars) 2013 2012 5.00% Series 15 notes due 2013  – 600 3.13% Series 19 notes due 2014 1 750 750 2.95% Series 21 notes due 2015 1 500 500 Floating-rate Series 22 notes due 2015 2 50 50 4.64% Series 10 notes due 2016  450 450 Floating-rate Series 27 notes due 2016 2 50 50 5.18% Series 13 notes due 2017  600 600 2.78% Series 28 notes due 2018  750 – 4.40% Series 20 notes due 2020  300 300 3.20% Series 25 notes due 2022  600 600 7.35% Debentures due 2030  400 400 6.93% Series 2 notes due 2032  500 500 6.35% Series 4 notes due 2034  385 385 5.36% Series 9 notes due 2036  600 600 4.89% Series 12 notes due 2037  400 400 6.03% Series 17 notes due 2039  300 300 5.49% Series 18 notes due 2040  500 500 4.39% Series 23 notes due 2041  300 300 6.59% Series 5 notes due 2043  315 315 4.59% Series 29 notes due 2043  435 – 5.00% Series 11 notes due 2046  325 325 4.00% Series 24 notes due 2051  225 225 3.79% Series 26 notes due 2062  310 310 9,045 8,460 Add: Unrealized marked-to-market loss 1 12 19 Less: Long-term debt payable within one year  (756) (600) Long-term debt  8,301 7,879