NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (i) Corporate credit facility The corporate credit facility is composed as follows: Interest Rate Maturity Dec 31, 2013 Dec 31, 2012 Total available credit - Revolving facility 32,500 — Amount drawn Corporate credit facility 3.52% Nov 12, 2016 (11,300) — Letters of credit for the benefit of operating power assets (9,519) — Letter of credit for the benefit of power development projects (4,023) — Letter of credit for the benefit of CPC (397) — Remaining available credit 7,261 — As at December 31, 2013, Capstone had 17 letters of credit authorized under the revolving facility. On November 12, 2013, the Corporation entered into a new corporate credit facility with a three-year term maturing in November 2016, and repaid the CPC-Cardinal credit facility. The new facility is structured as a revolving facility, available for general corporate activities, including funding future acquisitions and development projects. Advances under the facility can be made by way of bankers' acceptances, prime rate loans, US dollar LIBOR or USBR loans, or letters of credit. The interest rate is determined by the underlying instrument’s base rate plus an applicable margin, based on the total leverage ratio. The applicable rate for letters of credit is equal to the applicable margin; and a commitment fee on the unused principal outstanding is determined at 25% of the applicable margin. The collateral for the facility is provided by a combination of first-charge interests of the guarantor group, largely made up of CPC, Cardinal and Whitecourt, and a pledge of the Corporation’s equity interests in the Corporation’s other, directly and indirectly held, subsidiary entities. The  Corporation is subject to customary covenants, including specific limitations on the total leverage ratio, interest coverage ratio and a minimum cash flow profile. In January 2014, the available credit was increased by $17,500, bringing the total to $50,000 of credit of which $25,239 was drawn or committed as of December 31, 2013. The carrying values and changes of the liability and the equity componentsof the debentures were as follows: (ii) Convertible debentures Dec 31, 2013 2016 Debentures 2017 Debentures Total As at Dec 31, 2012 Liability component 40,631 34,848 75,479 40,238 Conversion to shares, net of costs during the year (1) rr — (100) (100) — Redemptions during the year (6,972) (6,972) — Amortization and accretion during the year 437 (37) 400 393 41,068 27,739 68,807 40,631 Deferred financing costs (1,726) — (1,726) (2,248) 39,342 27,739 67,081 38,383 Equity component 9,284 — 9,284 9,284 Conversion to shares, net of costs during the year  (1) — — — — Redemptions during the year — — — — 9,284 — 9,284 9,284 48,626 27,739 76,365 47,667 (1) During theyear ended December 31, 2013, $100 of debentures were converted to shares (see note21) (December 31, 2012 – Nil). Conversions are transferred at the carrying amount in debt and equity to share capital, net of transaction costs incurred in connection with the issuance of the convertible debentures. 90 CAPSTONE INFRASTRUCTURE CORPORATION