2001 ANNUAL REPORT  53 The Company’s proportionate share of the interest payments of joint ventures in continuing operations was $100 million, $99 million and $78 million for the years ended December 31, 2001, 2000 and 1999, respectively. The debt of joint ventures is non-recourse to TransCanada. The security provided by each joint venture is limited to the rights and assets of that joint venture and does not extend to the rights and assets of TransCanada, except to the extent of TransCanada’s investment. The Company’s proportionate share of mandatory retirements resulting from maturities and sinking fund obligations of the non-recourse joint venture debt approximates: 2002 – $44 million; 2003 – $231 million; 2004 – $38 million; 2005 – $339 million and 2006 – $26 million. FINANCIAL CHARGES OF JOINT VENTURES NOTE 8 – NON-RECOURSE DEBT OF JOINT VENTURES 2001 2000 1999 Interest on long-term non-recourse debt 107 149 139 Other – 5 10 107 154 149 Financial charges of joint ventures – discontinued operations – (41) (29) 107 113 120 Year ended December 31  (millions of dollars) 1 Amounts outstanding are stated in millions of Canadian dollars; amounts denominated in U.S. dollars are stated in millions. 2 Weighted average interest rates are stated as at the respective outstanding dates. At December 31, 2001, the effective weighted average interest rates on the bank loan of Iroquois and notes of Foothills resulting from swap agreements are 7.6 per cent (2000 – 7.8 per cent) and 5.9 per cent (2000 – 6.7 per cent), respectively. 3 In October 2001, TransCanada Power, L.P. issued 5,660,000 new Partnership units and used the net proceeds to fully repay the bank loan. 2001 2000 Weighted Weighted Average Average Outstanding Interest Outstanding Interest Maturity Dates December 31 1 Rate 2 December 31 1 Rate 2 Great Lakes Senior Unsecured Notes (2001 – US$284; 2000 – US$297) 2003 to 2030 452 8.1% 446 8.2% Iroquois Bank Loan  (2001 – US$153; 2000 – US$136) 2009 to 2010 244 7.3% 204 8.1% Foothills Senior Unsecured Notes 2005 336 3.1% 343 5.6% Senior Secured Notes 2005 63 6.3% 65 8.4% Trans Québec & Maritimes First Mortgage Bonds 2005 to 2010 143 7.3% 143 7.3% Term Loan 2003 42 4.6% – – TransCanada Power, L.P. Bank Loan 3 – – 66 6.4% TC PipeLines, LP Senior Unsecured Notes (2001 and 2000 – US$7) 2003 11 5.3% 11 7.6% Other 2002 to 2010 48 6.5% 47 7.1% 1,339 1,325 Less: Current Portion of Non-Recourse  Debt of Joint Ventures 44 29 1,295 1,296 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS