SEC Info℠

Home

Search

My Interests

Help

Sign In

Please Sign In

Province of British Columbia – ‘18-K’ for 3/31/20 – ‘EX-99.3’

On:  Wednesday, 10/14/20, at 4:25pm ET   ·   For:  3/31/20   ·   Accession #:  1104659-20-114915   ·   File #:  333-82846

Previous ‘18-K’:  ‘18-K/A’ on 9/16/20 for 3/31/20   ·   Next:  ‘18-K/A’ on 12/22/20 for 3/31/20   ·   Latest:  ‘18-K/A’ on 4/24/24 for 3/31/23   ·   9 References:   By:  Province of British Columbia – ‘424B2’ on 4/19/24 By:  Province of British Columbia – ‘424B2’ on 4/17/24 By:  Province of British Columbia – ‘424B2’ on 11/9/23 By:  Province of British Columbia – ‘424B2’ on 11/7/23 By:  Province of British Columbia – ‘424B2’ on 6/28/23 By:  Province of British Columbia – ‘424B2’ on 6/27/23 By:  Province of British Columbia – ‘424B2’ on 7/14/21 By:  Province of British Columbia – ‘424B2’ on 7/13/21 By:  Province of British Columbia – ‘S-B’ on 4/9/21 

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

 Text Wildcards:  ? (any letter/digit),  * (many).  Search Logic:  for Documents:  & (and),  | (or);  for Text:  | (anywhere),  "(&)" (near).  Details... 

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/14/20  Province of British Columbia      18-K        3/31/20    4:719K                                   Toppan Merrill/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 18-K        Annual Report by a Foreign Government or Political  HTML     41K 
                Subdivision                                                      
 2: EX-99.1     Miscellaneous Exhibit                               HTML     11K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML      8K 
 4: EX-99.3     Miscellaneous Exhibit                               HTML    260K 

Exhibit 99.3

ADDITIONAL INFORMATION RELATING TO THE PROVINCE ⁽¹⁾

DEBT OF THE PROVINCE

Direct and Guaranteed Debt

The direct debt of the Province includes debt for government purposes, as well as funds borrowed by the Province and loaned to its provincial government bodies. Direct borrowing by the Province for lending to provincial government bodies commenced in 1983.

With few exceptions, government bodies rely on the Province for fiscal agency loans to meet their borrowing requirements. The terms and conditions that apply to fiscal agency loans respecting payment of interest and principal generally match those in the Province's original borrowings.

Direct debt includes both funded and unfunded debt. Funded debt is defined as all debt having a maturity of one year or more from date of issuance; unfunded debt has a maturity within one year from date of issuance.

The final component of provincial debt relates to financial instruments that have been unconditionally guaranteed by the Province. Most of this debt was incurred by provincial government bodies prior to the introduction of fiscal agency loans in 1983. It also includes financial instruments issued by selected municipalities, improvement districts and local government entities, as well as all loan guarantees extended by the Province, including those extended to private entities and individuals.

The Warehouse Borrowing Program takes advantage of low interest rates to borrow money in advance of actual requirements. The debt will eventually be allocated to either the provincial government or provincial government bodies.

Non-guaranteed debt includes debt of the BC Assessment Authority, BC Family Maintenance Enforcement Agency, BC Housing Management Commission, BC Immigrant Investment Fund, BC Pavilion Corporation, BC Public School Employers’ Association, BC Transportation Financing Authority, Canadian Blood Services, Columbia Basin Trust, Columbia Power Corporation, Columbia River Project (a joint venture of Columbia Basin Trust and Columbia Power Corporation) Community Social Services Employers' Association, Provincial Rental Housing Corporation, School Districts, Universities, Colleges and Health Authorities (SUCH sector), BC Hydro, BC Liquor Distribution Branch, BC Lottery Corporation, BC Railway Company, Insurance Corporation of BC, and Post-secondary institutions’ subsidiaries. At March 31, 2020, $4,570 million of this debt is classified as taxpayer supported and $1,322 million is classified as self-supporting.

Financial statements for 2019/20 show that the Province's total net debt (excluding non-guaranteed debt of $5,892 million) increased by $5,522 million; debt for government purposes decreased by $2,484 million and debt for government corporation purposes increased by $3,038 million.

DIRECT FUNDED DEBT⁽¹⁾

As at March 31, 2020

 CONSOLIDATION OF DIRECT AND GUARANTEED FUNDED AND UNFUNDED DEBT

As at March 31, 2020

Financing Requirements

The financing requirements of the Province are accomplished through short, medium and long term borrowing in public and private markets in Canada and abroad, including the federal Canada Pension Plan (the "Plan"). Under the Plan, the Province may refinance maturing loans from the Plan with new loans equal to or less than the matured nominal amount of such loans.

The majority of British Columbia's borrowing requirements are met through public domestic borrowings and loans from the Plan. During the 2019/20 fiscal year, the Province borrowed or refinanced $156 million of loans from the Plan.

Sinking Fund Management

Sinking funds are no longer established or maintained on new or existing debt issued for government capital financing purposes. However, sinking funds do continue to be established and maintained relating to new or existing debt of the Province incurred to make loans to provincial government bodies. Consequently, provincial government bodies (with the exception of the British Columbia Hydro and Power Authority and BC Transportation Financing Authority) who have received or are to receive a fiscal agency loan from the Province in an amount equal to or greater than $20 million and with a term of five years or more will continue to be expected to make sinking fund contributions for the purpose of repayment of some or all the corresponding Provincial debt issues.

At March 31, 2020, the Province has $692 million in sinking fund investments related to direct and guaranteed funded debt, including those held in trust on behalf of government corporations.

        MATURITY SCHEDULE OF DIRECT FUNDED DEBT

            As at March 31, 2020

            (Unaudited)              

MATURITY SCHEDULE OF GUARANTEED FUNDED DEBT

As at March 31, 2020

(Unaudited)

STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT

At March 31, 2020