9. DEBT

Credit Facilities



	Maturity Dates	Total Facilities	Draws⁽¹⁾	Available

	(in millions)
Enbridge Energy Partners, L.P.	2019 – 2020	$2,625.0	$1,345.8	$1,279.2

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(1)	Includes facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility and excludes the our credit agreement with EUS (the EUS 364-day Credit Facility.)

In addition to the committed credit facilities noted in the above table, we also have $175.0 million available under a uncommitted letters of credit arrangement, of which $86.3 million and $70.9 million were unutilized as of September 30, 2017 and December 31, 2016, respectively.

Under our multi-year senior unsecured revolving credit facility and our 364-day revolving credit agreement (the Credit Facilities), we had net repayments of approximately $1.0 billion as of September 30, 2017, which includes gross borrowings of $8.8 billion and gross repayments of $9.8 billion.

Under our commercial paper program, we had net borrowings of approximately $0.7 billion as of September 30, 2017, which includes gross borrowings of $8.9 billion and gross repayments of $8.2 billion.

Under our credit agreement with EUS, an affiliate of Enbridge and the owner of our General Partner (the EUS 364-day Credit Facility), we had net repayments of approximately $0.2 billion as of September 30, 2017, which includes gross borrowings of $0.6 billion and gross repayments of $0.8 billion.

As of September 30, 2017 and December 31, 2016, respectively, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $1,280.5 million and $1,657.6 million are supported by the availability of long-term committed credit facilities and therefore have been classified as long-term debt.

As of September 30, 2017, we had approximately $1,485.2 million of unutilized commitments under the terms of our Credit Facilities and the EUS 364-day Credit Facility.

On October 2, 2017, we extended the maturity date attributable to our multi-year senior unsecured revolving credit facility. The maturity date was extended to September 26, 2022; however $185 million of the commitment will expire on September 26, 2020 and $175 million will expire on the original maturity date of September 26, 2018.

On July 25, 2017. we entered into an agreement with EUS whereby the termination date was extended to July 24, 2017, For further information, refer to Note 14 - Related Party Transactions.

On June 30, 2017, we extended our 364-day revolving credit facility termination date. The termination date was extended to June 29, 2018 , which has a term out option that could extend maturity of outstanding borrowings to June 28, 2019 and capacity remains at $625 million. The 364-day Credit Facility is through a syndicate of third party lenders.

On June 5, 2017, we entered into amendments with the lenders of each of our Credit Facilities and the EUS 364-day Credit Facility. These agreements eliminated certain covenants related to MEP and its subsidiaries and were effective June 28, 2017.

On April 27, 2017, our Board of Directors finalized the joint funding arrangement with our General Partner with respect to our investment in the Bakken Pipeline System, held through our subsidiary, DakTex. As part of the transaction, DakTex distributed approximately $1.14 billion to us. We used these distribution proceeds plus additional borrowings of $0.4 billion from our existing EUS 364-day Credit Facility to repay the $1.5 billion outstanding under our unsecured revolving 364-day credit agreement with EUS (the EUS Credit Agreement). We terminated the EUS Credit Agreement subsequent to the repayment. For further information on distribution from our General Partner, refer to Note 14 - Related Party Transactions.

We have the ability and intent to refinance all of our commercial paper obligations on a long-term basis through borrowings under our Credit Facilities. Accordingly, such amounts have been classified as “Long-term debt” in our accompanying consolidated statements of financial position.

Debt Covenants

We and our consolidated subsidiaries were in compliance with the terms of our financial covenants under our consolidated debt agreements as at September 30, 2017.

Fair Value of Debt Obligations

The carrying amounts of our outstanding commercial paper, borrowings under our Credit Facilities, and the EUS 364-day Credit Facility approximate their fair values at September 30, 2017 and December 31, 2016, respectively, due to the short-term nature and frequent repricing of the amounts outstanding under these obligations. The fair value of our outstanding commercial paper and borrowings under our Credit Facilities and the EUS 364-day Credit Facility are included with our long-term debt obligations above since we have the ability and the intent to refinance the amounts outstanding on a long-term basis.

The approximate fair value of our fixed-rate debt obligations was $6.2 billion and $6.5 billion at September 30, 2017 and December 31, 2016, respectively. We determined the approximate fair values using a standard methodology that incorporates pricing points that are obtained from independent, third-party investment dealers who actively make markets in our debt securities. We use these pricing points to calculate the present value of the principal obligation to be repaid at maturity and all future interest payment obligations for any debt outstanding. The fair value of our long-term debt obligations is categorized as Level 2 within the fair value hierarchy.