DEBT

CREDIT FACILITIES

The following table provides details of our committed credit facilities at March 31, 2018:



		March 31, 2018
	Maturity	Total Facilities	Draws¹	Available
(millions of Canadian dollars)
Enbridge Inc.²	2019-2022	6,644	2,616	4,028
Enbridge (U.S.) Inc.	2019	2,469	1,142	1,327
Enbridge Energy Partners, L.P.³	2019-2022	3,385	1,660	1,725
Enbridge Gas Distribution Inc. (EGD)	2019	1,017	884	133
Enbridge Income Fund	2020	1,500	566	934
Enbridge Pipelines Inc.	2019	3,000	1,730	1,270
Spectra Energy Partners, LP⁴	2022	3,223	2,135	1,088
Union Gas Limited (Union Gas)	2021	700	130	570
Total committed credit facilities		21,938	10,863	11,075


1	Includes facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility.


2	Includes $135 million, $161 million (US$125 million) and $150 million of commitments that expire in 2018, 2018 and 2020, respectively.


3	Includes $226 million (US$175 million) and $239 million (US$185 million) of commitments that expire in 2018 and 2020, respectively.


4	Includes $434 million (US$336 million) of commitments that expire in 2021.

During the first quarter of 2018, Enbridge terminated a US$650 million credit facility, which was set to mature in 2019, and repaid drawn amounts. In addition, Enbridge (U.S.) Inc. terminated an unutilized US$950 million credit facility, which was set to mature in 2019.

During the first quarter of 2018, Westcoast Energy Inc. terminated an unutilized $400 million credit facility with a syndicate of banks. The facility was set to mature in 2021.

In addition to the committed credit facilities noted above, we have $790 million of uncommitted demand credit facilities, of which $511 million were unutilized as at March 31, 2018. As at December 31, 2017, we had $792 million of uncommitted credit facilities, of which $518 million were unutilized.

Our credit facilities carry a weighted average standby fee of 0.2% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to the commercial paper programs and we have the option to extend such facilities, which are currently set to mature from 2019 to 2022.

As at March 31, 2018 and December 31, 2017, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year of $9,832 million and $10,055 million, respectively, are supported by the availability of long-term committed credit facilities and therefore have been classified as long-term debt.

LONG-TERM DEBT ISSUANCES

During the first quarter of 2018, we completed the following long-term debt issuances:



Company	Issue Date		Principal Amount
(millions of dollars)
Enbridge Inc.
	March 2018	Fixed-to-floating rate notes due 2078¹	US$850
Spectra Energy Partners, LP²
	January 2018	3.50% senior notes due 2028	US$400
	January 2018	4.15% senior notes due 2048	US$400


1	Notes mature in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 6.25%. Subsequently, the interest rate will be set to equal the three-month London Interbank Offered Rate (LIBOR) plus a margin of 364 basis points from years 10 to 30, and a margin of 439 basis points from years 30 to 60.


2	Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of Spectra Energy Partners, LP (SEP).

LONG-TERM DEBT REPAYMENTS

During the first quarter of 2018, we completed the following long-term debt repayments:



Company	Retirement/Repayment Date		Principal Amount	Cash Consideration
(millions of Canadian dollars unless otherwise stated)
Enbridge Southern Lights LP
	January 2018	4.01% medium-term notes due June 2040	9
Spectra Energy Capital, LLC¹
Repurchase via Tender Offer
	March 2018	6.75% senior unsecured notes due 2032	US$64	US$80
	March 2018	7.50% senior unsecured notes due 2038	US$43	US$59
Redemption
	March 2018	5.65% senior unsecured notes due 2020	US$163	US$172
	March 2018	3.30% senior unsecured notes due 2023	US$498	US$508


1	The loss on debt extinguishment of $37 million (US$29 million), net of the fair value adjustment recorded upon completion of the stock-for-stock merger transaction on February 27, 2017 between Enbridge and Spectra Energy Corp (the Merger Transaction), was reported within Interest expense in the Consolidated Statements of Earnings.

DEBT COVENANTS

Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at March 31, 2018, we were in compliance with all debt covenants.