DEBT (Tables)

12 Months Ended

Dec. 31, 2018



	Weighted Average
December 31,	Interest Rate		Maturity	2018		2017
(millions of Canadian dollars)
Enbridge Inc.
United States dollar term notes¹	4.1	%	2022-2046	6,419		5,889
Medium-term notes²	4.3	%	2019-2064	7,323		5,698
Fixed-to-floating subordinated term notes^3,4	5.9	%	2077-2078	6,771		3,843
Floating rate notes⁵			2019-2020	2,389		2,254
Commercial paper and credit facility draws⁶	2.2	%	2019-2023	1,999		2,729
Other⁷				—		3
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws⁸	3.5	%	2020	1,065		490
Enbridge Energy Partners, L.P.
Senior notes⁹	6.2	%	2019-2045	6,214		6,328
Junior subordinated notes¹⁰			2067	546		501
Commercial paper and credit facility draws¹¹	3.3	%	2022	1,044		1,820
Enbridge Gas Distribution Inc.
Medium-term notes	4.5	%	2020-2050	3,695		3,695
Debentures	9.9	%	2024	85		85
Commercial paper and credit facility draws	2.3	%	2020	750		960
Enbridge Income Fund
Medium-term notes²				—		1,750
Commercial paper and credit facility draws				—		755
Enbridge Pipelines (Southern Lights) L.L.C.
Senior notes¹²	4.0	%	2040	1,257		1,207
Enbridge Pipelines Inc.
Medium-term notes¹³	4.3	%	2019-2046	4,225		4,525
Debentures	8.2	%	2024	200		200
Commercial paper and credit facility draws¹⁴	2.4	%	2020	2,200		1,438
Other⁷				4		4
Enbridge Southern Lights LP
Senior notes	4.0	%	2040	289		315
Midcoast Energy Partners, L.P.
Senior notes¹⁵				—		501
Spectra Energy Capital¹⁶
Senior notes¹⁷	7.1	%	2032-2038	236		1,665
Spectra Energy Partners, LP¹⁶
Senior secured notes¹⁸	6.1	%	2020	150		138
Senior notes¹⁹	4.3	%	2020-2048	8,249		7,192
Floating rate notes²⁰			2020	546		501
Commercial paper and credit facility draws²¹	3.2	%	2022	2,065		2,824
Union Gas Limited¹⁶
Medium-term notes	4.1	%	2021-2047	3,290		3,490
Senior debentures				—		75
Debentures	8.7	%	2025	125		250
Commercial paper and credit facility draws	2.3	%	2021	275		485
Westcoast Energy Inc.¹⁶
Senior secured notes	6.2	%	2019	33		66
Medium-term notes	4.7	%	2019-2041	2,175		2,177
Debentures	8.6	%	2020-2026	375		525
Fair value adjustment - Spectra Energy acquisition				964		1,114
Other²²				(348	)	(312	)
Total debt				64,610		65,180
Current maturities				(3,259	)	(2,871	)
Short-term borrowings²³				(1,024	)	(1,444	)
Long-term debt				60,327		60,865


1	2018 - US$4,700 million; 2017 - US$4,700 million.


2	On December 21, 2018, Enbridge and Enbridge Income Fund (the Fund) completed a transaction to exchange certain series of the Fund's outstanding medium-term notes (Legacy Fund Notes) for an equal principal amount of newly issued medium term notes of Enbridge, having financial terms that are the same as the financial terms of the Fund Notes. See Debt Exchange discussion below.


3	2018 - $2,400 million and US$3,200 million; 2017 - $1,650 million and US$1,750 million. For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal the three-month Bankers' Acceptance Rate or London Interbank Offered Rate (LIBOR) plus a margin.


4	The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.


5	2018 - $750 million and US$1,200 million; 2017 - $750 million and US$1,200 million. Carries an interest rate equal to the three-month Bankers' Acceptance Rate plus a margin of 59 basis points or LIBOR plus a margin of 40 or 70 basis points.


6	2018 - $1,906 million and US$69 million; 2017 - $1,593 million and US$907 million.


7	Primarily capital lease obligations.


8	2018 - US$780 million; 2017 - US$391 million.


9	2018 - US$4,550 million; 2017 - US$5,050 million.


10	2018 - US$400 million; 2017 - US$400 million. Carries an interest rate equal to the three-month LIBOR plus a margin of 379.75 basis points.


11	2018 - US$764 million; 2017 - US$1,453 million.


12	2018 - US$920 million; 2017 - US$963 million.


13	Included in medium-term notes is $100 million with a maturity date of 2112.


14	2018 - $1,905 million and US$216 million; 2017 - $1,080 million and US$286 million.


15	2017 - US$400 million.


16	Debt acquired in conjunction with the Merger Transaction (Note 8).


17	2018 - US$173 million; 2017 - US$1,329 million.


18	2018 - US$110 million; 2017 - US$110 million.


19	2018 - US$6,040 million; 2017 - US$5,740 million.


20	2018 - US$400 million; 2017 - US$400 million. Carries an interest rate equal to the three-month LIBOR plus a margin of 70 basis points.


21	2018 - US$1,512 million; 2017 - US$2,254 million.


22	Primarily debt discount and debt issue costs.


23	Weighted average interest rate - 2.3%; 2017 - 1.4%.

Schedule of Committed Credit Facilities

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



		2018
		Total
December 31,	Maturity	Facilities	Draws¹	Available
(millions of Canadian dollars)
Enbridge Inc.	2019-2023	5,751	2,008	3,743
Enbridge (U.S.) Inc.	2020	1,932	1,065	867
Enbridge Energy Partners, L.P.²	2022	2,493	1,044	1,449
Enbridge Gas Distribution Inc.	2019-2020	1,018	760	258
Enbridge Pipelines Inc.	2020	3,000	2,200	800
Spectra Energy Partners, LP^3,4	2022	3,414	2,065	1,349
Union Gas Limited⁴	2021	700	275	425
Total committed credit facilities		18,308	9,417	8,891


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


2	Includes $253 million (US$185 million) of facilities that expire in 2020.


3	Includes $459 million (US$336 million) of facilities that expire in 2021.


4	Committed credit facilities acquired in conjunction with the Merger Transaction (Note 8).

Schedule of Long-term Debt Issuances

The following are long-term debt issuances made during 2018 and 2017, excluding the debt exchange discussed below:



Company	Issue Date		Principal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
	March 2018	Fixed-to-floating rate subordinated notes due March 2078¹	US$850
	April 2018	Fixed-to-floating rate subordinated notes due April 2078²		$750
	April 2018	Fixed-to-floating rate subordinated notes due April 2078³	US$600
	May 2017	Floating rate notes due May 2019⁴		$750
	June 2017	3.19% medium-term notes due December 2022		$450
	June 2017	3.20% medium-term notes due June 2027		$450
	June 2017	4.57% medium-term notes due March 2044		$300
	June 2017	Floating rate notes due June 2020⁵	US$500
	July 2017	2.90% senior notes due July 2022	US$700
	July 2017	3.70% senior notes due July 2027	US$700
	July 2017	Fixed-to-floating rate subordinated notes due July 2077⁶	US$1,000
	September 2017	Fixed-to-floating rate subordinated notes due September 2077⁷		$1,000
	October 2017	Fixed-to-floating rate subordinated notes due September 2077⁷		$650
	October 2017	Floating rate notes due January 2020⁸	US$700
Enbridge Gas Distribution Inc.
	November 2017	3.51% medium-term notes due November 2047		$300
Spectra Energy Partners, LP
	January 2018	3.50% senior notes due January 2028⁹	US$400
	January 2018	4.15% senior notes due January 2048⁹	US$400
	June 2017	Floating rate notes due June 2020¹⁰	US$400
Union Gas Limited
	November 2017	2.88% medium-term notes due November 2027		$250
	November 2017	3.59% medium-term notes due November 2047		$250


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 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	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 6.625%. Subsequently, the interest rate will be set to equal the Canadian Dollar Offered Rate plus a margin of 432 basis points from years 10 to 30, and a margin of 507 basis points from years 30 to 60.


3	Notes mature in 60 years and are callable on or after year five. For the initial five years, the notes carry a fixed interest rate of 6.375%. Subsequently, the interest rate will be set to equal the three-month LIBOR plus a margin of 359 basis points from years five to 10, a margin of 384 basis points from years 10 to 25, and a margin of 459 basis points from years 25 to 60.


4	Carries an interest rate equal to the three-month Bankers' Acceptance Rate plus 59 basis points.


5	Carries an interest rate equal to the three-month LIBOR plus 70 basis points.


6	Matures in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 5.5%. Subsequently, the interest rate will be set to equal the three-month LIBOR plus a margin of 342 basis points from year 10 to 30, and a margin of 417 basis points from year 30 to 60.


7	Matures in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 5.4%. Subsequently, the interest rate will be set to equal the three-month Bankers' Acceptance Rate plus a margin of 325 basis points from year 10 to 30, and a margin of 400 basis points from year 30 to 60.


8	Carries an interest rate equal to the three-month LIBOR plus 40 basis points.


9	Issued through Texas Eastern Transmission, L.P. (Texas Eastern), a wholly-owned operating subsidiary of SEP.


10	Carries an interest rate equal to the three-month LIBOR plus 70 basis points.

Schedule of Long-Term Debt Repayments

The following are long-term debt repayments during 2018 and 2017, excluding the debt exchange discussed below:



Company	Retirement/Repayment Date		Principal Amount		Cash Consideration¹
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
	March 2017	Floating rate notes		$500



	April 2017	5.60% medium-term notes	US$400
	June 2017	Floating rate notes	US$500
Enbridge Energy Partners, L.P.
	April 2018	6.50% senior notes	US$400
	October 2018	7.00% senior notes	US$100
Enbridge Gas Distribution Inc.
	April 2017	1.85% medium-term notes		$300
	December 2017	5.16% medium-term notes		$200
Enbridge Income Fund
	December 2018	4.00% medium-term notes		$125
	June 2017	5.00% medium-term notes		$100
	December 2017	2.92% medium-term notes		$225
Enbridge Pipelines (Southern Lights) L.L.C.
	June and December 2018	3.98% medium-term notes due June 2040	US$43
	June and December 2017	3.98% medium-term note due June 2040	US$37
Enbridge Pipelines Inc.
	November 2018	6.62% medium-term notes		$170
	November 2018	6.62% medium-term notes		$130
Enbridge Southern Lights LP
	January, July and December 2018	4.01% medium-term notes due June 2040		$27
	June 2017	4.01% medium-term notes due June 2040		$7
Midcoast Energy Partners, L.P.
Redemption
	July 2018²	3.56% senior notes due September 2019	US$75		US$76
	July 2018²	4.04% senior notes due September 2021	US$175		US$182
	July 2018²	4.42% senior notes due September 2024	US$150		US$161
Spectra Energy Capital, LLC
Repurchase via Tender Offer
	March 2018²	6.75% senior unsecured notes due 2032	US$64		US$80
	March 2018²	7.50% senior unsecured notes due 2038	US$43		US$59
	July 2017³	Senior notes carrying interest ranging from 3.3% to 7.5% due 2018 to 2038	US$761		US$857
Redemption
	March 2018²	5.65% senior unsecured notes due 2020	US$163		US$172
	March 2018²	3.30% senior unsecured notes due 2023	US$498		US$508
	July and September 2017³	8.00% senior notes due 2019	US$500		US$581
Repayment
	April 2018	6.20% senior notes	US$272
	July 2018	6.75% senior notes	US$118
Spectra Energy Partners, LP
	September 2018	2.95% senior notes	US$500
	September 2017	6.00% senior notes	US$400
	June and December 2017	7.39% subordinated secured notes	US$12
Union Gas Limited
	April 2018	5.35% medium-term notes		$200
	August 2018	8.75% debentures		$125
	October 2018	8.65% senior debentures		$75
	November 2017	9.70% debentures		$125
Westcoast Energy Inc.
	May and November 2018	6.90% senior secured notes due 2019		$26
	May and November 2018	4.34% senior secured notes due 2019		$9
	September 2018	8.50% debenture		$150
	May and November 2017	6.90% senior secured notes due 2019		$26
	May and November 2017	4.34% senior secured notes due 2019		$24


1	Cash consideration disclosed for repayments where the cash paid differs from the principal amount.


2	The loss on debt extinguishment of $64 million (US$50 million), net of the fair value adjustment recorded upon completion of the Merger Transaction, was reported within Interest expense in the Consolidated Statements of Earnings.


3	The loss on debt extinguishment of $50 million (US$38 million), net of the fair value adjustment recorded upon completion of the Merger Transaction, was reported within Interest expense in the Consolidated Statements of Earnings.

Schedule of Interest Expense

INTEREST EXPENSE



Year ended December 31,	2018		2017		2016
(millions of Canadian dollars)
Debentures and term notes	3,011		3,011		1,714
Commercial paper and credit facility draws	171		206		197
Amortization of fair value adjustment - Spectra Energy acquisition	(131	)	(270	)	—
Capitalized	(348	)	(391	)	(321	)
	2,703		2,556		1,590

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details