DEBT

3 Months Ended

Mar. 31, 2019

On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, Spectra Energy Partners, LP (SEP) and EEP (together, the Partnerships), pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. See Note 16 - Condensed Consolidating Financial Information for further discussion.

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at March 31, 2019:



	Maturity	Total Facilities	Draws¹	Available
(millions of Canadian dollars)
Enbridge Inc.	2019-2024	6,137	4,319	1,818
Enbridge (U.S.) Inc.	2021-2024	7,348	5,252	2,096
Enbridge Pipelines Inc.	2020	3,000	1,513	1,487
Enbridge Gas Inc.	2019-2021	2,017	879	1,138
Total committed credit facilities		18,502	11,963	6,539

1 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.

On February 7, 2019 and February 8, 2019, we terminated certain Canadian and United States dollar credit facilities, including facilities held by Enbridge, EGI, EEP and SEP. We also increased existing facilities or obtained new facilities to replace the terminated ones under Enbridge, Enbridge (U.S.) Inc. and EGI. As a result, our total credit facility availability increased by approximately $444 million.

In addition to the committed credit facilities noted above, we maintain $800 million of uncommitted demand credit facilities, of which $516 million were unutilized as at March 31, 2019. As at December 31, 2018, we had $807 million of uncommitted credit facilities, of which $548 million were unutilized.

Our credit facilities carry a weighted average standby fee of 0.1% 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 scheduled to mature from 2020 to 2024.

As at March 31, 2019 and December 31, 2018, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year of $10,689 million and $7,967 million, respectively, were 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 three months ended March 31, 2019, we completed the following long-term debt issuances:



Company	Issue Date		Principal Amount
(millions of Canadian dollars)
Enbridge Pipelines Inc.
	February 2019	3.52% medium-term notes due February 2029	$600
	February 2019	4.33% medium-term notes due February 2049	$600

LONG-TERM DEBT REPAYMENTS

During the three months ended March 31, 2019, we completed the following long-term debt repayments:



Company	Retirement/ Repayment Date		Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
Repayment
	February 2019	4.10% medium-term notes	$300
Enbridge Energy Partners, L.P.
Redemption
	February 2019	8.05% fixed/floating rate junior subordinated notes due 2067	US$400
Repayment
	March 2019	9.88% senior notes	US$500
Westcoast Energy Inc.
Repayment
	January 2019	5.60% medium-term notes	$250
	January 2019	5.60% medium-term notes	$50

SUBORDINATED TERM NOTES

As at March 31, 2019 and December 31, 2018, our fixed-to-floating subordinated term notes had a principal value of $6,675 million and $7,317 million, respectively.

FAIR VALUE ADJUSTMENT

As at March 31, 2019, the net fair value adjustment for total debt assumed in the Spectra Energy merger transaction was $930 million. During the three months ended March 31, 2019, the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $17 million.

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, 2019, we were in compliance with all debt covenants.