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DEBT
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
DEBT
DEBT
 
CREDIT FACILITIES
The following table provides details of our committed credit facilities as at March 31, 2020:
 
 
 
Maturity
Total
Facilities

Draws1

Available

(millions of Canadian dollars)
 
 
 
 
Enbridge Inc.
2021-2024
10,959

6,250

4,709

Enbridge (U.S.) Inc.
2021-2024
7,829

2,162

5,667

Enbridge Pipelines Inc.
20212
3,000

2,155

845

Enbridge Gas Inc.
20212
2,000

835

1,165

Total committed credit facilities
 
23,788

11,402

12,386

 
1
Includes facility draws and commercial paper issuances that are back-stopped by credit facility.
2
Maturity date is inclusive of the one year term out option.

On February 24, 2020, Enbridge Inc. entered into a two year, non-revolving credit facility for
US$1 billion with a syndicate of lenders.

On February 25, 2020, Enbridge Inc. entered into two, one year, non-revolving, bilateral credit facilities for a total of US$500 million.

On March 31, 2020, Enbridge Inc. entered into a one year, revolving, syndicated credit facility for $1.7 billion. On April 9, 2020, Enbridge Inc. exercised an accordion provision and increased the facility to $3.0 billion.

In addition to the committed credit facilities noted above, we maintain $806 million of uncommitted demand credit facilities, of which $523 million were unutilized as at March 31, 2020. As at December 31, 2019, we had $916 million of uncommitted credit facilities, of which $476 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 2021 to 2024.

As at March 31, 2020 and December 31, 2019, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $9,855 million and $8,974 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, 2020, we completed the following long-term debt issuances:
Company
Issue Date
 
 
Principal Amount
(millions of Canadian dollars, unless otherwise stated)
 
 
Enbridge Inc.
 
 
 
February 2020
Floating rate notes
 
US$750


On April 1, 2020, Enbridge Gas Inc. (Enbridge Gas) issued $600 million of 2.90% 10-year medium-term notes and $600 million of 3.65% 30-year medium term notes payable semi-annually in arrears. The notes mature on April 1, 2030 and April 1, 2050, respectively.

LONG-TERM DEBT REPAYMENTS
During the three months ended March 31, 2020, we completed the following long-term debt repayments:
Company
Repayment Date
 
 
Principal Amount
(millions of Canadian dollars, unless otherwise stated)
 
 
Enbridge Inc.
 
 
 
January 2020
Floating rate notes
US$700
 
March 2020
4.53% medium-term notes
$500
Spectra Energy Partners, LP
 
 
 
January 2020
6.09% senior secured notes
 
US$111
Westcoast Energy Inc.
 
 
 

January 2020
9.90% debentures
 
$100


SUBORDINATED TERM NOTES
As at March 31, 2020 and December 31, 2019, our fixed-to-floating subordinated term notes had a principal value of $6,955 million and $6,550 million, respectively.

FAIR VALUE ADJUSTMENT
As at March 31, 2020, the net fair value adjustment for total debt assumed in the acquisition of Spectra Energy was $847 million. During the three months ended March 31, 2020, the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $15 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, 2020, we were in compliance with all debt covenants.