DEBT

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

DEBT

DEBT

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at September 30, 2020:

	Maturity	Total Facilities	Draws1	Available
(millions of Canadian dollars)
Enbridge Inc.	2021-2024	11,980	6,420	5,560
Enbridge (U.S.) Inc.	2022-2024	7,347	995	6,352
Enbridge Pipelines Inc.	20222	3,000	1,938	1,062
Enbridge Gas Inc.	20222	2,000	969	1,031
Total committed credit facilities		24,327	10,322	14,005

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

2Maturity 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$1.0 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.

On July 23 and 24, 2020, we extended approximately $10.0 billion of our 364 day extendible credit facilities to July 2022, inclusive of a one-year term out provision.

In addition to the committed credit facilities noted above, we maintain $861 million of uncommitted demand credit facilities, of which $524 million were unutilized as at September 30, 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 0.3% 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 September 30, 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 $8.7 billion and $9.0 billion, 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 nine months ended September 30, 2020, we completed the following long-term debt issuances totaling $2.5 billion and US$1.8 billion:

Company	Issue Date		Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
	February 2020	Floating rate notes	US$750
	May 2020	3.20% medium-term notes	$750
	May 2020	2.44% medium-term notes	$550
	July 2020	Fixed-to-fixed subordinated term notes	US$1,000
Enbridge Gas Inc.
	April 2020	2.90% medium-term notes	$600
	April 2020	3.65% medium-term notes	$600

On October 1, 2020, Texas Eastern Transmission, LP (Texas Eastern), a wholly-owned operating subsidiary of Spectra Energy Partners, LP (SEP) issued US$300 million of 3.10% 20-year senior notes payable semi-annually in arrears and redeemed US$300 million of 4.13% senior notes due December 1, 2020. The newly issued notes mature on October 1, 2040.

LONG-TERM DEBT REPAYMENTS

During the nine months ended September 30, 2020, we completed the following long-term debt repayments totaling $1.2 billion and US$1.7 billion:

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
	June 2020	Floating rate notes	US$500
Enbridge Pipelines (Southern Lights) L.L.C.
	June 2020	3.98% senior notes	US$26
Enbridge Pipelines Inc.
	April 2020	4.45% medium-term notes	$350
Enbridge Southern Lights LP
	June 2020	4.01% senior notes	$7
Spectra Energy Partners, LP
	January 2020	6.09% senior secured notes	US$111
	June 2020	Floating rate notes	US$400
Westcoast Energy Inc.
	January 2020	9.90% debentures	$100
	July 2020	4.57% medium-term notes	$250

SUBORDINATED TERM NOTES

As at September 30, 2020 and December 31, 2019, our fixed-to-floating and fixed-to-fixed subordinated term notes had a principal value of $8.0 billion and $6.6 billion, respectively.

FAIR VALUE ADJUSTMENT

As at September 30, 2020, the net fair value adjustment for total debt assumed in the acquisition of Spectra Energy was $783 million. During the three and nine months ended September 30, 2020, the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $13 million and $42 million, respectively.

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 September 30, 2020, we were in compliance with all debt covenants.