DEBT

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at June 30, 2021:

	Maturity1	Total Facilities	Draws2	Available
(millions of Canadian dollars)
Enbridge Inc.	2022-2024	9,125	7,446	1,679
Enbridge (U.S.) Inc.	2022-2024	6,811	3,076	3,735
Enbridge Pipelines Inc.	2022	3,000	494	2,506
Enbridge Gas Inc.	2022	2,000	1,410	590
Total committed credit facilities		20,936	12,426	8,510

1Maturity date is inclusive of the one-year term out option for certain credit facilities.

2Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.

On February 10, 2021, Enbridge Inc. entered into a three year, revolving, extendible, sustainability-linked credit facility for $1.0 billion with a syndicate of lenders and concurrently terminated our one year, revolving, syndicated credit facility for $3.0 billion.

On February 25, 2021, two term loans with an aggregate total of US$500 million were repaid with proceeds from a floating rate notes issuance.

On July 22 and 23, 2021, we renewed approximately $8.0 billion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 billion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023.

In addition to the committed credit facilities noted above, we maintain $1.4 billion of uncommitted demand credit facilities, of which $978 million was unutilized as at June 30, 2021. As at December 31, 2020, we had $849 million of uncommitted demand credit facilities, of which $533 million was 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.

As at June 30, 2021 and December 31, 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $9.0 billion and $9.9 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 six months ended June 30, 2021, we completed the following long-term debt issuances totaling US$2.0 billion and $800 million:

Company	Issue Date		Principal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
	February 2021	Floating rate notes due February 20231	US$500
	June 2021	2.50% Sustainability-Linked senior notes due August 2033	US$1,000
	June 2021	3.40% senior notes due August 2051	US$500
Enbridge Pipelines Inc.
	May 2021	4.20% medium-term notes due May 2051	$400
	May 2021	2.82% medium-term notes due May 2031	$400

1Notes mature in two years and carry an interest rate set to equal Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points.

LONG-TERM DEBT REPAYMENTS

During the six months ended June 30, 2021, we completed the following long-term debt repayments totaling $808 million and US$880 million:

Company	Repayment Date		Principal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
	February 2021	4.26% medium-term notes	$200
	March 2021	3.16% medium-term notes	$400
Enbridge Energy Partners, L.P.
	June 2021	4.20% senior notes	US$600
Enbridge Gas Inc.
	May 2021	2.76% medium-term notes	$200
Enbridge Pipelines (Southern Lights) L.L.C.
	June 2021	3.98% senior notes	US$30
Enbridge Southern Lights LP
	June 2021	4.01% senior notes	$8
Spectra Energy Partners, LP
	March 2021	4.60% senior notes	US$250

SUBORDINATED TERM NOTES

As at June 30, 2021 and December 31, 2020, our fixed-to-floating rate and fixed-to-fixed subordinated term notes had a principal value of $7.6 billion and $7.8 billion, respectively.

FAIR VALUE ADJUSTMENT

As at June 30, 2021 and December 31, 2020, the net fair value adjustments to total debt assumed in a historical acquisition were $703 million and $750 million, respectively. During the three months ended June 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $13 million and $14 million, respectively. During the six months ended June 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $25 million and $29 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 June 30, 2021, we were in compliance with all debt covenants.