DEBT

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

CREDIT FACILITIES

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

	Maturity1	Total Facilities	Draws2	Available
(millions of Canadian dollars)
Enbridge Inc.	2022-2026	9,169	7,378	1,791
Enbridge (U.S.) Inc.	2023-2026	6,968	2,515	4,453
Enbridge Pipelines Inc.	2023	3,000	469	2,531
Enbridge Gas Inc.	2023	2,000	1,205	795
Total committed credit facilities		21,137	11,567	9,570

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 $1.3 billion of uncommitted demand letter of credit facilities, of which $868 million was unutilized as at September 30, 2021. As at December 31, 2020, we had $849 million of uncommitted demand letter of credit facilities, of which $533 million was 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 2022 to 2026.

As at September 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 $8.3 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 nine months ended September 30, 2021, we completed the following long-term debt issuances totaling US$2.4 billion and $3.2 billion:

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
	September 2021	3.10% Sustainability-Linked medium-term notes due September 2033	$1,100
	September 2021	4.10% medium-term notes due September 2051	$400
Enbridge Gas Inc.
	September 2021	2.35% medium-term notes due September 2031	$475
	September 2021	3.20% medium-term notes due September 2051	$425
Enbridge Pipelines Inc.
	May 2021	2.82% medium-term notes due May 2031	$400
	May 2021	4.20% medium-term notes due May 2051	$400
Spectra Energy Partners, LP
	September 2021	2.50% senior notes due September 20312	US$400

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

2Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of Spectra Energy Partners, LP.

On October 4, 2021, we closed a three tranche offering of aggregate US$1.5 billion senior notes consisting of US$500 million 0.55% 2-year notes, US$500 million 1.60% 5-year notes, and a US$500 million re-opening of the 3.40% 2051 notes issued in June 2021. Each tranche is payable semi-annually in arrears and matures on October 4, 2023, October 4, 2026, and August 1, 2051, respectively.

LONG-TERM DEBT REPAYMENTS

During the nine months ended September 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 September 30, 2021 and December 31, 2020, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $7.7 billion and $7.8 billion, respectively.

FAIR VALUE ADJUSTMENT

As at September 30, 2021 and December 31, 2020, the net fair value adjustments to total debt assumed in a historical acquisition were $687 million and $750 million, respectively. During the three months ended September 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 million and $13 million, respectively. During the nine months ended September 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $36 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, 2021, we were in compliance with all covenant provisions.