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DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
December 31,
Weighted Average Interest Rate9
Maturity20212020
(millions of Canadian dollars)    
Enbridge Inc.    
US dollar senior notes3.2 %2022 - 205110,992 8,536 
Medium-term notes
3.9 %2022 - 20648,123 8,323 
Sustainability-linked bonds1.1 %20332,363 — 
Fixed-to-fixed subordinated term notes1
5.8 %20801,263 1,274 
Fixed-to-floating rate subordinated term notes2
5.8 %2023 - 20286,442 6,477 
Floating rate notes3
2022 - 20231,579 956 
Commercial paper and credit facility draws1.0 %2022 - 20267,837 8,719 
Other4
5 5 
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws0.4 %2023 - 20264,845 492 
Other4
7 7 
Enbridge Energy Partners, L.P.
Senior notes6.5 %2025 - 20453,095 3,886 
Enbridge Gas Inc.
Medium-term notes
3.8 %2022 - 20519,010 8,485 
Debentures
9.1 %2024 - 2025210 210 
Commercial paper and credit facility draws
0.5 %20231,515 1,121 
Enbridge Pipelines (Southern Lights) L.L.C.
Senior notes4.0 %2040949 1,038 
Enbridge Pipelines Inc.
Medium-term notes5
4.0 %2022 - 20515,575 4,775 
Debentures
8.2 %2024200 200 
Commercial paper and credit facility draws0.7 %2023667 1,278 
Enbridge Southern Lights LP
Senior notes
4.0 %2040240 257 
Spectra Energy Capital, LLC
Senior notes
7.0 %2032 - 2038218 220 
Spectra Energy Partners, LP
Senior notes3.9 %2022 - 20488,451 8,332 
Westcoast Energy Inc.
Medium-term notes
4.5 %2022 - 20411,475 1,625 
Debentures
8.1 %2025 - 2026275 275 
Fair value adjustment 667 750 
Other6
(363)(344)
Total debt7
  75,640 66,897 
Current maturities  (6,164)(2,957)
Short-term borrowings8
  (1,515)(1,121)
Long-term debt  67,961 62,819 
1For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be set to equal to the Five-Year US Treasury Rate plus a margin of 5.31% from years 10 to 30 and a margin of 6.06% from years 30 to 60.
2For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal to the Canadian Dollar Offered Rate (CDOR) or the London Interbank Offered Rate (LIBOR) plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
3The notes carry an interest rate equal to the three-month LIBOR plus a margin of 50 basis points and Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points.
4Primarily finance lease obligations.
5Included in medium-term notes is $100 million with a maturity date of 2112.
6Primarily unamortized discounts, premiums and debt issuance costs.
72021 - $36 billion and US$31 billion; 2020 - $35 billion and US$24 billion. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment.
8Weighted average interest rates on outstanding commercial paper were 0.5% as at December 31, 2021 (2020 - 0.3%).
9Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2021.

As at December 31, 2021, all outstanding debt was unsecured.
CREDIT FACILITIES
The following table provides details of our committed credit facilities as at December 31, 2021:
Maturity1
Total Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc.2022-20269,137 7,837 1,300 
Enbridge (U.S.) Inc.2023-20266,948 4,845 2,103 
Enbridge Pipelines Inc.20233,000 667 2,333 
Enbridge Gas Inc.20232,000 1,515 485 
Total committed credit facilities 21,085 14,864 6,221 
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.

On February 10, 2022 we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $854 million was unutilized as at December 31, 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 December 31, 2021 and 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $11.3 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 year ended December 31, 2021, we completed the following long-term debt issuances totaling US$3.9 billion and $3.2 billion:
CompanyIssue DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated) 
Enbridge Inc.
February 2021
Floating rate senior-notes due February 20231
US$500
June 20212.50% Sustainability-linked senior notes due August 2033US$1,000
June 20213.40% senior notes due August 2051US$500
September 2021
3.10% Sustainability-linked medium-term notes due September 2033
$1,100
September 20214.10% medium-term notes due September 2051$400
October 20210.55% senior notes due October 2023US$500
October 20211.60% senior notes due October 2026US$500
October 20213.40% senior notes due August 2051US$500
Enbridge Gas Inc.
September 20212.35% medium-term notes due September 2031$475
September 20213.20% medium-term notes due September 2051$425
Enbridge Pipelines Inc.
May 20212.82% medium-term notes due May 2031$400
May 20214.20% medium-term notes due May 2051$400
Spectra Energy Partners, LP
September 2021
2.50% senior notes due September 20312
US$400
1Notes carry an interest rate equal to the SOFR plus a margin of 40 basis points.
2Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of SEP. 

On January 19, 2022, we closed a $750 million private placement offering of non-call 10-year fixed-to-fixed subordinated notes which mature on January 19, 2082. The net proceeds from the offering will be used to redeem the Preference Shares, Series 17 at par on March 1, 2022.

LONG-TERM DEBT REPAYMENTS
During the year ended December 31, 2021, we completed the following long-term debt repayments totaling $1.1 billion and US$914 million, respectively:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
February 20214.26% medium-term notes$200
March 20213.16% medium-term notes$400
Enbridge Energy Partners, L.P.
June 20214.20% senior notesUS$600
Enbridge Gas Inc.
May 20212.76% medium-term notes$200
December 20214.77% medium-term notes$175
Enbridge Pipelines (Southern Lights) L.L.C.
June and December 20213.98% senior notesUS$64
Enbridge Southern Lights LP
June and December 20214.01% senior notes$16
Spectra Energy Partners, LP
March 20214.60% senior notesUS$250
Westcoast Energy Inc.
October 20213.88% medium-term notes$150
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 December 31, 2021, we were in compliance with all debt covenants.

INTEREST EXPENSE
Year ended December 31,202120202019
(millions of Canadian dollars)   
Debentures and term notes2,850 2,913 2,783 
Commercial paper and credit facility draws70 123 273 
Amortization of fair value adjustment(50)(54)(67)
Capitalized interest(215)(192)(326)
 2,655 2,790 2,663