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DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
CREDIT FACILITIES
The following table provides details of our committed credit facilities as at September 30, 2022:
 
 
Maturity1
Total
Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc. 2023-2027 10,949 9,451 1,498 
Enbridge (U.S.) Inc. 2024-2027 8,245 3,909 4,336 
Enbridge Pipelines Inc.20242,000 858 1,142 
Enbridge Gas Inc.20242,000 1,885 115 
Total committed credit facilities 23,194 16,103 7,091 
 
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, 2022, we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025.

On May 17, 2022, we entered into a three year term loan with a syndicate of Japanese banks for approximately $806 million (¥84.8 billion), which will mature in May 2025 and replaces the approximately $499 million (¥52.5 billion) term loan that matured in May 2022. Additionally, on May 24, 2022, we entered into a 364-day term loan for approximately $1.9 billion, which will mature in May 2023.

On June 23, 2022, we renewed approximately $5.5 billion of our 364-day extendible credit facilities to July 2024, which includes a one-year term out provision from July 2023.

In July and August 2022, we renewed $12.7 billion of our credit facilities, extending the maturity dates of our 364-day credit facilities to July 2024, inclusive of a one-year term out provision from July 2023, and our five year facilities out to July 2027. As a part of the renewals, we increased our credit facilities by approximately $641 million.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $780 million was unutilized as at September 30, 2022. As at December 31, 2021, we had $1.3 billion of uncommitted demand letter of credit facilities, of which $854 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 2024 to 2027.
As at September 30, 2022 and December 31, 2021, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $11.9 billion and $11.3 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, 2022, we completed the following long-term debt issuances totaling $1.4 billion and US$2.6 billion:
CompanyIssue DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
January 20225.00%
fixed-to-fixed subordinated notes due January 20821
$750
February 2022
Floating rate senior notes due February 20242
US$600
February 20222.15%senior notes due February 2024US$400
February 20222.50%senior notes due February 2025US$500
September 20227.38%
fixed-to-fixed subordinated notes due January 20833
US$500
September 20227.63%
fixed-to-fixed subordinated notes due January 20834
US$600
Enbridge Gas Inc.
August 20224.15 %medium-term notes due August 2032$325
August 20224.55 %medium-term notes due August 2052$325
1For the initial 10 years, the notes carry a fixed interest rate. At year 10, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 3.54%. Subsequent to year 10, every five years, the Five Year Government of Canada bond yield is reset. At year 30, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 4.29%.
2Notes carry an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 63 basis points.
3For the initial five years, the notes carry a fixed interest rate. At year five, the interest rate will be set to equal to the Five-Year US Treasury rate plus a margin of 3.71%. At year 10, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 3.96%. Subsequent to year 10, every five years, the Five Year US Treasury rate is reset. At year 25, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 4.71%.
4For the initial 10 years, the notes carry a fixed interest rate. At year 10, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 4.42%. Subsequent to year 10, every five years, the Five-Year US Treasury rate will be reset. At year 30, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 5.17%.

LONG-TERM DEBT REPAYMENTS
During the nine months ended September 30, 2022, we completed the following long-term debt repayments totaling US$1.5 billion and $0.3 billion:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
February 2022
Floating rate notes1
US$750
February 20224.85%medium-term notes$200
July 20222.90%senior notes due July 2022US$700
Enbridge Gas Inc.
April 20224.85%medium-term notes$125
Enbridge Pipelines (Southern Lights) L.L.C.
June 20223.98%senior notesUS$34
Enbridge Southern Lights LP
June 20224.01%senior notes$9
1Notes carried an interest rate set to equal the three-month London Interbank Offered Rate plus a margin of 50 basis points.

SUBORDINATED TERM NOTES
As at September 30, 2022 and December 31, 2021, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $10.4 billion and $7.7 billion, respectively.
FAIR VALUE ADJUSTMENT
As at September 30, 2022 and December 31, 2021, the net fair value adjustments to total debt assumed in a historical acquisition were $630 million and $667 million, respectively.

During the three and nine months ended September 30, 2022, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 million (September 30, 2021 - $11 million) and $33 million (September 30, 2021 - $36 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 are to default on payment or violate certain covenants. As at September 30, 2022, we are in compliance with all covenant provisions.