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DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
December 31,
Weighted Average Interest Rate9
Maturity20222021
(millions of Canadian dollars)    
Enbridge Inc.    
US dollar senior notes3.5 %2023 - 205112,060 10,992 
Medium-term notes3.8 %2023 - 20648,223 8,123 
Sustainability-linked bonds2.0 %2032 - 20333,355 2,363 
Fixed-to-fixed subordinated term notes1
4.1 %2080 - 20833,596 1,263 
Fixed-to-floating rate subordinated term notes2
5.9 %2077 - 20786,736 6,442 
Floating rate notes3
2023 - 20241,491 1,579 
Commercial paper and credit facility draws4.8 %2023 - 20277,984 7,837 
Other4
15 5 
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws4.5 %2024 - 20274,199 4,845 
Other4
7 7 
Enbridge Energy Partners, L.P.
Senior notes6.5 %2025 - 20453,320 3,095 
Enbridge Gas Inc.
Medium-term notes4.1 %2023 - 20529,535 9,010 
Debentures9.1 %2024 - 2025210 210 
Commercial paper and credit facility draws4.5 %20242,000 1,515 
Other4
1 — 
Enbridge Pipelines (Southern Lights) L.L.C.
Senior notes4.0 %2040921 949 
Enbridge Pipelines Inc.
Medium-term notes5
4.2 %2023 - 20515,425 5,575 
Debentures8.2 %2024200 200 
Commercial paper and credit facility draws4.6 %2024312 667 
Enbridge Southern Lights LP
Senior notes4.0 %2040222 240 
Spectra Energy Capital, LLC
Senior notes
7.0 %2032 - 2038234 218 
Algonquin Gas Transmission, LLC
Senior notes3.3 %2024 - 20291,152 1,074 
East Tennessee Natural Gas, LLC
Senior notes3.1 %2024258 240 
Texas Eastern Transmission, LP
Senior notes3.3 %2028 - 20483,455 3,095 
Spectra Energy Partners, LP
Senior notes4.3 %2024 - 20454,336 4,042 
Tri Global Energy, LLC
Senior notes12.7 %202418 — 
Westcoast Energy Inc.
Medium-term notes4.9 %2024 - 20411,225 1,475 
Debentures 8.1 %2025 - 2026275 275 
Fair value adjustment608 667 
Other6
(393)(363)
Total debt7
  80,980 75,640 
Current maturities  (6,045)(6,164)
Short-term borrowings8
  (1,996)(1,515)
Long-term debt  72,939 67,961 
1For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, during each reset period the interest rate will be reset to equal to the Five-Year US Treasury rate or Five-Year Government of Canada bond yield plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
2For an initial five or 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 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 Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points and SOFR plus a margin of 63 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.
72022 - $38 billion and US$31 billion; 2021 - $36 billion and US$31 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 4.5% as at December 31, 2022 (2021 - 0.5%).
9Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2022.
As at December 31, 2022, all outstanding debt was unsecured.

CREDIT FACILITIES
The following table provides details of our committed credit facilities as at December 31, 2022:
Maturity1
Total Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc.2023-202710,987 7,984 3,003 
Enbridge (U.S.) Inc.2024-20278,604 4,199 4,405 
Enbridge Pipelines Inc.20242,000 312 1,688 
Enbridge Gas Inc.20242,000 2,000 — 
Total committed credit facilities 23,591 14,495 9,096 
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 $640 million.

On December 16, 2022, Enbridge (U.S.) Inc. entered into a five year delay draw term loan in support of solar self-power projects for approximately $479 million, which will mature in December 2027.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $689 million was unutilized as at December 31, 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 2023 to 2027.

As at December 31, 2022 and 2021, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.5 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 year ended December 31, 2022, we completed the following long-term debt issuances totaling US$3.2 billion and $3.4 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
November 20225.70%medium-term notes due November 2027$600
November 20226.10%
sustainability-linked medium-term notes due November 20325
$900
November 20226.51%medium-term notes due November 2052$500
Enbridge Gas Inc.
August 20224.15%medium-term notes due August 2032$325
August 20224.55%medium-term notes due August 2052$325
Texas Eastern Transmission LP
December 20226.20%senior notes due December 2032US$600
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 SOFR 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%.
5The sustainability-linked medium-term notes are subject to a sustainability performance target of 35% reduction in emissions intensity at an observation date of December 31, 2030. If the target is not met, on November 9, 2031, the interest rate will be set to equal 6.10% plus a margin of 70 basis points.
LONG-TERM DEBT REPAYMENTS
During the year ended December 31, 2022, we completed the following long-term debt repayments totaling $1.5 billion and US$2.0 billion, respectively:
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 notesUS$700
December 20223.19%medium-term notes$350
December 20223.19%medium-term notes$450
Enbridge Gas Inc.
April 20224.85%medium-term notes$125
Enbridge Pipelines (Southern Lights) L.L.C.
June and December 20223.98%senior notesUS$72
Enbridge Pipelines Inc.
November 20222.93%medium-term notes$150
Enbridge Southern Lights LP
June and December 20224.01%senior notes$18
Texas Eastern Transmission, LP
October 20222.80%senior notesUS$500
Westcoast Energy Inc.
December 20223.12%medium-term notes$250
1Notes carried an interest rate set to equal the Three-Month LIBOR plus a margin of 50 basis points.

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, 2022, we were in compliance with all debt covenants.

INTEREST EXPENSE
Year ended December 31,202220212020
(millions of Canadian dollars)   
Debentures and term notes2,910 2,806 2,873 
Commercial paper and credit facility draws388 114 163 
Amortization of fair value adjustment(45)(50)(54)
Capitalized interest(74)(215)(192)
 3,179 2,655 2,790