DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at March 31, 2023:

	Maturity1	Total Facilities	Draws2	Available
(millions of Canadian dollars)
Enbridge Inc.	2023-2027	9,623	7,053	2,570
Enbridge (U.S.) Inc.	2024-2027	8,594	1,702	6,892
Enbridge Pipelines Inc.	2024	2,000	876	1,124
Enbridge Gas Inc.	2024	2,500	1,440	1,060
Total committed credit facilities		22,717	11,071	11,646

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.

In March 2023, Enbridge Gas Inc. (Enbridge Gas) increased its 364-day extendible credit facility from $2.0 billion to $2.5 billion.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $720 million was unutilized as at March 31, 2023. As at December 31, 2022, we had $1.3 billion of uncommitted demand letter of credit facilities, of which $689 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 March 31, 2023 and December 31, 2022, 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 $10.5 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 three months ended March 31, 2023, we completed the following long-term debt issuances totaling US$3.0 billion:

Company	Issue Date			Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
	March 2023	5.70%	sustainability-linked senior notes due March 20331	US$2,300
	March 2023	5.97%	senior notes due March 20262	US$700

1The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on September 8, 2031, the interest rate will be set to equal 5.70% plus a margin of 50 basis points.

2We have the option to call the notes at par after one year from issuance. Refer to Note 7 - Risk Management and Financial Instruments.

LONG-TERM DEBT REPAYMENTS

During the three months ended March 31, 2023, we completed the following long-term debt repayments totaling US$513 million and $275 million:

Company	Repayment Date				Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
	January 2023	3.94%		medium-term notes	$275
	February 2023	Floating rate notes1			US$500
Tri Global Energy, LLC
	January 2023	10.00	%	senior notes	US$4
	January 2023	14.00	%	senior notes	US$9

1The notes carried an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 40 basis points.

On April 15, 2023 call date, we redeemed at par all of the outstanding US$600 million five-year callable, 6.38% fixed-to-floating rate subordinated notes that carried an original maturity date of April 2078.

SUBORDINATED TERM NOTES

As at March 31, 2023 and December 31, 2022, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $10.3 billion.

FAIR VALUE ADJUSTMENT

As at March 31, 2023 and December 31, 2022, the net fair value adjustments to total debt assumed in a historical acquisition were $588 million and $608 million, respectively.

During the three months ended March 31, 2023 and 2022, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 million.

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 March 31, 2023, we were in compliance with all covenant provisions.