DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at June 30, 2023:

	Maturity1	Total Facilities	Draws2	Available
(millions of Canadian dollars)
Enbridge Inc.	2024-2027	8,860	4,341	4,519
Enbridge (U.S.) Inc.	2024-2027	8,403	4,260	4,143
Enbridge Pipelines Inc.	2024	2,000	930	1,070
Enbridge Gas Inc.	2024	2,500	850	1,650
Total committed credit facilities		21,763	10,381	11,382

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 and in July 2023, the facility's maturity date was extended to July 2025, which includes a one-year term out provision from July 2024.

In July 2023, Enbridge Pipelines Inc. extended the maturity date of its 364-day extendible credit facility to July 2025, which includes a one-year term out provision from July 2024.

In July 2023, we renewed approximately $6.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2025, which includes a one-year term out provision from July 2024. We also renewed approximately $7.6 billion of our five-year credit facilities, extending the maturity dates to July 2028. Further, we extended our three-year credit facilities, extending the maturity dates to July 2026.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $723 million was unutilized as at June 30, 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 2024 to 2027.

As at June 30, 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 $9.5 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 six months ended June 30, 2023, we completed the following long-term debt issuances totaling US$3.0 billion and $1.5 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
	May 2023	4.90%	medium-term notes due May 2028	$600
	May 2023	5.36%	sustainability-linked medium-term notes due May 20333	$400
	May 2023	5.76%	medium-term notes due May 2053	$500

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 8 - Risk Management and Financial Instruments.

3The 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 November 26, 2031, the interest rate will be set to equal 5.36% plus a margin of 50 basis points.

LONG-TERM DEBT REPAYMENTS

During the six months ended June 30, 2023, we completed the following long-term debt repayments totaling US$1.2 billion and $0.7 billion:

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
	April 2023	6.38	%	fixed-to-floating rate subordinated notes2	US$600
	June 2023	3.94	%	medium-term notes	$450
Enbridge Pipelines (Southern Lights) L.L.C.
	June 2023	3.98	%	senior notes	US$38
Enbridge Southern Lights LP
	June 2023	4.01	%	senior notes	$9
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.

2The five-year callable notes, with an original maturity date of April 2078, were all redeemed at par.

SUBORDINATED TERM NOTES

As at June 30, 2023 and December 31, 2022, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $9.4 billion and $10.3 billion, respectively.

FAIR VALUE ADJUSTMENT

As at June 30, 2023 and December 31, 2022, the net fair value adjustments to total debt assumed in a historical acquisition were $565 million and $608 million, respectively. Amortization of the fair value adjustment is recorded as a reduction to Interest expense in the Consolidated Statements of Earnings:

	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
(millions of Canadian dollars)
Amortization of fair value adjustment	11	11	22	22

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 June 30, 2023, we were in compliance with all covenant provisions.