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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
CREDIT FACILITIES
The following table provides details of our committed credit facilities as at March 31, 2024:

Maturity1
Total
Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc. 2024-20499,036 5,690 3,346 
Enbridge (U.S.) Inc. 2025-20288,594 3,681 4,913 
Enbridge Pipelines Inc.20252,000 728 1,272 
Enbridge Gas Inc.20252,500 335 2,165 
Total committed credit facilities 22,130 10,434 11,696 
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 2024, we entered into a delayed-draw term loan facility of $200 million which matures in March 2049.

In addition to the committed credit facilities noted above, we maintain $1.2 billion of uncommitted demand letter of credit facilities, of which $766 million was unutilized as at March 31, 2024. As at December 31, 2023, we had $1.1 billion of uncommitted demand letter of credit facilities, of which $572 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 2049.

As at March 31, 2024 and December 31, 2023, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $9.6 billion and $3.8 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt.

As a result of the EOG Acquisition and RNG Facilities Acquisition, our debt increased by US$1.9 billion and US$568 million, respectively, on each acquisition date. Accordingly, annual debt maturities have also increased. Long-term debt maturing during the year ending December 31, 2025, has increased by US$500 million and US$606 million, from the EOG Acquisition and RNG Facilities Acquisition, respectively. From the EOG Acquisition, the remaining US$1.8 billion debt is due after December 31, 2029. Refer to Note 6 - Acquisitions for further details.

LONG-TERM DEBT ISSUANCE
In April 2024, we closed a four-tranche offering consisting of three-year senior notes, five-year senior notes, 10-year senior notes, and 30-year senior notes for an aggregate principal amount of US$3.5 billion, which mature in April 2027, April 2029, April 2034 and April 2054, respectively.
LONG-TERM DEBT REPAYMENTS
During the three months ended March 31, 2024, we completed the following long-term debt repayments totaling US$2.7 billion and $0.2 billion:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
February 2024
Floating rate notes1
US$600
February 20242.15%senior notesUS$400
March 20245.97%
senior notes2
US$700
Enbridge Pipelines Inc.
February 20248.20%debentures$200
Enbridge Southern Lights LP
January 20244.01%senior notes$10
Spectra Energy Partners, LP
March 20244.75%senior notesUS$1,000
1The notes carried an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 63 basis points.
2The notes carried an original maturity date in March 2026, and were callable one year after their issuance, in March 2024.

SUBORDINATED TERM NOTES
As at March 31, 2024 and December 31, 2023, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $13.2 billion and $13.0 billion, respectively.

FAIR VALUE ADJUSTMENT
As at March 31, 2024 and December 31, 2023, the net fair value adjustments to total debt assumed in a historical acquisition were $501 million and $514 million, respectively. As a result of the EOG Acquisition, there were additional fair value adjustments of $478 million to decrease total debt as at March 31, 2024. Amortization of the fair value adjustment is recorded as an increase to Interest expense in the Consolidated Statements of Earnings:
Three months ended March 31,
 20242023
(millions of Canadian dollars)  
Amortization of fair value adjustment12 11 

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 March 31, 2024, we were in compliance with all such debt covenant provisions.