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DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
CREDIT FACILITIES
The following table provides details of our committed credit facilities as at March 31, 2025:

Maturity1
Total
Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc.2025-20498,874 6,379 2,495 
Enbridge (U.S.) Inc.2026-202910,822 5,144 5,678 
Enbridge Pipelines Inc.20262,000 540 1,460 
Enbridge Gas Inc.20262,500 860 1,640 
Total committed credit facilities 24,196 12,923 11,273 
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 addition to the committed credit facilities noted above, we maintain $1.5 billion of uncommitted demand letter of credit facilities, of which $882 million was unutilized as at March 31, 2025. As at December 31, 2024, we had $1.4 billion of uncommitted demand letter of credit facilities, of which $931 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 our commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2025 to 2049.

As at March 31, 2025 and December 31, 2024, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $11.2 billion and $10.3 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 three months ended March 31, 2025, we completed the following long-term debt issuances totaling $2.8 billion:
CompanyIssue DatePrincipal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
February 2025
Floating rate medium-term notes due February 20281
$400
February 20253.55%medium-term notes due February 2028$300
February 20253.90%medium-term notes due February 2030$800
February 20254.56%medium-term notes due February 2035$700
February 20255.32%medium-term notes due August 2054$600
1Notes carry an interest rate set to equal the Canadian Overnight Repo Rate Average plus a margin of 85 basis points.
LONG-TERM DEBT REPAYMENTS
During the three months ended March 31, 2025, we completed the following long-term debt repayments totaling US$1.9 billion, and $0.1 billion:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
January 20252.50%senior notesUS$500
February 20252.50%senior notesUS$500
Enbridge Pipelines Inc.
February 20254.10%
medium-term notes1
$100
Spectra Energy Partners, LP
March 20253.50%senior notesUS$500
Enbridge Holdings (Tomorrow RNG), LLC
January 20254.97%senior notesUS$309
January 20254.97%senior notesUS$85
January 20254.97%senior notesUS$19
1The notes carried an original maturity date in July 2112.

SUBORDINATED TERM NOTES
As at March 31, 2025 and December 31, 2024, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $15.5 billion.

FAIR VALUE ADJUSTMENT
As at March 31, 2025 and December 31, 2024, the fair value adjustments to decrease total debt assumed in a historical acquisition were $465 million and $468 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 were to default on payment or violate certain covenants. As at March 31, 2025, we were in compliance with all such debt covenant provisions.