DEBT

12 Months Ended

Dec. 31, 2012

DEBT

DEBT

16. DEBT

	Weighted Average
December 31,	Interest Rate	Maturity	2012		2011
(millions of Canadian dollars)
Liquids Pipelines
Debentures	8.2%	2024	200		200
Medium-term notes	4.9%	2015-2112	2,435		2,435
Southern Lights project financing1	2.7%	2014	1,413		1,449
Commercial paper and credit facility draws			25		26
Other2			12		13
Gas Distribution
Debentures	9.9%	2024	85		85
Medium-term notes	5.5%	2014-2050	2,295		2,295
Commercial paper and credit facility draws			590		556
Sponsored Investments
Junior subordinated notes3	8.1%	2067	398		406
Medium-term notes	3.8%	2013-2023	1,615		415
Senior notes4	6.2%	2013-2040	4,129		4,322
Commercial paper and credit facility draws5			1,405		540
Corporate
United States dollar term notes6	5.5%	2014-2017	1,094		1,119
Medium-term notes	4.5%	2013-2042	4,268		3,518
Commercial paper and credit facility draws7			1,488		2,785
Other8			(14	)	(11	)
Total debt			21,438		20,153
Current maturities			(652	)	(354	)
Short-term borrowings9			(583	)	(548	)
Long-term debt			20,203		19,251

1 2012 - $357 million and US$1,061 million (2011 - $360 million and US$1,071 million).

2 Primarily capital lease obligations.

3 2012 - US$400 million (2011 - US$400 million).

4 2012 - US$4,150 million (2011 - US$4,250 million).

5 2012 - $250 million and US$1,160 million (2011 - $260 million and US$275 million).

6 2012 - US$1,100 million (2011 - US$1,100 million).

7 2012 - $1,140 million and US$350 million (2011 - $1,655 million and US$1,111 million).

8 Primarily debt discount.

9    Weighted average interest rate - 1.1% (2011 - 1.1%).

For the years ending December 31, 2013 through 2017, debenture and term note maturities are $649 million, $1,287 million, $908 million, $998 million, $1,321 million, respectively, and $11,356 million thereafter. The Company’s debentures and term notes bear interest at fixed rates and interest obligations for the years ending December 31, 2013 through 2017 are $997 million, $976 million, $926 million, $901 million and $826 million, respectively. At December 31, 2012 and 2011, all debt is unsecured except for the Southern Lights project financing which is collateralized by the Southern Lights project assets.

INTEREST EXPENSE

Year ended December 31,	2012		2011		2010
(millions of Canadian dollars)
Debentures and term notes	986		891		835
Commercial paper and credit facility draws	33		74		66
Southern Lights project financing	38		38		37
Capitalized	(216	)	(75	)	(73	)
	841		928		865

CREDIT FACILITIES

December 31, 2012	Maturity Dates1	Total Facilities	Draws2	Available
(millions of Canadian dollars)
Liquids Pipelines	2014	300	25	275
Gas Distribution	2014	712	590	122
Sponsored Investments	2014-2017	3,162	1,645	1,517
Corporate	2014-2017	9,108	1,520	7,588
		13,282	3,780	9,502
Southern Lights project financing3	2014	1,484	1,429	55
Total credit facilities		14,766	5,209	9,557

1 Total facilities include $35 million in demand facilities with no maturity date.

2 Includes credit facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility.

3 Total facilities inclusive of $60 million for debt service reserve letters of credit.

Credit facilities carry a weighted average standby fee of 0.2% 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 the Company has the option to extend the facilities, which are currently set to mature from 2014 to 2017.

Commercial paper and credit facility draws, net of short-term borrowings, of $2,925 million (2011 - $3,359 million) are supported by the availability of long-term committed credit facilities and therefore have been classified as long-term debt.