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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2015
DEBT |
DEBT | 17.DEBT
|  | Weighted Average |  |  |  |  |  |  |
December 31, |  | Interest Rate |  | Maturity |  | 2015 |  | 2014 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Liquids Pipelines 1 |  |  |  |  |  |  |  |  |
Debentures |  |  |  |  |  | - |  | 200 |
Medium-term notes 2,3 |  | 4.0% |  | 2016-2040 |  | 1,439 |  | 4,557 |
Commercial paper and credit facility draws |  |  |  |  |  | - |  | 163 |
Other 4 |  |  |  |  |  | 7 |  | 9 |
Gas Distribution |  |  |  |  |  |  |  |  |
Debentures |  | 9.9% |  | 2024 |  | 85 |  | 85 |
Medium-term notes |  | 4.6% |  | 2016-2050 |  | 3,603 |  | 3,033 |
Commercial paper and credit facility draws |  |  |  |  |  | 599 |  | 939 |
Gas Pipelines, Processing and Energy Services 1 |  |  |  |  |  |  |  |  |
Promissory note 5 |  |  |  |  |  | - |  | 103 |
Sponsored Investments 1 |  |  |  |  |  |  |  |  |
Debentures |  | 8.2% |  | 2024 |  | 200 |  | - |
Junior subordinated notes 6 |  | 8.1% |  | 2067 |  | 554 |  | 464 |
Medium-term notes 7 |  | 4.3% |  | 2016-2045 |  | 6,466 |  | 2,405 |
Senior notes 8 |  | 6.1% |  | 2016-2045 |  | 7,958 |  | 4,815 |
Commercial paper and credit facility draws 9 |  |  |  |  |  | 4,012 |  | 2,614 |
Other 4 |  |  |  |  |  | 4 |  | - |
Corporate |  |  |  |  |  |  |  |  |
United States dollar term notes 10 |  | 3.3% |  | 2016-2044 |  | 4,221 |  | 3,886 |
Medium-term notes |  | 4.3% |  | 2016-2064 |  | 5,698 |  | 6,048 |
Commercial paper and credit facility draws 11 |  |  |  |  |  | 7,332 |  | 6,182 |
Other 12 |  |  |  |  |  | (49 | ) | (35 | )
Total debt |  |  |  |  |  | 42,129 |  | 35,468 |
Current maturities |  |  |  |  |  | (1,990 | ) | (1,004 | )
Short-term borrowings 13 |  |  |  |  |  | (599 | ) | (1,041 | )
Long-term debt |  |  |  |  |  | 39,540 |  | 33,423 |
| 1 |  | Effective September 1, 2015, Enbridge transferred its Canadian Liquids Pipelines business and certain Canadian renewable energy assets to the Fund Group within the Sponsored Investments segment as described under the Canadian Restructuring Plan (Note 1). Liquids Pipelines Debt of $3,693 million and Gas Pipelines, Processing and Energy Services Debt of $103 million as at December 31, 2014 has not been reclassified into the Sponsored Investments segment for presentation purposes.
| 2 |  | 2015 - US$1,040 million (2014 - $3,323 million and US$1,064 million).
| 3 |  | On August 18, 2014, long-term private debt was issued for $352 million and US$1,061 million related to Southern Lights project financing. The proceeds were utilized to repay the construction credit facilities on a dollar-for-dollar basis.
| 4 |  | Primarily capital lease obligations.
| 5 |  | A non-interest bearing demand promissory note that was paid on January 9, 2015.
| 6 |  | 2015 - US$400 million (2014 - US$400 million).
| 7 |  | Included in medium-term notes is $100 million with a maturity date of 2112.
| 8 |  | 2015 - US$5,750 million (2014 - US$4,150 million).
| 9 |  | 2015 - $1,346 million and US$1,926 million (2014 - $140 million and US$2,132 million).
| 10 |  | 2015 - US$3,050 million (2014 - US$3,350 million).
| 11 |  | 2015 - $4,168 million and US$2,287 million (2014 - $3,217 million and US$2,555 million).
| 12 |  | Primarily debt discount.
| 13 |  | Weighted average interest rate - 0.8% (2014 - 1.4%).
For the years ending December 31, 2016 through 2020 debenture and term note maturities are $1,987 million, $2,639 million, $1,197 million, $1,883 million, $2,841 million, respectively, and $19,677 million thereafter. The Company’s debentures and term notes bear interest at fixed rates and interest obligations for the years ending December 31, 2016 through 2020 are $1,704 million, $1,599 million, $1,439 million, $1,246 million and $1,048 million, respectively. At December 31, 2015 and 2014, all debt was unsecured.
INTEREST EXPENSE
Year ended December 31, |  | 2015 |  | 2014 |  | 2013 |
(millions of Canadian dollars) |  |  |  |  |  |  |
Debentures and term notes |  | 1,805 |  | 1,425 |  | 1,123 |
Commercial paper and credit facility draws |  | 172 |  | 71 |  | 34 |
Southern Lights project financing |  | - |  | 49 |  | 40 |
Capitalized |  | (353 | ) | (416 | ) | (250 | )
|  | 1,624 |  | 1,129 |  | 947 |
CREDIT FACILITIES The following table provides details of the Company’s committed credit facilities at December 31, 2015 and December 31, 2014.
|  |  |  | 2015 |  | 2014 |
December 31, |  | Maturity |  | Total Facilities |  | Draws 1 |  | Available |  | Total Facilities |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |
Liquids Pipelines 2 |  | 2017 |  | 28 |  | - |  | 28 |  | 300 |
Gas Distribution |  | 2017-2019 |  | 1,010 |  | 603 |  | 407 |  | 1,008 |
Sponsored Investments 2 |  | 2017-2020 |  | 9,224 |  | 4,089 |  | 5,135 |  | 4,531 |
Corporate |  | 2017-2020 |  | 11,458 |  | 7,357 |  | 4,101 |  | 12,772 |
Total committed credit facilities 3 |  |  |  | 21,720 |  | 12,049 |  | 9,671 |  | 18,611 |
| 1 |  | Includes facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility.
| 2 |  | Effective September 1, 2015, Enbridge transferred its Canadian Liquids Pipelines business and certain Canadian renewable energy assets to the Fund Group within the Sponsored Investments segment as described under the Canadian Restructuring Plan (Note 1). Liquids Pipelines total facilities of $300 million as at December 31, 2014 have not been reclassified into the Sponsored Investments segment for presentation purposes.
| 3 |  | On August 18, 2014, long-term private debt was issued for $352 million and US$1,061 million related to Southern Lights project financing. The proceeds were utilized to repay the construction credit facilities on a dollar-for-dollar basis.
In addition to the committed credit facilities noted above, the Company also has $349 million (2014 - $361 million) of uncommitted demand credit facilities, of which $185 million (2014 - $80 million) was unutilized as at December 31, 2015. 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 20 17 to 20 20. Commercial paper and credit facility draws, net of short-term borrowings, of $11,344 million (2014 - $8,960 million) are supported by the availability of long-term committed credit facilities and therefore have been classified as long-term debt. The Company’s credit facility agreements include standard events of default and covenant provisions whereby accelerated repayment may be required if the Company were to default on payment or violate certain covenants. As at December 31, 2015, the Company was in compliance with all debt covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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