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DEBT | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at June 30, 2018:
|  | June 30, 2018
| Maturity | Total Facilities |  | Draws 1 |  | Available |
(millions of Canadian dollars) |  |  |  |
Enbridge Inc.2 | 2019-2022 | 6,537 |  | 1,761 |  | 4,776 |
Enbridge (U.S.) Inc. | 2019 | 1,861 |  | 456 |  | 1,405 |
Enbridge Energy Partners, L.P.3 | 2019-2022 | 3,453 |  | 2,261 |  | 1,192 |
Enbridge Gas Distribution Inc. (EGD) | 2019 | 1,017 |  | 794 |  | 223 |
Enbridge Income Fund | 2020 | 1,500 |  | 351 |  | 1,149 |
Enbridge Pipelines Inc. | 2019 | 3,000 |  | 1,906 |  | 1,094 |
Spectra Energy Partners, LP 4 | 2022 | 3,289 |  | 1,528 |  | 1,761 |
Union Gas Limited (Union Gas) | 2021 | 700 |  | 230 |  | 470 |
Total committed credit facilities |  | 21,357 |  | 9,287 |  | 12,070 |
1 | Includes facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility.
2 | Includes $135 million, $164 million (US$125 million) and $150 million of commitments that expire in 2018, 2018 and 2020, respectively.
3 | Includes $230 million (US$175 million) and $243 million (US$185 million) of commitments that expire in 2018 and 2020, respectively.
4 | Includes $443 million (US$336 million) of commitments that expire in 2021.
During the second quarter of 2018, Enbridge (U.S.) Inc. terminated a US$500 million credit facility, which was set to mature in 2019, and repaid drawn amounts. In addition, an unutilized Enbridge US$100 million credit facility expired. During the first quarter of 2018, Enbridge terminated a US$650 million credit facility, which was set to mature in 2019, and repaid drawn amounts. In addition, Enbridge (U.S.) Inc. terminated an unutilized US$950 million credit facility, which was set to mature in 2019. During the first quarter of 2018, Westcoast Energy Inc. terminated an unutilized $400 million credit facility with a syndicate of banks. The facility was acquired in conjunction with the Merger Transaction and was set to mature in 2021. In addition to the committed credit facilities noted above, we maintain $796 million of uncommitted demand credit facilities, of which $517 million were unutilized as at June 30, 2018. As at December 31, 2017, we had $792 million of uncommitted credit facilities, of which $518 million were unutilized. Our 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 we have the option to extend such facilities, which are currently set to mature from 2019 to 2022. As at June 30, 2018 and December 31, 2017, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year of $7,862 million and $10,055 million, 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, 2018, we completed the following long-term debt issuances:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated) |  |
Enbridge Inc. |  |  |
| March 2018 | Fixed-to-floating rate notes due 2078 1 | US$850
| April 2018 | Fixed-to-floating rate notes due 2078 2 | $750
| April 2018 | Fixed-to-floating rate notes due 2078 3 | US$600
Spectra Energy Partners, LP 4 |  |  |
| January 2018 | 3.50% senior notes due 2028 | US$400
| January 2018 | 4.15% senior notes due 2048 | US$400
1 | Notes mature in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 6.25%. Subsequently, the interest rate will be set to equal the three-month London Interbank Offered Rate (LIBOR) plus a margin of 364 basis points from years 10 to 30, and a margin of 439 basis points from years 30 to 60.
2 | Notes mature in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 6.625%. Subsequently, the interest rate will be set to equal the Canadian Dollar Offered Rate plus a margin of 432 basis points from years 10 to 30, and a margin of 507 basis points from years 30 to 60.
3 | Notes mature in 60 years and are callable on or after year five. For the initial five years, the notes carry a fixed interest rate of 6.375%. Subsequently, the interest rate will be set to equal the three-month LIBOR plus a margin of 359 basis points from years five to 10, a margin of 384 basis points from years 10 to 25, and a margin of 459 basis points from years 25 to 60.
4 | Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of SEP.
LONG-TERM DEBT REPAYMENTS During the six months ended June 30, 2018, we completed the following long-term debt repayments:
Company | Retirement/Repayment Date |  |  | Principal Amount | Cash Consideration 1
(millions of Canadian dollars, unless otherwise stated) |  |  |
Enbridge Energy Partners, L.P. |  |  |
| April 2018 | 6.50% senior notes | US$400 |
Enbridge Pipelines (Southern Lights) L.L.C |  |  |  |
| June 2018 | 3.98% medium-term notes due June 2040 | US$20 |
Enbridge Southern Lights LP |  |  |  |
| January 2018 | 4.01% medium-term notes due June 2040 | $9 |
Spectra Energy Capital, LLC |  |  |  |
Repurchase via Tender Offer 2 |  |  |  |
| March 2018 | 6.75% senior unsecured notes due 2032 | US$64 | US$80
| March 2018 | 7.50% senior unsecured notes due 2038 | US$43 | US$59
Redemption 2 |  |  |
| March 2018 | 5.65% senior unsecured notes due 2020 | US$163 | US$172
| March 2018 | 3.30% senior unsecured notes due 2023 | US$498 | US$508
Repayment |  |  |  |
| April 2018 | 6.20% senior notes | US$272 |
Union Gas Limited |  |  |  |
| April 2018 | 5.35% medium-term notes | $200 |
Westcoast Energy Inc. |  |  |  |
| May 2018 | 6.90% senior secured notes | $13 |
| May 2018 | 4.34% senior secured notes | $4 |
1 | Cash consideration disclosed for repayments where the cash paid differs from the principal amount.
2 | The loss on debt extinguishment of $37 million (US$29 million), net of the fair value adjustment recorded upon completion of the Merger Transaction, was reported within Interest expense in the Consolidated Statements of Earnings.
FAIR VALUE ADJUSTMENT As at June 30, 2018, the net fair value adjustment for total debt assumed in the Merger Transaction was $1,015 million. During the three and six months ended June 30, 2018, the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $26 million and $88 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 June 30, 2018, we were 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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