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DEBT | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at June 30, 2020:
| Maturity | Total Facilities |  | Draws 1 |  | Available |
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2021-2024 | 12,013 |  | 5,531 |  | 6,482 |
Enbridge (U.S.) Inc. | 2021-2024 | 7,491 |  | 2,531 |  | 4,960 |
Enbridge Pipelines Inc. | 2021 2 | 3,000 |  | 1,985 |  | 1,015 |
Enbridge Gas Inc. | 2021 2 | 2,000 |  | 355 |  | 1,645 |
Total committed credit facilities |  | 24,504 |  | 10,402 |  | 14,102 |
1 | Includes facility draws and commercial paper issuances that are back-stopped by credit facility.
2 | Maturity date is inclusive of the one-year term out option.
On February 24, 2020, Enbridge Inc. entered into a two year, non-revolving credit facility for US$1 billion with a syndicate of lenders. On February 25, 2020, Enbridge Inc. entered into two, one year, non-revolving, bilateral credit facilities for a total of US$500 million. On March 31, 2020, Enbridge Inc. entered into a one year, revolving, syndicated credit facility for $1.7 billion. On April 9, 2020, Enbridge Inc. exercised an accordion provision and increased the facility to $3.0 billion. On July 23 and 24, 2020, we extended approximately $10.0 billion of our 364 day extendible credit facilities to July 2021, inclusive of a one-year term out provision to July 2022. In addition to the committed credit facilities noted above, we maintain $795 million of uncommitted demand credit facilities, of which $519 million were unutilized as at June 30, 2020. As at December 31, 2019, we had $916 million of uncommitted credit facilities, of which $476 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 scheduled to mature from 2021 to 2024. As at June 30, 2020 and December 31, 2019, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $9,365 million and $8,974 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, 2020, we completed the following long-term debt issuances:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated) |  |
Enbridge Inc. |  |  |
| February 2020 | Floating rate notes |  | US$750
| May 2020 | 3.20% medium-term notes |  | $750
| May 2020 | 2.44% medium-term notes |  | $550
Enbridge Gas Inc. |  |  |
| April 2020 | 2.90% medium-term notes |  | $600
| April 2020 | 3.65% medium-term notes |  | $600
On July 8, 2020, Enbridge Inc. issued US$1.0 billion of 60-year hybrid subordinated notes payable semi-annually in arrears. For the initial 10 years, the notes carry a fixed interest rate of 5.75%. Subsequently, the interest rate per annum will be reset to equal the 5-year United States Treasury rate plus 5.31% every five years from years 10 to 30 and the 5-year United States Treasury rate plus 6.06% every five years from years 30 to 60. The notes mature on July 15, 2080 and are redeemable on year 10 and every five years thereafter. LONG-TERM DEBT REPAYMENTS During the six months ended June 30, 2020, we completed the following long-term debt repayments:
Company | Repayment Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated) |  |
Enbridge Inc. |  |
| January 2020 | Floating rate notes |  | US$700
| March 2020 | 4.53% medium-term notes |  | $500
| June 2020 | Floating rate notes |  | US$500
Enbridge Pipelines (Southern Lights) L.L.C. |  |
| June 2020 | 3.98% senior notes due 2040 |  | US$26
Enbridge Pipelines Inc. |  |  |
| April 2020 | 4.45% medium-term notes | $350
Enbridge Southern Lights LP |  |  |
| June 2020 | 4.01% senior notes due 2040 |  | $7
Spectra Energy Partners, LP |  |
| January 2020 | 6.09% senior secured notes |  | US$111
| June 2020 | Floating rate notes |  | US$400
Westcoast Energy Inc. |  |  |
| January 2020 | 9.90% debentures |  | $100
SUBORDINATED TERM NOTES As at June 30, 2020 and December 31, 2019, our fixed-to-floating subordinated term notes had a principal value of $6,758 million and $6,550 million, respectively. FAIR VALUE ADJUSTMENT As at June 30, 2020, the net fair value adjustment for total debt assumed in the acquisition of Spectra Energy was $810 million. During the three and six months ended June 30, 2020, the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $14 million and $29 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, 2020, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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