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DEBT | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT
| Weighted Average |  |  |  |  |  |
December 31, | Interest Rate 9 |  | Maturity |  | 2020 |  | 2019
(millions of Canadian dollars) |  |  |  |  |  |  |
Enbridge Inc. |  |  |  |  |  |  |
US dollar senior notes | 3.8 | % |  | 2022-2049 |  | 8,536 |  |  | 8,689 |
Medium-term notes | 3.8 | % |  | 2021-2064 |  | 8,323 |  |  | 7,623 |
Fixed-to-fixed subordinated term notes 1 | 2.8 | % |  | 2080 |  | 1,274 |  |  | — |
Fixed-to-floating rate subordinated term notes 2 | 5.9 | % |  | 2077-2078 |  | 6,477 |  |  | 6,550 |
Floating rate notes 3 |  |  | 2022 |  | 956 |  |  | 1,556 |
Commercial paper and credit facility draws | 0.8 | % |  | 2021-2024 |  | 8,719 |  |  | 5,210 |
Other 4 |  |  |  |  | 5 |  |  | 5 |
Enbridge (U.S.) Inc. |  |  |  |  |  |  |
Commercial paper and credit facility draws | 0.3 | % |  | 2022-2024 |  | 492 |  |  | 1,734 |
Other 4 |  |  |  |  | 7 |  |  | — |
Enbridge Energy Partners, L.P. |  |  |  |  |  |  |
Senior notes | 6.0 | % |  | 2021-2045 |  | 3,886 |  |  | 3,955 |
Enbridge Gas Inc. |  |  |  |  |  |  |
Medium-term notes | 3.9 | % |  | 2021-2050 |  | 8,485 |  |  | 7,685 |
Debentures | 9.1 | % |  | 2024-2025 |  | 210 |  |  | 210 |
Commercial paper and credit facility draws | 0.3 | % |  | 2022 |  | 1,121 |  |  | 898 |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |  |  |  |
Senior notes | 4.0 | % |  | 2040 |  | 1,038 |  |  | 1,129 |
Enbridge Pipelines Inc. |  |  |  |  |  |  |
Medium-term notes 5 | 4.2 | % |  | 2022-2049 |  | 4,775 |  |  | 5,125 |
Debentures | 8.2 | % |  | 2024 |  | 200 |  |  | 200 |
Commercial paper and credit facility draws | 0.3 | % |  | 2022 |  | 1,278 |  |  | 2,030 |
Enbridge Southern Lights LP |  |  |  |  |  |  |
Senior notes | 4.0 | % |  | 2040 |  | 257 |  |  | 272 |
Spectra Energy Capital, LLC |  |  |  |  |  |  |
Senior notes | 7.1 | % |  | 2032-2038 |  | 220 |  |  | 224 |
Spectra Energy Partners, LP |  |  |  |  |  |  |
Senior secured notes |  |  |  |  | — |  |  | 143 |
Senior notes | 4.0 | % |  | 2021-2048 |  | 8,332 |  |  | 8,481 |
Floating rate notes |  |  |  |  | — |  |  | 519 |
Westcoast Energy Inc. |  |  |  |  |  |  |
Medium-term notes | 4.5 | % |  | 2021-2041 |  | 1,625 |  |  | 1,875 |
Debentures | 8.1 | % |  | 2025-2026 |  | 275 |  |  | 375 |
Fair value adjustment |  |  |  |  | 750 |  |  | 844 |
Other 6 |  |  |  |  | (344) |  |  | (369) |
Total debt 7 |  |  |  |  | 66,897 |  |  | 64,963 |
Current maturities |  |  |  |  | (2,957) |  |  | (4,404) |
Short-term borrowings 8 |  |  |  |  | (1,121) |  |  | (898) |
Long-term debt |  |  |  |  | 62,819 |  |  | 59,661 |
1 For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be set to equal to the Five-Year US Treasury Rate plus a margin of 5.31% from years 10 to 30 and a margin of 6.06% from years 30 to 60. 2 For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal to the Canadian Dollar Offered Rate (CDOR) or the London Interbank Offered Rate (LIBOR) plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events. 3 The notes carry an interest rate equal to the three-month LIBOR plus a margin of 50 basis points. 4 Primarily capital lease obligations. 5 Included in medium-term notes is $100 million with a maturity date of 2112. 6 Primarily unamortized discounts, premiums and debt issuance costs. 7 2020 - $35.4 billion and US$24.4 billion; 2019 - $33.4 billion and US$23.9 billion. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment. 8 Weighted average interest rates on outstanding commercial paper were 0.3% as at December 31, 2020 (2019 - 2.0%). 9 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2020. As at December 31, 2020, all outstanding debt was unsecured. CREDIT FACILITIES The following table provides details of our committed credit facilities as at December 31, 2020:
|  | Total |  |
| Maturity | Facilities | Draws 1 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2021-2024 | 11,854 |  | 8,719 |  | 3,135 |
Enbridge (U.S.) Inc. | 2022-2024 | 7,007 |  | 492 |  | 6,515 |
Enbridge Pipelines Inc. | 2022 2 | 3,000 |  | 1,278 |  | 1,722 |
Enbridge Gas Inc. | 2022 2 | 2,000 |  | 1,121 |  | 879 |
Total committed credit facilities |  | 23,861 |  | 11,610 |  | 12,251 |
1 Includes facility draws and commercial paper issuances that are back-stopped by the 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$1.0 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 2022, inclusive of a one-year term out provision. On February 10, 2021, we entered into a three year, sustainability linked credit facility for $1.0 billion with a syndicate of lenders. As a result of the sustainability linked credit facility and other financing activities completed in 2020, and our current liquidity position, we concurrently cancelled a one year, revolving, syndicated credit facility for $3.0 billion ahead of its scheduled March 2021 maturity. In addition to the committed credit facilities noted above, we maintain $849 million of uncommitted demand letter of credit facilities, of which $533 million were unutilized as at December 31, 2020. As at December 31, 2019, we had $916 million of uncommitted demand letter of credit facilities, of which $476 million were unutilized. Our credit facilities carry a weighted average standby fee of 0.3% 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 December 31, 2020 and 2019, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $9.9 billion and $9.0 billion, respectively, are 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 year ended December 31, 2020, we completed the following long-term debt issuances totaling $2.5 billion and US$2.1 billion:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars unless otherwise stated) |  |
Enbridge Inc. |  |  |
| February 2020 | Floating rate notes due February 2022 1 | US$750
| May 2020 | 3.20% medium-term notes due June 2027 | $750
| May 2020 | 2.44% medium-term notes due June 2025 | $550
| July 2020 | Fixed-to-fixed subordinated term notes due July 2080 2 | US$1,000
Enbridge Gas Inc. |  |  |
| April 2020 | 2.90% medium-term notes due April 2030 | $600
| April 2020 | 3.65% medium-term notes due April 2050 | $600
Spectra Energy Partners, LP |  |
| October 2020 | 3.10% senior notes due October 2040 3 | US$300 |
1 Notes mature in two years and carry an interest rate set to equal the three-month LIBOR plus a margin of 50 basis points. 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 5.75%. Subsequently, the interest rate will be set to equal the Five-Year US Treasury Rate plus a margin of 5.31% from years 10 to 30 and a margin of 6.06% from years 30 to 60. 3 Issued through Texas Eastern Transmission, L.P., a wholly-owned operating subsidiary of SEP. LONG-TERM DEBT REPAYMENTS During the year ended December 31, 2020, we completed the following long-term debt repayments totaling $1.7 billion and US$2.1 billion, respectively:
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
| November 2020 | 4.85% medium-term notes | $100
Enbridge Gas Inc. |  |  |
| November 2020 | 4.04% medium-term notes | $400
Enbridge Pipelines (Southern Lights) L.L.C. |  |
| June and December 2020 | 3.98% senior notes | US$56
Enbridge Pipelines Inc. |  |
| April 2020 | 4.45% medium-term notes | $350
Enbridge Southern Lights LP |  |
| June and December 2020 | 4.01% senior notes | $15
Spectra Energy Partners, LP |  |  |
| January 2020 | 6.09% senior secured notes | US$111
| June 2020 | Floating rate notes |  | US$400
| October 2020 | 4.13% senior notes due 2020 | US$300
Westcoast Energy Inc. |  |  |
| January 2020 | 9.90% debentures | $100
| July 2020 | 4.57% medium-term notes | $250
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 December 31, 2020, we were in compliance with all debt covenants. INTEREST EXPENSE
Year ended December 31, | 2020 | 2019 | 2018
(millions of Canadian dollars) |  |  |
Debentures and term notes | 2,913 |  | 2,783 |  | 3,011 |
Commercial paper and credit facility draws | 123 |  | 273 |  | 171 |
Amortization of fair value adjustment | (54) |  | (67) |  | (131) |
Capitalized interest | (192) |  | (326) |  | (348) |
| 2,790 |  | 2,663 |  | 2,703 |

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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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