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DEBT | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at March 31, 2021:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2022-2024 | 9,159 |  | 7,390 |  | 1,769 |
Enbridge (U.S.) Inc. | 2022-2024 | 6,913 |  | 3,351 |  | 3,562 |
Enbridge Pipelines Inc. | 2022 | 3,000 |  | 1,358 |  | 1,642 |
Enbridge Gas Inc. | 2022 | 2,000 |  | 1,094 |  | 906 |
Total committed credit facilities |  | 21,072 |  | 13,193 |  | 7,879 |
1 Maturity date is inclusive of the one-year term out option for certain credit facilities. 2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. On February 10, 2021, Enbridge Inc. entered into a three year, revolving, extendible, sustainability linked credit facility for $1.0 billion with a syndicate of lenders and concurrently terminated our one year, revolving, syndicated credit facility for $3.0 billion. On February 25, 2021, two term loans with an aggregate total of US$500 million were repaid with proceeds from a floating rate notes issuance. In addition to the committed credit facilities noted above, we maintain $845 million of uncommitted demand credit facilities, of which $595 million was unutilized as at March 31, 2021. As at December 31, 2020, we had $849 million of uncommitted demand credit facilities, of which $533 million was 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 2022 to 2024. As at March 31, 2021 and December 31, 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.6 billion and $9.9 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt. LONG-TERM DEBT ISSUANCE During the three months ended March 31, 2021, we completed the following long-term debt issuance totaling US$500 million:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars unless otherwise stated) |  |
Enbridge Inc. |  |  |
| February 2021 | Floating rate notes due February 2023 1 | US$500
1 Notes mature in two years and carry an interest rate set to equal Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points. LONG-TERM DEBT REPAYMENTS During the three months ended March 31, 2021, we completed the following long-term debt repayments totaling $600 million and US$250 million:
Company | Repayment Date |  |  | Principal Amount |
(millions of Canadian dollars unless otherwise stated) |  |  |
Enbridge Inc. |  |  |
| February 2021 | 4.26% medium-term notes |  | $200 |
| March 2021 | 3.16% medium-term notes | $400 |
Spectra Energy Partners, LP |  |  |
| March 2021 | 4.60% senior notes |  | US$250 |
SUBORDINATED TERM NOTES As at March 31, 2021 and December 31, 2020, our fixed-to-floating and fixed-to-fixed subordinated term notes had a principal value of $7.7 billion and $7.8 billion, respectively. FAIR VALUE ADJUSTMENT As at March 31, 2021 and December 31, 2020, the net fair value adjustments for total debt assumed in the acquisition of Spectra Energy Corp were $726 million and $750 million, respectively. During the three months ended March 31, 2021 and 2020, the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $12 million and $15 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 March 31, 2021, 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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