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DEBT
 3 Months Ended
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:
 
 
Maturity1
Total
Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc.2022-20249,159 7,390 1,769 
Enbridge (U.S.) Inc.2022-20246,913 3,351 3,562 
Enbridge Pipelines Inc.20223,000 1,358 1,642 
Enbridge Gas Inc.20222,000 1,094 906 
Total committed credit facilities 21,072 13,193 7,879 
 
1Maturity date is inclusive of the one-year term out option for certain credit facilities.
2Includes 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:
CompanyIssue DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
February 2021
Floating rate notes due February 20231
US$500
1Notes 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:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
February 20214.26% medium-term notes$200
March 20213.16% medium-term notes$400
Spectra Energy Partners, LP
March 20214.60% senior notesUS$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.