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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT
December 31, | Weighted Average Interest Rate 9 |  | Maturity |  | 2021 |  | 2020
(millions of Canadian dollars) |  |  |  |  |  |  |
Enbridge Inc. |  |  |  |  |  |  |
US dollar senior notes | 3.2 | % |  | 2022 - 2051 |  | 10,992 |  |  | 8,536 |
Medium-term notes | 3.9 | % |  | 2022 - 2064 |  | 8,123 |  |  | 8,323 |
Sustainability-linked bonds | 1.1 | % |  | 2033 |  | 2,363 |  |  | — |
Fixed-to-fixed subordinated term notes 1 | 5.8 | % |  | 2080 |  | 1,263 |  |  | 1,274 |
Fixed-to-floating rate subordinated term notes 2 | 5.8 | % |  | 2023 - 2028 |  | 6,442 |  |  | 6,477 |
Floating rate notes 3 |  |  | 2022 - 2023 |  | 1,579 |  |  | 956 |
Commercial paper and credit facility draws | 1.0 | % |  | 2022 - 2026 |  | 7,837 |  |  | 8,719 |
Other 4 |  |  |  |  | 5 |  |  | 5 |
Enbridge (U.S.) Inc. |  |  |  |  |  |  |
Commercial paper and credit facility draws | 0.4 | % |  | 2023 - 2026 |  | 4,845 |  |  | 492 |
Other 4 |  |  |  |  | 7 |  |  | 7 |
Enbridge Energy Partners, L.P. |  |  |  |  |  |  |
Senior notes | 6.5 | % |  | 2025 - 2045 |  | 3,095 |  |  | 3,886 |
Enbridge Gas Inc. |  |  |  |  |  |  |
Medium-term notes | 3.8 | % |  | 2022 - 2051 |  | 9,010 |  |  | 8,485 |
Debentures | 9.1 | % |  | 2024 - 2025 |  | 210 |  |  | 210 |
Commercial paper and credit facility draws | 0.5 | % |  | 2023 |  | 1,515 |  |  | 1,121 |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |  |  |  |
Senior notes | 4.0 | % |  | 2040 |  | 949 |  |  | 1,038 |
Enbridge Pipelines Inc. |  |  |  |  |  |  |
Medium-term notes 5 | 4.0 | % |  | 2022 - 2051 |  | 5,575 |  |  | 4,775 |
Debentures | 8.2 | % |  | 2024 |  | 200 |  |  | 200 |
Commercial paper and credit facility draws | 0.7 | % |  | 2023 |  | 667 |  |  | 1,278 |
Enbridge Southern Lights LP |  |  |  |  |  |  |
Senior notes | 4.0 | % |  | 2040 |  | 240 |  |  | 257 |
Spectra Energy Capital, LLC |  |  |  |  |  |  |
Senior notes | 7.0 | % |  | 2032 - 2038 |  | 218 |  |  | 220 |
Spectra Energy Partners, LP |  |  |  |  |  |  |
Senior notes | 3.9 | % |  | 2022 - 2048 |  | 8,451 |  |  | 8,332 |
Westcoast Energy Inc. |  |  |  |  |  |  |
Medium-term notes | 4.5 | % |  | 2022 - 2041 |  | 1,475 |  |  | 1,625 |
Debentures | 8.1 | % |  | 2025 - 2026 |  | 275 |  |  | 275 |
Fair value adjustment |  |  |  |  | 667 |  |  | 750 |
Other 6 |  |  |  |  | (363) |  |  | (344) |
Total debt 7 |  |  |  |  | 75,640 |  |  | 66,897 |
Current maturities |  |  |  |  | (6,164) |  |  | (2,957) |
Short-term borrowings 8 |  |  |  |  | (1,515) |  |  | (1,121) |
Long-term debt |  |  |  |  | 67,961 |  |  | 62,819 |
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 and Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points. 4 Primarily finance 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 2021 - $36 billion and US$31 billion; 2020 - $35 billion and US$24 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 0.5% as at December 31, 2021 (2020 - 0.3%). 9 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2021. As at December 31, 2021, all outstanding debt was unsecured. CREDIT FACILITIES The following table provides details of our committed credit facilities as at December 31, 2021:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2022-2026 | 9,137 |  | 7,837 |  | 1,300 |
Enbridge (U.S.) Inc. | 2023-2026 | 6,948 |  | 4,845 |  | 2,103 |
Enbridge Pipelines Inc. | 2023 | 3,000 |  | 667 |  | 2,333 |
Enbridge Gas Inc. | 2023 | 2,000 |  | 1,515 |  | 485 |
Total committed credit facilities |  | 21,085 |  | 14,864 |  | 6,221 |
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. On July 22 and 23, 2021, we renewed approximately $8.0 billion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 billion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023. On February 10, 2022 we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025. In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $854 million was unutilized as at December 31, 2021. As at December 31, 2020, we had $849 million of uncommitted demand letter of credit facilities, of which $533 million was unutilized. Our credit facilities carry a weighted average standby fee of 0.1% 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 2026. As at December 31, 2021 and 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $11.3 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 ISSUANCES During the year ended December 31, 2021, we completed the following long-term debt issuances totaling US$3.9 billion and $3.2 billion:
Company | Issue Date |  | Principal Amount
(millions of Canadian dollars unless otherwise stated) |
Enbridge Inc. |  |
| February 2021 | Floating rate senior-notes due February 2023 1 | US$500
| June 2021 | 2.50% Sustainability-linked senior notes due August 2033 | US$1,000
| June 2021 | 3.40% senior notes due August 2051 | US$500
| September 2021 | 3.10% Sustainability-linked medium-term notes due September 2033 | $1,100
| September 2021 | 4.10% medium-term notes due September 2051 | $400
| October 2021 | 0.55% senior notes due October 2023 | US$500
| October 2021 | 1.60% senior notes due October 2026 | US$500
| October 2021 | 3.40% senior notes due August 2051 | US$500
Enbridge Gas Inc. |  |
| September 2021 | 2.35% medium-term notes due September 2031 | $475
| September 2021 | 3.20% medium-term notes due September 2051 | $425
Enbridge Pipelines Inc. |  |
| May 2021 | 2.82% medium-term notes due May 2031 | $400
| May 2021 | 4.20% medium-term notes due May 2051 | $400
Spectra Energy Partners, LP |  |
| September 2021 | 2.50% senior notes due September 2031 2 | US$400
1 Notes carry an interest rate equal to the SOFR plus a margin of 40 basis points. 2 Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of SEP. On January 19, 2022, we closed a $750 million private placement offering of non-call 10-year fixed-to-fixed subordinated notes which mature on January 19, 2082. The net proceeds from the offering will be used to redeem the Preference Shares, Series 17 at par on March 1, 2022. LONG-TERM DEBT REPAYMENTS During the year ended December 31, 2021, we completed the following long-term debt repayments totaling $1.1 billion and US$914 million, respectively:
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
Enbridge Energy Partners, L.P. |  |
| June 2021 | 4.20% senior notes | US$600
Enbridge Gas Inc. |  |
| May 2021 | 2.76% medium-term notes | $200
| December 2021 | 4.77% medium-term notes | $175
Enbridge Pipelines (Southern Lights) L.L.C. |  |
| June and December 2021 | 3.98% senior notes | US$64
Enbridge Southern Lights LP |  |
| June and December 2021 | 4.01% senior notes | $16
Spectra Energy Partners, LP |  |
| March 2021 | 4.60% senior notes | US$250
Westcoast Energy Inc. |  |
| October 2021 | 3.88% medium-term notes | $150
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, 2021, we were in compliance with all debt covenants. INTEREST EXPENSE
Year ended December 31, | 2021 | 2020 | 2019
(millions of Canadian dollars) |  |  |
Debentures and term notes | 2,850 |  | 2,913 |  | 2,783 |
Commercial paper and credit facility draws | 70 |  | 123 |  | 273 |
Amortization of fair value adjustment | (50) |  | (54) |  | (67) |
Capitalized interest | (215) |  | (192) |  | (326) |
| 2,655 |  | 2,790 |  | 2,663 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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