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DEBT | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
DEBT | DEBT
December 31, | Weighted Average Interest Rate 9 | Maturity | 2022 | 2021
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. |  |  |  |
US dollar senior notes | 3.5 | % | 2023 - 2051 | 12,060 |  | 10,992 |
Medium-term notes | 3.8 | % | 2023 - 2064 | 8,223 |  | 8,123 |
Sustainability-linked bonds | 2.0 | % | 2032 - 2033 | 3,355 |  | 2,363 |
Fixed-to-fixed subordinated term notes 1 | 4.1 | % | 2080 - 2083 | 3,596 |  | 1,263 |
Fixed-to-floating rate subordinated term notes 2 | 5.9 | % | 2077 - 2078 | 6,736 |  | 6,442 |
Floating rate notes 3 |  | 2023 - 2024 | 1,491 |  | 1,579 |
Commercial paper and credit facility draws | 4.8 | % | 2023 - 2027 | 7,984 |  | 7,837 |
Other 4 |  |  | 15 |  | 5 |
Enbridge (U.S.) Inc. |  |  |  |
Commercial paper and credit facility draws | 4.5 | % | 2024 - 2027 | 4,199 |  | 4,845 |
Other 4 |  |  | 7 |  | 7 |
Enbridge Energy Partners, L.P. |  |  |  |
Senior notes | 6.5 | % | 2025 - 2045 | 3,320 |  | 3,095 |
Enbridge Gas Inc. |  |  |  |
Medium-term notes | 4.1 | % | 2023 - 2052 | 9,535 |  | 9,010 |
Debentures | 9.1 | % | 2024 - 2025 | 210 |  | 210 |
Commercial paper and credit facility draws | 4.5 | % | 2024 | 2,000 |  | 1,515 |
Other 4 |  |  | 1 |  | — |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |
Senior notes | 4.0 | % | 2040 | 921 |  | 949 |
Enbridge Pipelines Inc. |  |  |  |
Medium-term notes 5 | 4.2 | % | 2023 - 2051 | 5,425 |  | 5,575 |
Debentures | 8.2 | % | 2024 | 200 |  | 200 |
Commercial paper and credit facility draws | 4.6 | % | 2024 | 312 |  | 667 |
Enbridge Southern Lights LP |  |  |  |
Senior notes | 4.0 | % | 2040 | 222 |  | 240 |
Spectra Energy Capital, LLC |  |  |  |
Senior notes | 7.0 | % | 2032 - 2038 | 234 |  | 218 |
Algonquin Gas Transmission, LLC |  |  |  |
Senior notes | 3.3 | % | 2024 - 2029 | 1,152 |  | 1,074 |
East Tennessee Natural Gas, LLC |  |  |  |
Senior notes | 3.1 | % | 2024 | 258 |  | 240 |
Texas Eastern Transmission, LP |  |  |  |
Senior notes | 3.3 | % | 2028 - 2048 | 3,455 |  | 3,095 |
Spectra Energy Partners, LP |  |  |  |
Senior notes | 4.3 | % | 2024 - 2045 | 4,336 |  | 4,042 |
Tri Global Energy, LLC |  |  |  |
Senior notes | 12.7 | % | 2024 | 18 |  | — |
Westcoast Energy Inc. |  |  |  |
Medium-term notes | 4.9 | % | 2024 - 2041 | 1,225 |  | 1,475 |
Debentures | 8.1 | % | 2025 - 2026 | 275 |  | 275 |
Fair value adjustment |  |  | 608 |  | 667 |
Other 6 |  |  | (393) |  | (363) |
Total debt 7 |  |  | 80,980 |  | 75,640 |
Current maturities |  |  | (6,045) |  | (6,164) |
Short-term borrowings 8 |  |  | (1,996) |  | (1,515) |
Long-term debt |  |  | 72,939 |  | 67,961 |
1 For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, during each reset period the interest rate will be reset to equal to the Five-Year US Treasury rate or Five-Year Government of Canada bond yield plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events. 2 For an initial five or 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 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 Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points and SOFR plus a margin of 63 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 2022 - $38 billion and US$31 billion; 2021 - $36 billion and US$31 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 4.5% as at December 31, 2022 (2021 - 0.5%). 9 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2022. As at December 31, 2022, all outstanding debt was unsecured. CREDIT FACILITIES The following table provides details of our committed credit facilities as at December 31, 2022:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2023-2027 | 10,987 |  | 7,984 |  | 3,003 |
Enbridge (U.S.) Inc. | 2024-2027 | 8,604 |  | 4,199 |  | 4,405 |
Enbridge Pipelines Inc. | 2024 | 2,000 |  | 312 |  | 1,688 |
Enbridge Gas Inc. | 2024 | 2,000 |  | 2,000 |  | — |
Total committed credit facilities |  | 23,591 |  | 14,495 |  | 9,096 |
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, 2022, we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025. On May 17, 2022, we entered into a three year term loan with a syndicate of Japanese banks for approximately $806 million (¥84.8 billion), which will mature in May 2025 and replaces the approximately $499 million (¥52.5 billion) term loan that matured in May 2022. Additionally, on May 24, 2022, we entered into a 364-day term loan for approximately $1.9 billion, which will mature in May 2023. On June 23, 2022, we renewed approximately $5.5 billion of our 364-day extendible credit facilities to July 2024, which includes a one-year term out provision from July 2023. In July and August 2022, we renewed $12.7 billion of our credit facilities, extending the maturity dates of our 364-day credit facilities to July 2024, inclusive of a one year term out provision from July 2023, and our five year facilities out to July 2027. As a part of the renewals, we increased our credit facilities by approximately $640 million. On December 16, 2022, Enbridge (U.S.) Inc. entered into a five year delay draw term loan in support of solar self-power projects for approximately $479 million, which will mature in December 2027. In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $689 million was unutilized as at December 31, 2022. As at December 31, 2021, we had $1.3 billion of uncommitted demand letter of credit facilities, of which $854 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 2023 to 2027. As at December 31, 2022 and 2021, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.5 billion and $11.3 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, 2022, we completed the following long-term debt issuances totaling US$3.2 billion and $3.4 billion:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars unless otherwise stated) |
Enbridge Inc.
| January 2022 | 5.00% | fixed-to-fixed subordinated notes due January 2082 1 | $750
| February 2022 | Floating rate senior notes due February 2024 2 | US$600
| February 2022 | 2.15% | senior notes due February 2024 | US$400
| February 2022 | 2.50% | senior notes due February 2025 | US$500
| September 2022 | 7.38% | fixed-to-fixed subordinated notes due January 2083 3 | US$500
| September 2022 | 7.63% | fixed-to-fixed subordinated notes due January 2083 4 | US$600
| November 2022 | 5.70% | medium-term notes due November 2027 | $600
| November 2022 | 6.10% | sustainability-linked medium-term notes due November 2032 5 | $900
| November 2022 | 6.51% | medium-term notes due November 2052 | $500
Enbridge Gas Inc.
| August 2022 | 4.15% | medium-term notes due August 2032 | $325
| August 2022 | 4.55% | medium-term notes due August 2052 | $325
Texas Eastern Transmission LP
| December 2022 | 6.20% | senior notes due December 2032 | US$600
1 For the initial 10 years, the notes carry a fixed interest rate. At year 10, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 3.54%. Subsequent to year 10, every five years, the Five-Year Government of Canada bond yield is reset. At year 30, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 4.29%. 2 Notes carry an interest rate set to equal the SOFR plus a margin of 63 basis points. 3 For the initial five years, the notes carry a fixed interest rate. At year five, the interest rate will be set to equal to the Five-Year US Treasury rate plus a margin of 3.71%. At year 10, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 3.96%. Subsequent to year 10, every five years, the Five-Year US Treasury rate is reset. At year 25, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 4.71%. 4 For the initial 10 years, the notes carry a fixed interest rate. At year 10, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 4.42%. Subsequent to year 10, every five years, the Five-Year US Treasury rate will be reset. At year 30, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 5.17%. 5 The sustainability-linked medium-term notes are subject to a sustainability performance target of 35% reduction in emissions intensity at an observation date of December 31, 2030. If the target is not met, on November 9, 2031, the interest rate will be set to equal 6.10% plus a margin of 70 basis points. LONG-TERM DEBT REPAYMENTS During the year ended December 31, 2022, we completed the following long-term debt repayments totaling $1.5 billion and US$2.0 billion, respectively:
Company | Repayment Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
| February 2022 | Floating rate notes 1 | US$750
| February 2022 | 4.85% | medium-term notes | $200
| July 2022 | 2.90% | senior notes | US$700
| December 2022 | 3.19% | medium-term notes | $350
| December 2022 | 3.19% | medium-term notes | $450
Enbridge Gas Inc.
| April 2022 | 4.85% | medium-term notes | $125
Enbridge Pipelines (Southern Lights) L.L.C.
| June and December 2022 | 3.98% | senior notes | US$72
Enbridge Pipelines Inc.
| November 2022 | 2.93% | medium-term notes | $150
Enbridge Southern Lights LP
| June and December 2022 | 4.01% | senior notes | $18
Texas Eastern Transmission, LP
| October 2022 | 2.80% | senior notes | US$500
Westcoast Energy Inc.
| December 2022 | 3.12% | medium-term notes | $250
1 Notes carried an interest rate set to equal the Three-Month LIBOR plus a margin of 50 basis points. 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, 2022, we were in compliance with all debt covenants. INTEREST EXPENSE
Year ended December 31, | 2022 | 2021 | 2020
(millions of Canadian dollars) |  |  |
Debentures and term notes | 2,910 |  | 2,806 |  | 2,873 |
Commercial paper and credit facility draws | 388 |  | 114 |  | 163 |
Amortization of fair value adjustment | (45) |  | (50) |  | (54) |
Capitalized interest | (74) |  | (215) |  | (192) |
| 3,179 |  | 2,655 |  | 2,790 |

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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