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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of 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.
Schedule of Committed 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.
Schedule of Long-term Debt Issuances | 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.
Schedule of 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.
Schedule of Interest Expense | 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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