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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
DEBT | DEBT
December 31, | Weighted Average Interest Rate 10 | Maturity | 2023 | 2022
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. |  |  |  |
US dollar senior notes | 4.6 | % | 2024 - 2053 | 14,636 |  | 12,060 |
Medium-term notes | 4.5 | % | 2024 - 2064 | 8,598 |  | 8,223 |
Sustainability-linked bonds | 4.7 | % | 2032 - 2033 | 6,751 |  | 3,355 |
Fixed-to-fixed subordinated term notes 1 | 7.5 | % | 2080 - 2084 | 7,156 |  | 3,596 |
Fixed-to-floating rate subordinated term notes 2 | 5.8 | % | 2077 - 2078 | 5,828 |  | 6,736 |
Floating rate notes 3 |  | 2024 | 791 |  | 1,491 |
Fixed-to-floating non-call notes | 6.0 | % | 2026 | 923 |  | — |
Commercial paper and credit facility draws | 4.7 | % | 2024 - 2028 | 3,177 |  | 7,984 |
Other 4 |  |  | 17 |  | 15 |
Enbridge (U.S.) Inc. |  |  |  |
Commercial paper and credit facility draws | 5.6 | % | 2025 - 2028 | 670 |  | 4,199 |
Other 4 |  |  | 263 |  | 7 |
Enbridge Energy Partners, L.P. |  |  |  |
Senior notes | 6.5 | % | 2025 - 2045 | 3,231 |  | 3,320 |
Enbridge Gas Inc. |  |  |  |
Medium-term notes | 4.2 | % | 2024 - 2053 | 10,185 |  | 9,535 |
Debentures | 9.1 | % | 2024 - 2025 | 210 |  | 210 |
Commercial paper and credit facility draws | 5.2 | % | 2025 | 400 |  | 2,000 |
Other 4 |  |  | 2 |  | 1 |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |
Senior notes | 4.0 | % | 2040 | 791 |  | 921 |
Enbridge Pipelines Inc. |  |  |  |
Medium-term notes 5 | 4.3 | % | 2024 - 2053 | 5,425 |  | 5,425 |
Debentures | 8.2 | % | 2024 | 200 |  | 200 |
Commercial paper and credit facility draws | 5.4 | % | 2025 | 449 |  | 312 |
Other 4 |  |  | 4 |  | — |
Enbridge Southern Lights LP |  |  |  |
Senior notes | 4.0 | % | 2040 | 214 |  | 222 |
Spectra Energy Capital, LLC |  |  |  |
Senior notes | 7.0 | % | 2032 - 2038 | 228 |  | 234 |
Algonquin Gas Transmission, LLC |  |  |  |
Senior notes | 3.3 | % | 2024 - 2029 | 1,121 |  | 1,152 |
East Tennessee Natural Gas, LLC |  |  |  |
Senior notes | 3.1 | % | 2024 | 251 |  | 258 |
Texas Eastern Transmission, LP |  |  |  |
Senior notes | 4.7 | % | 2028 - 2048 | 3,362 |  | 3,455 |
Spectra Energy Partners, LP |  |  |  |
Senior notes | 4.3 | % | 2024 - 2045 | 4,220 |  | 4,336 |
Tri Global Energy, LLC |  |  |  |
Senior notes |  |  | — |  | 18 |
Blauracke GmbH 6 |  |  |  |
Senior notes | 2.1 | % | 2032 | 521 |  | — |
Westcoast Energy Inc. |  |  |  |
Medium-term notes | 4.9 | % | 2024 - 2041 | 1,225 |  | 1,225 |
Debentures | 8.1 | % | 2025 - 2026 | 275 |  | 275 |
Fair value adjustment |  |  | 514 |  | 608 |
Other 7 |  |  | (439) |  | (393) |
Total debt 8 |  |  | 81,199 |  | 80,980 |
Current maturities |  |  | (6,084) |  | (6,045) |
Short-term borrowings 9 |  |  | (400) |  | (1,996) |
Long-term debt |  |  | 74,715 |  | 72,939 |
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 Secured Overnight Financing Rate (SOFR) 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 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 In November 2023, as a part of the acquisition of an additional 49% interest in ERII, we assumed debt of $524 million (€358 million). As at December 31, 2023 $61 million (€42 million) and $460 million (€316 million) are recorded within Current portion of long-term debt and Long-term debt, respectively, on the Consolidated Statements of Financial Position. Refer to Note 13 - Long-Term Investments for further details on the transaction. 7 Primarily unamortized discounts, premiums and debt issuance costs. 8 2023 - $37 billion, US$33 billion and €359 million; 2022 - $38 billion, US$31 billion and nil. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment. 9 Weighted average interest rates on outstanding commercial paper were 5.2% as at December 31, 2023 (2022 - 4.5%). 10 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2023. As at December 31, 2023, all outstanding debt was unsecured. CREDIT FACILITIES The following table provides details of our committed credit facilities as at December 31, 2023:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2024-2028 | 8,876 |  | 3,177 |  | 5,699 |
Enbridge (U.S.) Inc. | 2025-2028 | 8,373 |  | 670 |  | 7,703 |
Enbridge Pipelines Inc. | 2025 | 2,000 |  | 449 |  | 1,551 |
Enbridge Gas Inc. | 2025 | 2,500 |  | 400 |  | 2,100 |
Total committed credit facilities |  | 21,749 |  | 4,696 |  | 17,053 |
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. In March 2023, Enbridge Gas increased its 364-day extendible credit facility from $2.0 billion to 2.5 billion and in July 21, 2023, the facility's maturity date was extended to July 2025, which includes a one-year term out provision from July 2024. In July 2023, Enbridge Pipelines Inc. extended the maturity date of its 364-day extendible credit facility to July 2025, which includes a one-year term out provision from July 2024. In July 2023, we renewed approximately $6.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2025, which includes a one-year term out provision from July 2024. We also renewed approximately $7.6 billion of our five-year credit facilities, extending the maturity dates to July 2028. Further, we extended our three-year credit facilities, extending the maturity dates to July 2026. In September 2023, we obtained commitments for a US$9.4 billion senior unsecured bridge term loan credit facility to support the Acquisitions. The commitment for this facility was subsequently reduced to nil as at December 31, 2023 as a result of the September 2023 $4.6 billion equity offering, the September 2023 subordinated long-term debt issuances, and the November 2023 senior notes long-term debt issuances. In addition to the committed credit facilities noted above, we maintain $1.1 billion of uncommitted demand letter of credit facilities, of which $572 million was unutilized as at December 31, 2023. As at December 31, 2022, we had $1.3 billion of uncommitted demand letter of credit facilities, of which $689 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 2024 to 2028. As at December 31, 2023 and 2022, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $3.8 billion and $10.5 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, 2023, we completed the following long-term debt issuances totaling US$8.5 billion and $3.9 billion:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars unless otherwise stated) |
Enbridge Inc.
| March 2023 | 5.70% | sustainability-linked senior notes due March 2033 1 | US$2,300
| March 2023 | 5.97% | senior notes due March 2026 2 | US$700
| May 2023 | 4.90% | medium-term notes due May 2028 | $600
| May 2023 | 5.36% | sustainability-linked medium-term notes due May 2033 3 | $400
| May 2023 | 5.76% | medium-term notes due May 2053 | $500
| September 2023 | 8.50% | fixed-to-fixed subordinated notes due January 2084 4 | US$1,250
| September 2023 | 8.25% | fixed-to-fixed subordinated notes due January 2084 5 | US$750
| September 2023 | 8.75% | fixed-to-fixed subordinated notes due January 2084 6 | $700
| September 2023 | 8.50% | fixed-to-fixed subordinated notes due January 2084 7 | $300
| November 2023 | 5.90% | senior notes due November 2026 | US$750
| November 2023 | 6.00% | senior notes due November 2028 | US$750
| November 2023 | 6.20% | senior notes due November 2030 | US$750
| November 2023 | 6.70% | senior notes due November 2053 | US$1,250
Enbridge Gas Inc.
| October 2023 | 5.46% | medium-term notes due October 2028 | $250
| October 2023 | 5.70% | medium-term notes due October 2033 | $400
| October 2023 | 5.67% | medium-term notes due October 2053 | $350
Enbridge Pipelines Inc.
| August 2023 | 5.82% | medium-term notes due August 2053 | $350
1 The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on September 8, 2031, the interest rate will be set to equal 5.70% plus 50 basis points. 2 We have the option to call the notes at par after one year from issuance. Refer to Note 23 - Risk Management and Financial Instruments. 3 The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on November 26, 2031, the interest rate will be set to equal 5.36% plus 50 basis points. 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 4.43%. Subsequent to year 10, every five years, the Five-year US treasury rate is reset. At year 30, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 5.18%. 5 For the initial five years, the notes carry a fixed interest rate. At year five, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 3.79%. At year 10, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 4.04%. 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 4.79%. 6 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 4.96%. Subsequent to year 10, every five years, the Government of Canada bond yield rate 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 5.71%. 7 For the initial five years, the notes carry a fixed interest rate. At year five, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 4.30%. At year 10, the interest rate will be reset to equal the Five-Year Government of Canada bond yield plus a margin of 4.55%. Subsequent to year 10, every five years, the Five-Year Government of Canada bond yield is reset. At year 25, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 5.30%. LONG-TERM DEBT REPAYMENTS During the year ended December 31, 2023, we completed the following long-term debt repayments totaling $1.4 billion and US$2.5 billion, respectively:
Company | Repayment Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
| January 2023 | 3.94% | medium-term notes | $275
| February 2023 | Floating rate notes 1 | US$500
| April 2023 | 6.38% | fixed-to-floating rate subordinated notes 2 | US$600
| June 2023 | 3.94% | medium-term notes | $450
| October 2023 | 4.00% | senior notes | US$800
| October 2023 | 0.55% | senior notes | US$500
Enbridge Gas Inc.
| July 2023 | 6.05% | medium-term notes | $100
| July 2023 | 3.79 | % | medium-term notes | $250
Enbridge Pipelines (Southern Lights) L.L.C.
| June and December 2023 | 3.98% | senior notes | US$80
Enbridge Pipelines Inc.
| August 2023 | 3.79% | medium-term notes | $250
| November 2023 | 6.35% | medium-term notes | $100
Enbridge Southern Lights LP
| June 2023 | 4.01% | senior notes | $9
Tri Global Energy, LLC
| January 2023 | 10.00% | senior notes | US$4
| January 2023 | 14.00% | senior notes | US$9
1 Notes carried an interest rate set to equal the SOFR plus a margin of 40 basis points. 2 The five-year callable notes, with an original maturity date of April 2078, were all redeemed at par. 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, 2023, we were in compliance with all debt covenants. ANNUAL DEBT MATURITIES As at December 31, 2023, we have commitments as detailed below:
| Total | Less than 1 year | 2 years | 3 years | 4 years | 5 years | Thereafter
(millions of Canadian dollars) |  |  |  |  |  |  |
Annual debt maturities 1 | 80,438 |  | 6,067 |  | 6,405 |  | 5,630 |  | 3,377 |  | 5,307 |  | 53,652 |
1 Includes debentures, term notes, commercial paper and credit facility draws based on the facility's maturity date and excludes short-term borrowings, debt discounts, debt issuance costs, finance lease obligations and fair value adjustment. We have the ability under certain debt facilities to call and repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above. INTEREST EXPENSE
Year ended December 31, | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |
Debentures and term notes | 3,439 |  | 2,910 |  | 2,806 |
Commercial paper and credit facility draws | 519 |  | 388 |  | 114 |
Amortization of fair value adjustment | (45) |  | (45) |  | (50) |
Capitalized interest | (101) |  | (74) |  | (215) |
| 3,812 |  | 3,179 |  | 2,655 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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