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DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at September 30, 2024:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2025-2049 | 8,835 |  | 3,993 |  | 4,842 |
Enbridge (U.S.) Inc. | 2026-2029 | 10,403 |  | 2,518 |  | 7,885 |
Enbridge Pipelines Inc. | 2026 | 2,000 |  | 1,095 |  | 905 |
Enbridge Gas Inc. | 2026 | 2,500 |  | 930 |  | 1,570 |
Total committed credit facilities |  | 23,738 |  | 8,536 |  | 15,202 |
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 2024, we entered into a delayed-draw term loan facility in support of sustainable retrofit projects for large buildings using decarbonization solutions for $200 million which matures in March 2049. In June 2024, we entered into a five-year, non-revolving term loan facility of US$250 million which matures in June 2029. In July 2024, we renewed approximately $8.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2026, which includes a one-year term out provision from July 2025. We also renewed approximately $7.8 billion of our five-year credit facilities, extending the maturity dates to July 2029. Further, we extended the maturity dates of our three-year credit facilities to July 2027. In July 2024, Enbridge Gas Inc. (Enbridge Gas Ontario) extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025. In July 2024, Enbridge Pipelines Inc. extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from 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 $859 million was unutilized as at September 30, 2024. As at December 31, 2023, we had $1.1 billion of uncommitted demand letter of credit facilities, of which $572 million was unutilized. In October 2024, we increased our letter of credit facilities by $200 million. 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 our commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2025 to 2049. As at September 30, 2024 and December 31, 2023, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $6.8 billion and $3.8 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt. ACQUISITIONS As a result of the EOG Acquisition, RNG Facilities Acquisition, Questar Acquisition and PSNC Acquisition, our debt increased by US$1.9 billion, US$568 million, US$1.0 billion, and US$1.1 billion, respectively, on each acquisition date. Refer to Note 6 - Acquisitions and Dispositions for further details. LONG-TERM DEBT ISSUANCES During the nine months ended September 30, 2024, we completed the following long-term debt issuances totaling US$5.1 billion and $1.8 billion:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated) |
Enbridge Inc. |  |  |  |
| April 2024 | 5.25% | senior notes due April 2027 | US$750
| April 2024 | 5.30% | senior notes due April 2029 | US$750
| April 2024 | 5.63% | senior notes due April 2034 | US$1,200
| April 2024 | 5.95% | senior notes due April 2054 | US$800
| June 2024 | 7.38% | fixed-to-fixed subordinated notes due March 2055 1 | US$500
| June 2024 | 7.20% | fixed-to-fixed subordinated notes due June 2054 2 | US$700
| August 2024 | 4.21% | medium-term notes due February 2030 | $600
| August 2024 | 4.73% | medium-term notes due August 2034 | $800
| August 2024 | 5.32% | medium-term notes due August 2054 | $400
Algonquin Gas Transmission, LLC |  |  |
| July 2024 | 5.95% | senior notes due July 2034 | US$350
1 For the initial 5.5 years, the notes carry a fixed interest rate. On March 15, 2030, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 3.12%. 2 For the initial 9.75 years, the notes carry a fixed interest rate. On June 27, 2034, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 2.97%. LONG-TERM DEBT REPAYMENTS During the nine months ended September 30, 2024, we completed the following long-term debt repayments totaling US$3.6 billion, $0.8 billion and €23 million:
Company | Repayment Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated) |
Enbridge Inc. |  |  |
| February 2024 | Floating rate notes 1 | US$600
| February 2024 | 2.15% | senior notes | US$400
| March 2024 | 5.97% | senior notes 2 | US$700
| June 2024 | 3.50% | senior notes | US$500
Enbridge Gas Inc. |  |  |
| August 2024 | 3.15% | medium-term notes | $215
Enbridge Pipelines (Southern Lights) L.L.C. |
| June 2024 | 3.98% | senior notes | US$42
Enbridge Pipelines Inc. |
| February 2024 | 8.20% | debentures | $200
Enbridge Southern Lights LP |  |  |
| January and July 2024 | 4.01% | senior notes | $20
Westcoast Energy Inc. |  |  |
| September 2024 | 3.43% | medium-term notes | $350
Spectra Energy Partners, LP |
| March 2024 | 4.75% | senior notes | US$1,000
Blauracke GmbH |  |  |
| April 2024 | 2.10% | senior notes | €23
Algonquin Gas Transmission, LLC |  |  |
| July 2024 | 3.51% | senior notes | US$350
1 The notes carried an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 63 basis points. 2 The notes carried an original maturity date in March 2026, and were callable in March 2024, which was one year after their issuance. SUBORDINATED TERM NOTES As at September 30, 2024 and December 31, 2023, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $14.8 billion and $13.0 billion, respectively. FAIR VALUE ADJUSTMENT As at September 30, 2024 and December 31, 2023, the fair value adjustments to increase total debt assumed in a historical acquisition were $474 million and $514 million, respectively. As a result of the EOG, Questar, and PSNC Acquisitions, there were additional fair value adjustments of $451 million, $293 million, and $156 million, respectively, to decrease total debt as at September 30, 2024. Amortization of the fair value adjustment is recorded to Interest expense in the Consolidated Statements of Earnings:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 | 2023 |  | 2024 | 2023
(millions of Canadian dollars) |  |  |  |  |
(Increase)/decrease to Interest expense | (9) |  | 12 |  |  | (7) |  | 34 |
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 September 30, 2024, we were in compliance with all such debt covenant provisions.

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