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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT
December 31, | Weighted Average Interest Rate 8 | Maturity | 2024 | 2023
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. |  |  |  |
US dollar senior notes | 4.8 | % | 2025 - 2054 | 19,703 |  | 14,636 |
Medium-term notes | 4.5 | % | 2025 - 2064 | 9,900 |  | 8,598 |
Sustainability-linked bonds | 4.7 | % | 2032 - 2033 | 7,146 |  | 6,751 |
Fixed-to-fixed subordinated term notes 1 | 7.4 | % | 2054 - 2084 | 9,372 |  | 7,156 |
Fixed-to-floating rate subordinated term notes 2 | 5.8 | % | 2077 - 2078 | 6,139 |  | 5,828 |
Floating rate notes |  |  | — |  | 791 |
Fixed-to-floating non-call notes |  |  | — |  | 923 |
Commercial paper and credit facility draws | 3.7 | % | 2025 - 2029 | 5,843 |  | 3,177 |
Other 3 |  |  | 12 |  | 17 |
Enbridge (U.S.) Inc. |  |  |  |
Commercial paper and credit facility draws | 4.8 | % | 2026 - 2029 | 4,707 |  | 670 |
Other 3 |  |  | 276 |  | 263 |
Enbridge Energy Partners, L.P. |  |  |  |
Senior notes | 6.5 | % | 2025 - 2045 | 3,524 |  | 3,231 |
Enbridge Gas Inc. |  |  |  |
Medium-term notes | 4.1 | % | 2025 - 2053 | 9,970 |  | 10,185 |
Debentures | 8.7 | % | 2025 | 125 |  | 210 |
Commercial paper and credit facility draws | 3.4 | % | 2026 | 530 |  | 400 |
Other 3 |  |  | 1 |  | 2 |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |
Senior notes | 4.0 | % | 2040 | 736 |  | 791 |
Enbridge Pipelines Inc. |  |  |  |
Medium-term notes 4 | 4.2 | % | 2025 - 2053 | 5,425 |  | 5,425 |
Debentures |  |  | — |  | 200 |
Commercial paper and credit facility draws | 3.8 | % | 2026 | 509 |  | 449 |
Other 3 |  |  | 2 |  | 4 |
Enbridge Southern Lights LP |  |  |  |
Senior notes | 4.0 | % | 2040 | 183 |  | 214 |
Spectra Energy Capital, LLC |  |  |  |
Senior notes | 7.1 | % | 2032 - 2038 | 248 |  | 228 |
Algonquin Gas Transmission, LLC |  |  |  |
Senior notes | 4.4 | % | 2029 - 2034 | 1,222 |  | 1,121 |
East Tennessee Natural Gas, LLC |  |  |  |
Senior notes | 5.7 | % | 2034 | 662 |  | 251 |
Texas Eastern Transmission, LP |  |  |  |
Senior notes | 4.7 | % | 2028 - 2048 | 3,667 |  | 3,362 |
Spectra Energy Partners, LP |  |  |  |
Senior notes | 4.2 | % | 2025 - 2045 | 3,164 |  | 4,220 |
Blauracke GmbH |  |  |  |
Senior notes | 2.1 | % | 2032 | 471 |  | 521 |
The East Ohio Gas Company |  |  |  |
Senior notes | 3.1 | % | 2025 - 2052 | 3,308 |  | — |
Other 3 |  |  | 24 |  | — |
Questar Gas Company |  |  |  |
Senior notes | 4.2 | % | 2027 - 2052 | 2,028 |  | — |
Public Service Company of North Carolina, Incorporated |  |  |  |
Senior notes | 5.0 | % | 2026 - 2054 | 1,798 |  | — |
Enbridge Holdings (Tomorrow RNG), LLC |  |  |  |
Senior notes | 4.9 | % | 2025 | 817 |  | — |
Westcoast Energy Inc. |  |  |  |
Medium-term notes | 5.4 | % | 2025 - 2041 | 875 |  | 1,225 |
Debentures | 8.1 | % | 2025 - 2026 | 275 |  | 275 |
Fair value adjustment |  |  | (468) |  | 514 |
Other 5 |  |  | (522) |  | (439) |
Total debt 6 |  |  | 101,672 |  | 81,199 |
Current maturities |  |  | (7,729) |  | (6,084) |
Short-term borrowings 7 |  |  | (529) |  | (400) |
Long-term debt |  |  | 93,414 |  | 74,715 |
1 For an initial five, 5.5, 9.75 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 Primarily finance lease obligations. 4 Included in medium-term notes is $100 million with a maturity date of 2112. 5 Primarily unamortized discounts, premiums and debt issuance costs. 6 2024 - $40 billion, US$43 billion and €316 million; 2023 - $37 billion, US$33 billion and €359 million. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment. 7 Weighted average interest rates on outstanding commercial paper were 3.4% as at December 31, 2024 (2023 - 5.2%). 8 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2024. As at December 31, 2024, all outstanding debt was unsecured. CREDIT FACILITIES The following table provides details of our committed credit facilities as at December 31, 2024:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2025-2049 | 8,840 |  | 5,843 |  | 2,997 |
Enbridge (U.S.) Inc. | 2026-2029 | 10,813 |  | 4,707 |  | 6,106 |
Enbridge Pipelines Inc. | 2026 | 2,000 |  | 509 |  | 1,491 |
Enbridge Gas Inc. | 2026 | 2,500 |  | 530 |  | 1,970 |
Total committed credit facilities |  | 24,153 |  | 11,589 |  | 12,564 |
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 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 January 2024 and October 2024, we entered into new letters of credit facilities and increased our letter of credit facilities by $146 million and $200 million, respectively. In addition to the committed credit facilities noted above, we maintain $1.4 billion of uncommitted demand letter of credit facilities, of which $931 million was unutilized as at December 31, 2024. As at December 31, 2023, we had $1.1 billion of uncommitted demand letter of credit facilities, of which $572 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 2025 to 2049. As at December 31, 2024 and 2023, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.3 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 8 - Acquisitions and Disposition for further details. LONG-TERM DEBT ISSUANCES During the year ended December 31, 2024, we completed the following long-term debt issuances totaling US$5.7 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
East Tennessee Natural Gas, LLC
| December 2024 | 5.72% | senior notes due December 2034 | US$460
Questar Gas Company
| December 2024 | 5.33% | senior notes due December 2034 | US$200
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 year ended December 31, 2024, we completed the following long-term debt repayments totaling US$3.9 billion, $1.4 billion, and €43 million, respectively:
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
| November 2024 | 3.95% | medium-term notes | $500
Enbridge Gas Inc.
| August 2024 | 3.15% | medium-term notes | $215
| December 2024 | 9.85 | % | debentures | $85
Enbridge Pipelines (Southern Lights) L.L.C.
| June and December 2024 | 3.98% | senior notes | US$89
Enbridge Pipelines Inc.
| February 2024 | 8.20% | debentures | $200
Enbridge Southern Lights LP
| January, July and December 2024 | 4.01% | senior notes | $31
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 and October 2024 | 2.10% | senior notes | €43
Algonquin Gas Transmission, LLC
| July 2024 | 3.51% | senior notes | US$350
Questar Gas Company
| December 2024 | 2.98% | senior notes | US$40
East Tennessee Natural Gas, LLC
| December 2024 | 3.10% | senior notes | US$190
1 Notes carried an interest rate set to equal the SOFR 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. 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, 2024, we were in compliance with all debt covenants. ANNUAL DEBT MATURITIES As at December 31, 2024, 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 | 101,819 |  | 7,724 |  | 7,379 |  | 4,704 |  | 3,056 |  | 13,578 |  | 65,378 |
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, | 2024 | 2023 | 2022
(millions of Canadian dollars) |  |  |
Debentures and term notes | 4,123 |  | 3,439 |  | 2,910 |
Commercial paper and credit facility draws | 439 |  | 519 |  | 388 |
Amortization of fair value adjustment | 18 |  | (45) |  | (45) |
Capitalized interest | (161) |  | (101) |  | (74) |
| 4,419 |  | 3,812 |  | 3,179 |

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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