XML 27 R18.htm IDEA: XBRL DOCUMENT v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT

8. DEBT

 

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at September 30, 2025:

 

 

Maturity1

Total
Facilities

 

Draws2

 

Available

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

Enbridge Inc.

2027-2049

 

8,039

 

 

6,831

 

 

1,208

 

Enbridge (U.S.) Inc.

2027-2030

 

10,461

 

 

3,782

 

 

6,679

 

Enbridge Pipelines Inc.

2027

 

2,000

 

 

1,089

 

 

911

 

Enbridge Gas Inc.

2027

 

2,500

 

 

1,275

 

 

1,225

 

Total committed credit facilities

 

 

23,000

 

 

12,977

 

 

10,023

 

 

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 July 2025, we renewed approximately $8.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2027, which includes a one-year term out provision from July 2026. We also renewed approximately $7.8 billion of our five-year credit facilities, extending the maturity dates to July 2030. Further, we extended the maturity dates of our three-year credit facilities to July 2028.

In July 2025, Enbridge Gas Inc. (Enbridge Gas Ontario) and Enbridge Pipelines Inc. extended the maturity dates of their $2.5 billion and $2.0 billion 364-day extendible credit facilities, respectively, to July 2027, which includes one-year term out provisions from July 2026.

 

In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $994 million was unutilized as at September 30, 2025. As at December 31, 2024, we had $1.4 billion of uncommitted demand letter of credit facilities, of which $931 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 our commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2027 to 2049.

 

As at September 30, 2025 and December 31, 2024, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year of $11.7 billion and $10.3 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 nine months ended September 30, 2025, we completed the following long-term debt issuances totaling $4.6 billion and US$2.8 billion:

Company

Issue Date

 

 

Principal
Amount

(millions of Canadian dollars, unless otherwise stated)

Enbridge Inc.

 

February 2025

Floating rate medium-term notes due February 20281

$400

 

February 2025

3.55%

medium-term notes due February 2028

$300

 

February 2025

3.90%

medium-term notes due February 2030

$800

 

February 2025

4.56%

medium-term notes due February 2035

$700

 

February 2025

5.32%

medium-term notes due August 2054

$600

 

June 2025

4.60%

senior notes due June 2028

US$400

 

June 2025

4.90%

senior notes due June 2030

US$600

 

June 2025

5.55%

senior notes due June 2035

US$900

 

June 2025

5.95%

senior notes due April 2054

US$350

 

September 2025

5.15%

fixed-to-fixed subordinated notes due December 20552

$1,000

Enbridge Gas Inc.

 

September 2025

4.16%

medium-term notes due September 2035

$500

 

September 2025

4.84%

medium-term notes due September 2055

$300

The East Ohio Gas Company

 

June 2025

5.68%

senior notes due June 2035

US$250

 

June 2025

6.32%

senior notes due June 2055

US$250

 

1
Notes carry an interest rate set to equal the Canadian Overnight Repo Rate Average plus a margin of 85 basis points.
2
For the initial 5.25 years, the notes carry a fixed interest rate. On December 17, 2030, the interest rate will be reset to equal the Five-Year Government of Canada bond yield plus a margin of 2.39%.

 

LONG-TERM DEBT REPAYMENTS

During the nine months ended September 30, 2025, we completed the following long-term debt repayments totaling US$3.0 billion, $2.0 billion and €21 million:

Company

Repayment Date

 

 

Principal
Amount

(millions of Canadian dollars, unless otherwise stated)

Enbridge Inc.

 

January 2025

2.50%

senior notes

US$500

 

February 2025

2.50%

senior notes

US$500

 

June 2025

2.44%

medium-term notes

$550

Enbridge Gas Inc.

 

September 2025

3.31%

medium-term notes

$400

 

September 2025

3.19%

medium-term notes

$200

Enbridge Pipelines (Southern Lights) L.L.C.

 

June 2025

3.98%

senior notes

US$47

Enbridge Pipelines Inc.

 

February 2025

4.10%

medium-term notes1

$100

 

September 2025

3.45%

medium-term notes

$600

Enbridge Southern Lights LP

 

June 2025

4.01%

senior notes

$11

Westcoast Energy Inc.

 

July 2025

8.85%

debentures

$150

Enbridge Energy Partners, L.P.

 

July 2025

5.88%

senior notes2

US$500

Spectra Energy Partners, LP

 

March 2025

3.50%

senior notes

US$500

Blauracke GMBH

 

April 2025

2.10%

senior notes

€21

Enbridge Holdings (Tomorrow RNG), LLC

 

January 2025

4.97%

senior notes

US$309

 

January 2025

4.97%

senior notes

US$85

 

January 2025

4.97%

senior notes

US$19

The East Ohio Gas Company

 

June 2025

1.30%

senior notes

US$500

 

1
The notes carried an original maturity date in July 2112.
2
The notes carried an original maturity date in October 2025.

 

SUBORDINATED TERM NOTES

As at September 30, 2025 and December 31, 2024, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $16.1 billion and $15.5 billion, respectively.

 

FAIR VALUE ADJUSTMENT

As at September 30, 2025 and December 31, 2024, the fair value adjustments to decrease total debt assumed in historical acquisitions were $440 million and $468 million, respectively.

 

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, 2025, we were in compliance with all such debt covenant provisions.