v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT

 

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at March 31, 2026:

 

 

Maturity1

Total
Facility

 

Draws2

 

Available

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

Enbridge Inc.

2027-2049

 

8,040

 

 

5,905

 

 

2,135

 

Enbridge (U.S.) Inc.

2027-2030

 

10,493

 

 

3,772

 

 

6,721

 

Enbridge Pipelines Inc.

2027

 

2,000

 

 

847

 

 

1,153

 

Enbridge Gas Inc.

2027

 

2,500

 

 

1,490

 

 

1,010

 

Total committed credit facilities

 

 

23,033

 

 

12,014

 

 

11,019

 

 

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 addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $923 million was unutilized as at March 31, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 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 March 31, 2026 and December 31, 2025, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.5 billion and $12.1 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 three months ended March 31, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:

Company

Issuance Date

 

 

Principal
Amount

(millions of Canadian dollars, unless otherwise stated)

Enbridge Inc.

 

February 2026

3.57%

medium-term notes due February 2031

$850

 

February 2026

4.35%

medium-term notes due February 2036

$850

 

February 2026

5.10%

medium-term notes due February 2056

$300

 

March 2026

4.85%

senior notes due March 2031

US$1,000

 

March 2026

5.45%

senior notes due March 2036

US$1,000

 

 

LONG-TERM DEBT REPAYMENTS

During the three months ended March 31, 2026, we completed the following long-term debt repayment totaling US$50 million:

Company

Repayment Date

 

 

Principal
Amount

(millions of Canadian dollars, unless otherwise stated)

Public Service Company of North Carolina, Incorporated

 

January 2026

6.99%

debentures

US$50

 

 

SUBORDINATED TERM NOTES

As at March 31, 2026 and December 31, 2025, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $16.2 billion and $16.0 billion, respectively.

 

FAIR VALUE ADJUSTMENT

As at March 31, 2026 and December 31, 2025, the fair value adjustments to decrease total debt assumed in historical acquisitions were $440 million and $430 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 March 31, 2026, we were in compliance with all such debt covenant provisions.