DEBT

9 Months Ended

Sep. 30, 2025

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

Maturity date is inclusive of the one-year term out option for certain credit facilities.

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

Notes carry an interest rate set to equal the Canadian Overnight Repo Rate Average plus a margin of 85 basis points.

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

The notes carried an original maturity date in July 2112.

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.

- 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

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+ Details

ENBRIDGE INC 10-Q