17. DEBT


December 31,	Weighted Average Interest Rate8	Maturity	2025	2024
(millions of Canadian dollars)
Enbridge Inc.
US dollar senior notes	5.0%	2026 - 2054	22,550	19,703
Medium-term notes	4.6%	2026 - 2064	11,719	9,900
Sustainability-linked bonds	4.7%	2032 - 2033	6,924	7,146
Fixed-to-fixed subordinated term notes1	7.2%	2054 - 2084	10,015	9,372
Fixed-to-floating rate subordinated term notes2	5.8%	2077 - 2078	5,964	6,139
Floating rate notes3		2028	400	—
Commercial paper and credit facility draws	3.0%	2027 - 2049	6,488	5,843
Other4			24	12
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws	4.1%	2027 - 2030	4,636	4,707
Other4			528	276
Enbridge Energy Partners, L.P.
Senior notes	6.7%	2026 - 2045	2,673	3,524
Enbridge Gas Inc.
Medium-term notes	4.2%	2026 - 2055	10,150	9,970
Debentures		2025	—	125
Commercial paper and credit facility draws	2.4%	2027	1,030	530
Other4			—	1
Enbridge Pipelines (Southern Lights) LLC
Senior notes	4.0%	2040	618	736
Enbridge Pipelines Inc.
Medium-term notes	4.3%	2026 - 2053	4,725	5,425
Commercial paper and credit facility draws	2.7%	2027	1,024	509
Other4			—	2
Enbridge Southern Lights LP
Senior notes	4.0%	2040	168	183
Spectra Energy Capital, LLC
Senior notes	7.1%	2032 - 2038	237	248
Algonquin Gas Transmission, LLC
Senior notes	4.4%	2029 - 2034	1,165	1,222
East Tennessee Natural Gas, LLC
Senior notes	5.7%	2034	631	662
Texas Eastern Transmission, LP
Senior notes	4.7%	2028 - 2048	3,496	3,667
Spectra Energy Partners, LP
Senior notes	4.4%	2026 - 2045	2,330	3,164
Blauracke GmbH
Senior notes	2.1%	2032	446	471
The East Ohio Gas Company
Senior notes	4.3%	2030 - 2056	3,701	3,308
Other4			23	24
Questar Gas Company
Senior notes	4.2%	2027 - 2052	1,933	2,028
Public Service Co. of North Carolina
Senior notes	4.8%	2026	1,576	1,654
Debentures	7.2%	2028 - 2054	137	144
Enbridge Holdings (Tomorrow RNG), LLC
Senior notes			—	817
Westcoast Energy Inc.
Medium-term notes	6.2%	2027 - 2041	550	875
Debentures	7.3%	2026	125	275
Other4			2	—
Fair value adjustment			(430)	(468)
Other5			(534)	(522)
Total debt6			105,024	101,672
Current maturities			(5,031)	(7,729)
Short-term borrowings7			(1,030)	(529)
Long-term debt			98,963	93,414

For an initial five, 5.25, 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.

For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate converts to a floating rate. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.

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

Primarily finance lease obligations.

Primarily unamortized discounts, premiums and debt issuance costs.

2025 - $43 billion, US$45 billion and €277 million; 2024 - $40 billion, US$43 billion and €316 million. Totals exclude finance lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment.

Weighted average interest rates on outstanding commercial paper were 2.4% as at December 31, 2025 (2024 - 3.4%).

Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2025.

As at December 31, 2025, all outstanding debt was unsecured.

CREDIT FACILITIES

The following table provides details of our committed credit facilities as at December 31, 2025:


	Maturity1	Total Facility		Draws2		Available
(millions of Canadian dollars)
Enbridge Inc.	2027-2049		8,033		6,488		1,545
Enbridge (U.S.) Inc.	2027-2030		10,307		4,636		5,671
Enbridge Pipelines Inc.	2027		2,000		1,024		976
Enbridge Gas Inc.	2027		2,500		1,030		1,470
Total committed credit facilities			22,840		13,178		9,662

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 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 a one-year term out provision 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 $932 million was unutilized as at December 31, 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 December 31, 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 $12.1 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 year ended December 31, 2025, we completed the following long-term debt issuances totaling $4.6 billion and US$4.7 billion:


Company	Issuance 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
	November 2025	4.20%	senior notes due November 2028	US$500
	November 2025	4.50%	senior notes due February 2031	US$500
	November 2025	5.20%	senior notes due November 2035	US$500
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
	December 2025	5.23%	senior notes due March 2036	US$250
	December 2025	5.95%	senior notes due March 2056	US$150

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 year ended December 31, 2025, we completed the following long-term debt repayments totaling US$3.1 billion, $2.5 billion and €39 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
	October 2025	8.85%	medium-term notes	$20
	November 2025	8.65%	debentures	$125
Enbridge Pipelines (Southern Lights) L.L.C.
	June and December 2025	3.98%	senior notes	US$61
Enbridge Pipelines Inc.
	February 2025	4.10%	medium-term notes1	$100
	September 2025	3.45%	medium-term notes	$600
Enbridge Southern Lights LP
	June and December 2025	4.01%	senior notes	$15
Westcoast Energy Inc.
	July 2025	8.85%	debentures	$150
	November 2025	8.80%	medium-term notes	$25
	December 2025	3.77%	medium-term notes	$300
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 and October 2025	2.10%	senior notes	€39
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
	December 2025	4.80%	senior notes	US$7
	December 2025	4.80%	senior notes	US$90
	December 2025	4.80%	senior notes	US$58
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.

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

ANNUAL DEBT MATURITIES

As at December 31, 2025, 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 maturities1	104,410	4,988	8,995	4,900	5,704	12,584	67,239

Includes debentures, term notes, commercial paper and credit facility draws based on the facility's maturity date and excludes short-term borrowings, unamortized discounts, premiums, 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,	2025		2024		2023
(millions of Canadian dollars)
Debentures and term notes	4,688		4,123		3,439
Commercial paper and credit facility draws	559		439		519
Amortization of fair value adjustment	31		18		(45	)
Capitalized interest	(255	)	(161	)	(101	)
	5,023		4,419		3,812

Historical Timeline

Fiscal Year	Filed
2025	Feb 13, 2026	Showing above
2024	Feb 14, 2025

2023	Feb 9, 2024

2022	Feb 10, 2023

2021	Feb 11, 2022

2020	Feb 12, 2021

2019	Feb 14, 2020

2018	Feb 15, 2019

2017	Feb 16, 2018

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

ENBRIDGE INC Debt Disclosure

Historical Timeline

About Debt Disclosures

Other Available Disclosures