Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 70

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 70
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 outstanding principal amount of the Enbridge Canadian dollar-denominated notes was approximately $15.1 billion.

Rule 3-10 of the US SEC Regulation S-X provides an exemption from the reporting requirements of the Exchange Act for fully consolidated subsidiary issuers of guaranteed securities and subsidiary guarantors and allows for summarized financial information in lieu of filing separate financial statements for each of the Partnerships.

48

The following Summarized Combined Statement of Earnings and Summarized Combined Statements of Financial Position combines the balances of SEP, EEP, and Enbridge.

Summarized Combined Statement of Earnings

Three months ended March 31,2025(millions of Canadian dollars)Operating income34 Loss(32)Loss attributable to common shareholders(134)

Summarized Combined Statements of Financial Position

March 31,2025December 31,2024(millions of Canadian dollars)Cash and cash equivalents2,1702,000Accounts receivable from affiliates3,8913,901Short-term loans receivable from affiliates4,0623,892Trade receivables and unbilled revenues5—Other current assets373499Long-term loans receivable from affiliates47,11154,416Other long-term assets2,0712,139Accounts payable to affiliates2,3352,252Short-term loans payable to affiliates1,4811,188Trade payables and accrued liabilities353661Other current liabilities3,7218,047Long-term loans payable to affiliates31,18736,576Other long-term liabilities65,86962,642

The Guaranteed Enbridge Notes and the Guaranteed Partnership Notes are structurally subordinated to the indebtedness of the Subsidiary Non-Guarantors in respect of the assets of those Subsidiary Non-Guarantors.

Under US bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee can be voided, or claims may be subordinated to all other debts of that guarantor if, among other things, the guarantor, at the time the indebtedness evidenced by its guarantee or, in some states, when payments become due under the guarantee:

•received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and was insolvent or rendered insolvent by reason of such incurrence;

•was engaged in a business or transaction for which the guarantor’s remaining assets constituted unreasonably small capital; or

•intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.

The