Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 3

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 3
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 date in July 2112.

In February 2025, we closed a five-tranche offering consisting of three-year floating medium-term notes, three-year medium-term notes, five-year medium-term notes, 10-year medium-term notes, and re-opened existing 30-year medium-term notes for an aggregate principal amount of $2.8 billion, which mature in February 2028, February 2028, February 2030, February 2035, and August 2054, respectively.

These financing activities, in combination with the financing activities executed in 2024, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects and other operating working capital requirements without requiring access to the capital markets for the next 12 months, should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.

As at March 31, 2025, after adjusting for the impact of floating-to-fixed interest rate swap hedges, approximately 8% of our total debt is exposed to floating rates. Refer to Part I. Item 1. Financial Statements - Note 9 - Risk Management and Financial Instruments for more information on our interest rate hedging program.

RESULTS OF OPERATIONS 

Three months endedMarch 31, 20252024(millions of Canadian dollars, except per share amounts)  Segment earnings/(loss) before interest, income taxes and depreciation and amortization1Liquids Pipelines2,593 2,404 Gas Transmission1,473 1,265 Gas Distribution and Storage1,600 765 Renewable Power Generation223 257 Eliminations and Other40 (642)Earnings before interest, income taxes and depreciation and amortization15,929 4,049 Depreciation and amortization(1,408)(1,193)Interest expense(1,334)(905)Income tax expense(697)(386)Earnings attributable to noncontrolling interests(126)(53)Preference share dividends(103)(93)Earnings attributable to common shareholders2,261 1,419 Earnings per common share attributable to common shareholders1.04 0.67 Diluted earnings per common share attributable to common shareholders1.03 0.67 

1Non-GAAP financial measure. Refer to Non-GAAP and Other Financial Measures.

37

EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS

Three months ended March 31, 2025, compared with