Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 66

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 66
---
Notes carry an interest rate set to equal the Canadian Overnight Repo Rate Average plus a margin of 85 basis points.

44

LONG-TERM DEBT REPAYMENTS

During the three months ended March 31, 2025, we completed the following long-term debt repayments totaling US$1.9 billion, and $0.1 billion:

CompanyRepayment DatePrincipal Amount(millions of Canadian dollars, unless otherwise stated)Enbridge Inc.January 20252.50%senior notesUS$500February 20252.50%senior notesUS$500Enbridge Pipelines Inc.February 20254.10%medium-term notes1$100Spectra Energy Partners, LPMarch 20253.50%senior notesUS$500Enbridge Holdings (Tomorrow RNG), LLCJanuary 20254.97%senior notesUS$309January 20254.97%senior notesUS$85January 20254.97%senior notesUS$19

1The notes carried an original maturity date in July 2112.

Cash flow growth, ready access to liquidity from diversified sources and a stable business model have enabled us to manage our credit profile. We actively monitor and manage key financial metrics with the objective of sustaining investment grade credit ratings from the major credit rating agencies and ongoing access to bank funding and term debt capital on attractive terms. Key measures of financial strength that are closely managed include the ability to service debt obligations from operating cash flow and the ratio of debt to EBITDA.

There are no material restrictions on our cash. Total restricted cash of $126 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.

Excluding current maturities of long-term debt, as at March 31, 2025 and December 31, 2024, we had positive and negative working capital positions of $0.1 billion and $2.9 billion, respectively. During the three months ended March 31, 2025, the major contributing factor to the positive working capital position was due to settlement of current liabilities, while during the year ended December 31, 2024, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.

45

S