ENBRIDGE 2000 ANNU AL REPORT 40 Credit Facilities 6. Preferred Securities 7. Share Capital Common Shares Short-term borrowings, which primarily finance gas in storage and other working capital items, are comprised of commercial paper with maturities of less than one year with a weighted average interest rate (including the effect of hedging instruments) of 5.7% at December 31, 2000 (1999 — 4.9%; 1998 — 5.4%). In 2000, total interest paid was $410.5 million (1999 — $399.5 million; 1998 — $319.7 million). Committed facilities carry a weighted average standby fee of 0.091% per annum on the unutilized portion. The committed facilities for Energy Transportation and Energy Distribution expire in 2001 and are extendible annually subject to the approval of the lenders. The committed facilities for corporate purposes expire in 2001 and 2005 and are extendible annually subject to the approval of the lenders. Drawdowns under these facilities bear interest at prevailing market rates. During 1999, the Company completed public offerings of $175 million of 7.6% and $175 million of 8.0% Preferred Securities, for net proceeds of $338.5 million. The Preferred Securities may be redeemed at the Company’s option in whole or in part after the fifth anniversary of each issue. The Company has the right to defer, subject to certain conditions, payments of distributions on the securities for a period of up to 20 consecutive quarterly periods. Deferred and regular distribution amounts are payable in cash or, at the option of the Company, in common shares of the Company. Since the distributions may be settled through the issuance of common shares at the Company’s option, the Preferred Securities are classified into their respective debt and equity components. The equity component of the Preferred Securities is $340.4 million at December 31, 2000 (1999 — $341.1 million). The authorized share capital of the Company consists of an unlimited number of common and preferred shares. (millions of dollars;  number of common shares in thousands) 2000 1999 1998 Number Number Number of Shares Amount of Shares Amount of Shares Amount Balance at beginning of year 156,308 1,677.2 155,710 1,659.8 148,328 1,441.8 Dividend Reinvestment and Share Purchase Plan 217 7.2 200 6.6 178 5.6 Issued to Noverco 600 19.7 — — 3,500 93.3 Shares issued for investment in AltaGas Services — — 217 7.1 — — Public issue 4,500 143.9 — — 3,500 114.5 Other 221 4.6 181 3.7 204 4.6 Balance at end of year 161,846 1,852.6 156,308 1,677.2 155,710 1,659.8 (millions of dollars) Committed Uncommitted Drawdowns Energy Transportation 150.0 — — Energy Distribution 300.3 307.3 16.2 Corporate 1,900.0 — 450.0 2,350.3 307.3 466.2