5. Debt ENBRIDGE 2000 ANNU AL REPORT 39 Interest Expense 1 Includes $11.6 million of debentures (1999 — $14.5 million) secured by a first mortgage on specific pipeline properties and the assignment of the benefits of  a shipping agreement. 2 Primarily comprised of commercial paper borrowings. Commercial paper debt is due within one year but has been classified as long-term debt, reflecting the Company’s intent and ability to refinance through subsequent issuances of commercial paper or drawing on the committed credit facility. 3 Includes U.S. $130.0 million 9.4% debentures. 4 The effective weighted average interest rates, after giving effect to the interest rate swap agreements (described in Note 9), were 9.1% (1999 — 9.1%) for Energy Transportation debentures, 7.1% (1999 — 7.1%) for Energy Distribution other debt, 8.8% (1999 — 8.8%) for Non-regulated Operations debentures, and 7.4%  for senior term notes. Long-term debt maturities and sinking fund requirements for the years ending December 31, 2001 through 2005 are $426.0 million, $339.6 million, $137.8 million, $162.1 million and $539.3 million. (millions of dollars) December 31, 2000 1999 1998 Long-term debt 415.2 382.8 322.2 Short-term borrowings 18.5 14.9 14.5 Capitalized (6.0) (17.1) (23.8) 427.7 380.6 312.9 (millions of dollars) Weighted Average 4 December 31, Interest Rate Maturity 2000 1999 Regulated Operations Energy Transportation Debentures 1 9.1% 2001–2024 403.7 411.6 Medium term notes 6.5% 2001–2029 702.2 702.0 Other 2 5.8% 24.9 23.5 1,130.8 1,137.1 Energy Distribution Debentures 10.9% 2003–2024 685.0 717.4 Medium term notes 6.6% 2001–2028 1,065.0 1,115.0 Other 2 5.9% 111.5 109.5 1,861.5 1,941.9 Total Regulated Operations 2,992.3 3,079.0 Non-regulated Operations Debentures 3 9.4% 2001 178.1 228.1 Medium term notes 6.2% 2002–2030 1,220.8 694.3 Senior term notes (U.S. $275.0 million) 8.1% 2005–2007 397.8 — Preferred securities 7.8% 2048 9.6 8.9 Variable rate bank borrowings 6.2% 450.0 650.0 Other 2 5.8% 770.1 729.8 Total Non-regulated Operations 3,026.4 2,311.1 Total Long-Term Debt 6,018.7 5,390.1 Current Portion of Long-Term Debt (426.0) (105.3) Long-Term Debt 5,592.7 5,284.8