Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 12

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 12
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 set forth under the heading “Item 1A. Risk Factors” in the 2024 Annual Report, incorporated by reference into this prospectus supplement and the accompanying prospectus. The following risks and uncertainties as well as risks and uncertainties presently unknown to us could materially and adversely affect our financial condition and results of operations. In that event, the value of our securities, including the Notes, or our ability to meet our obligations under the Notes, may be adversely affected.

<div align='center'>Risks Related to the Notes</div>

We are a holding company and as a result are dependent on our subsidiaries to generate sufficient cash and distribute cash to us to service our indebtedness, including the Notes.

Our ability to make payments
on our indebtedness, fund our ongoing operations and invest in capital expenditures and any acquisitions will depend on our subsidiaries’
(including subsidiary partnerships and joint-ventures through which we conduct business) ability to generate cash in the future and distribute
that cash to us. It is possible that our subsidiaries may not generate cash from operations in an amount sufficient to enable us to service
our indebtedness, including the Notes of any series. The Notes are U.S. dollar-denominated obligations and a substantial portion of our
subsidiaries’ revenues are denominated in Canadian dollars. Fluctuations in the exchange rate between the U.S. and Canadian dollars
may adversely affect our ability to service or refinance our U.S. dollar-denominated indebtedness, including the Notes.

The Notes are structurally subordinated to the indebtedness of our non-Guarantor subsidiaries.

The Notes are not guaranteed
by our subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business) that are not Guarantors and
are thus structurally subordinated to all of the debt of these subsidiaries. Additionally, each of the Guarantors will be released from
its guarantees following the repayment in full or discharge or defeasance of such Guarantor’s debt securities outstanding as of
January 22, 2019, or upon the occurrence of certain other events, as described under “Description of the Notes and the Guarantees
— Guarantees” in this prospectus supplement, in which case the Notes will be structurally subordinated to all of the debt
of that former guarantor subsidiary. The Corporation’s interests in its subsidiaries and the partnerships and joint ventures through
which it conducts business generally consist of equity interests, which are residual claims on the assets of those entities after their
creditors are satisfied