Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 23

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 23
---
 limited partnership or other equity interests in that Guarantor as a result of which that Guarantor ceases to be a consolidated subsidiary 
 of the Corporation;                                                                                                                        |

| · | the merger of that Guarantor into the Corporation or the other Guarantor or the liquidation and dissolution 
 of that Guarantor;                                                                                          |

| · | with respect to any series of the Notes, the repayment in full or discharge or defeasance of Notes of 
 that series as contemplated by the Indenture;                                                         |

| S-15 |

The Trustee

Deutsche Bank Trust Company
Americas is the Trustee under the Indenture governing the Notes. An affiliate of the Trustee is a lender under certain of the credit facilities
of Enbridge and its subsidiary, Enbridge (U.S.) Inc., described under “Underwriting” in this prospectus supplement, and
affiliates of the Trustee may have further commercial banking, advisory and other relationships with Enbridge and its subsidiaries.

Redemption

Optional Redemption

Prior to the applicable Par
Call Date, the Corporation may redeem any series of the Notes, at its option, in whole or in part, at any time and from time to time,
at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

| (1) | (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon                                  
 discounted to the redemption date (assuming the Notes of the applicable series matured on the applicable Par Call Date) on a semi-annual 
 basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15                                          
 basis points in the case of the 2028 Notes, 15 basis points in the case of the                                                           
 2030 Notes, 20 basis points in the case of the 2035 Notes and 25 basis points                                                            
 in the case of the New 2054 Notes, in each case, less (b) interest accrued to the date of redemption, and                                |

| (2) | 100% of the principal amount of the applicable series of the Notes to be redeemed, |

plus, in either case, accrued and unpaid interest
thereon to, but not including, the redemption date.

On or after the applicable
Par Call Date, we may redeem any series of the Notes, in whole or in part, at any time and from time to time, at