Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 17

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 17
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 Company Americas, as Trustee. The Notes will not be offered or sold
to persons in Canada pursuant to this prospectus supplement. The Trustee will initially serve as paying agent for the Notes. The following
summary of certain provisions of the Indenture and the Notes does not purport to be complete and is qualified in its entirety by reference
to the actual provisions of the Indenture.

General

The Trustee under the Indenture
is referred to in this section as the “Trustee”, which term shall include, unless the context otherwise requires, its successors
and assigns. Capitalized terms used but not defined in this section shall have the meanings given to them in the Indenture.

The Notes will be direct,
unsecured and unsubordinated obligations of the Corporation, issued under the Indenture and will rank equally with all other existing
and future unsecured and unsubordinated indebtedness of the Corporation other than preferred claims imposed by statute. The Notes will
be guaranteed by both Guarantors. See “— Guarantees” in this prospectus supplement. In addition, our business operations
are conducted substantially through our subsidiaries and through partnerships and joint ventures. The Notes will be structurally subordinated
to all existing and future liabilities of our subsidiaries other than the Guarantors. As of September 30, 2025, the long-term debt
(excluding current portion, as well as guarantees and intercompany obligations between the Corporation and its subsidiaries) of the Corporation’s
subsidiaries other than the Guarantors totaled approximately $32,449 million. At September 30, 2025, as determined under U.S. GAAP,
the Corporation’s total consolidated long-term debt and long-term debt due within one year was, in aggregate principal amount, approximately
$102,435 million (excluding the Notes and the Corporation’s proportionate share of non-recourse debt of joint ventures), none
of which was secured debt. There are no terms of the Indenture that limit the ability of the Corporation or its subsidiaries, partnerships
or joint ventures to issue preferred stock or incur additional indebtedness, including in the case of the Corporation and its subsidiaries,
partnerships and joint ventures, indebtedness that ranks, either effectively or by contract, senior to the Notes. See “— Covenants”
in this prospectus supplement. Nonetheless, we do not expect either Guarantor to issue any preferred stock or any additional debt after
the date of this prospectus supplement.

The Notes may be redeemed