Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 78

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 78
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ure or otherwise. The Indenture provides that debt
securities will be in registered form, may be issued from time to time in one or more series and may be denominated and payable in U.S.
dollars or any other currency. Unless otherwise specified in the applicable Prospectus Supplement, debt securities may be issued in whole
or in part in a global form and will be registered in the name of and be deposited with The Depository Trust Company or its nominee,
Cede & Co. Unless otherwise indicated in an applicable Prospectus Supplement, the debt securities will be issuable in denominations
of US$1,000 and integral multiples of US$1,000, or in such other denominations as may be set out in the terms of the debt securities
of any particular series.

General

Material Canadian and United
States federal income tax considerations applicable to any debt securities, and special tax considerations applicable to the debt securities
denominated in a currency or currency unit other than Canadian or U.S. dollars, will be described in the Prospectus Supplement relating
to the offering of debt securities.

Unless otherwise indicated
in an applicable Prospectus Supplement, the debt securities will be unsecured obligations and will rank equally with all of the Corporation’s
other unsecured and unsubordinated indebtedness and will be guaranteed by both Guarantors. See “— Guarantees”
below. Enbridge is a holding company that conducts substantially all of its operations and holds substantially all of its assets through
its subsidiaries. As at June 30, 2022, the long-term debt (excluding the current portion, as well as guarantees and intercompany
obligations between the Corporation and its subsidiaries) of Enbridge and its subsidiaries totaled approximately $70.0 billion, of which
approximately $34.5 billion is subsidiary debt. The debt securities issued under this Prospectus will be structurally subordinated to
all existing and future liabilities, including trade payables and other indebtedness, of Enbridge’s subsidiaries other than the
Guarantors with respect to any guaranteed debt securities. The Indenture does not limit the incurrence of indebtedness and issuance of
preferred stock of or by Enbridge’s subsidiaries. Nonetheless, we do not expect either Guarantor to issue any additional debt or
any preferred stock after the date of this prospectus.

The Indenture has been filed
as an exhibit to the registration statement of which this Prospectus is a part and is available as described above under “Where You Can Find