Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 13

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 13
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. As at March 31, 2025, the long-term debt (excluding current portion, as well as guarantees and intercompany
obligations between the Corporation and its subsidiaries) of the subsidiaries of the Corporation other than the Guarantors totaled approximately
$27,095 million.

The Indenture restricts our
ability to incur liens, but places no such restriction on our subsidiaries or the partnerships and joint ventures through which we conduct
business. Holders of parent company indebtedness that is secured by parent company assets will have a claim on the assets securing the
indebtedness that is prior in right of payment to our general unsecured creditors, including you as a holder of the Notes (a “Noteholder”).
The Indenture permits us to incur additional liens as described under “Description of the Notes and the Guarantees — Covenants
— Limitation on Security Interests” in this prospectus supplement.

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Your right to receive payments on the Notes is effectively subordinate to those lenders who have a security interest in the assets of the Corporation or the Guarantors.

The Notes and the related
guarantees are unsecured. The Corporation or the Guarantors may incur indebtedness that is secured by certain or substantially all of
their respective tangible and intangible assets, including the equity interests of each of their existing and future subsidiaries. If
the Corporation or the Guarantors were unable to repay any such secured indebtedness, the creditors of those obligations could foreclose
on the pledged assets to the exclusion of Noteholders, even if an event of default exists under the Indenture at such time. As at March 31,
2025, neither SEP nor EEP had any secured indebtedness outstanding.

We may redeem the Notes of any series before they mature, which could occur when prevailing interest rates are relatively low.

The Corporation may redeem
the Notes of any series in the circumstances described under “Description of the Notes and the Guarantees — Redemption —
Optional Redemption” or in the circumstances described under “Description of the Notes and the Guarantees — Redemption
— Tax Redemption” in this prospectus supplement, which may occur when prevailing interest rates are lower than the rates borne
by the Notes. These redemption rights may, depending on prevailing market conditions at the time, create reinvestment risk for the Noteholders
of a series of Notes in that they may be unable to find a suitable replacement investment with a comparable return to those Notes.