Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 22

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 22
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, 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 a redemption price equal
to 100% of the principal amount of the applicable series of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption
date.

“Par Call Date”
means (i) , 20
( months prior to the maturity date of the 2028 Notes), in the case of the
2028 Notes, (ii) , 20
( months prior to the maturity date of the 2031 Notes), in the case of the
2031 Notes and (iii) , 20
( months prior to the maturity date of the 2035 Notes), in the case of the
2035 Notes.

“Treasury Rate”
means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be
determined by the Corporation after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted
daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the
yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the
Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal”
(or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Corporation shall select, as applicable:
(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable Par
Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and
one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate
to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to
three decimal places;