Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 19

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 19
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 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
by the Corporation prior to maturity as described below under “Redemption — Optional Redemption”.

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The Notes will be subject to the provisions of the Indenture relating to Defeasance and Covenant Defeasance as described under the heading“— Defeasance”in this prospectus supplement.

The provisions of the Indenture relating to the payment of additional amounts in respect of Canadian withholding taxes in certain circumstances and relating to the redemption of the Notes in the event of specified changes in Canadian withholding tax law on or after the date of this prospectus supplement will apply to the Notes. See “— Payment of Additional Amounts” and “— Redemption — Tax
Redemption” in this prospectus supplement.

The Notes will not be entitled
to the benefit of any sinking fund, will not be convertible into other securities of the Corporation in lieu of payment of principal and
will not be listed on any automated quotation system, and we do not intend to apply for listing of the Notes on any securities exchange.

The Notes will be denominated in U.S. dollars, and payments of principal of, and premium, if any, and interest on, the Notes will be made in U