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

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 11
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 a portion of which we may repay with the net proceeds from this offering. See “Use of Proceeds” in this prospectus supplement. As a result, one or more of the underwriters or their affiliates may receive more than 5% of the net proceeds from this offering in the form of the repayment of existing indebtedness. Accordingly, this offering is being made pursuant to Rule 5121 of the Financial Industry Regulatory Authority, Inc. Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary in connection with this offering, because the conditions of Rule 5121(a)(1)(C) are satisfied. |

<div align='center'>S-5

Risk Factors</div>

You should consider carefully the following risks and other information contained in and incorporated by reference into this prospectus supplement and the accompanying prospectus before deciding to invest in the Notes of any series. In particular, we urge you to consider carefully the following risk factors, as well as the risk factors set forth under the heading “Item 1A. Risk Factors” in the 2024 Annual Report and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025and September 30, 2025, incorporated by reference into this prospectus supplement and the accompanying prospectus. The following risks and uncertainties as well as risks and uncertainties presently unknown to us could materially and adversely affect our financial condition and results of operations. In that event, the value of our securities, including the Notes, or our ability to meet our obligations under the Notes, may be adversely affected.

<div align='center'>Risks Related to the Notes</div>

We are a holding company and as a result are dependent on our subsidiaries to generate sufficient cash and distribute cash to us to service our indebtedness, including the Notes.

Our ability to make payments
on our indebtedness, fund our ongoing operations and invest in capital expenditures and any acquisitions will depend on our subsidiaries’
(including subsidiary partnerships and joint-ventures through which we conduct business) ability to generate cash in the future and distribute
that cash to us. It is possible that our subsidiaries may not generate cash from operations in an amount sufficient to enable us to service
our indebtedness, including the Notes of any series. The Notes are U.S. dollar-denominated obligations and a substantial portion of our
subsidiaries’ revenues are denominated in Canadian dollars. Fluctuations in the exchange rate between the U.S.