Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 12

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 12
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 and Canadian dollars
may adversely affect our ability to service or refinance our U.S. dollar-denominated indebtedness, including the Notes.

The Notes are structurally subordinated to the indebtedness of our non-Guarantor subsidiaries.

The Notes are not guaranteed
by our subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business) that are not Guarantors and
are thus structurally subordinated to all of the debt of these subsidiaries. Additionally, each of the Guarantors will be released from
its guarantees following the repayment in full or discharge or defeasance of such Guarantor’s debt securities outstanding as of
January 22, 2019, or upon the occurrence of certain other events, as described under “Description of the Notes and the Guarantees
— Guarantees” in this prospectus supplement, in which case the Notes will be structurally subordinated to all of the debt
of that former guarantor subsidiary. The Corporation’s interests in its subsidiaries and the partnerships and joint ventures through
which it conducts business generally consist of equity interests, which are residual claims on the assets of those entities after their
creditors are satisfied. As at 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 subsidiaries of the Corporation other than the Guarantors totaled approximately
$32,449 million.

<div align='center'>S-6</div>

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.

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