Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 56

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 56
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 customers. These investments and securities activities may involve securities and/or instruments of ours or our affiliates. The
underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect
of these securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in these
securities and instruments.

<div align='center'>S-39</div>

As at September 30, 2025,
the Corporation had approximately $3 million and US$419 million of outstanding unsecured indebtedness under its unsecured credit
facilities. In addition, as at September 30, 2025, approximately $7,960 million and US$3,185 million of the Corporation’s
unsecured credit facilities were used as a backstop to support outstanding commercial paper balances. The Corporation is in compliance
with the terms of its unsecured credit facilities and there have been no waivers of breaches thereunder. There has been no materially
adverse change to the financial position of the Corporation since the indebtedness was incurred. The Corporation may use the net proceeds
from this offering to pay down short-term debt, and, as a consequence, net proceeds from this offering may be paid to one or more lenders
who are affiliated with the underwriters.

We may have outstanding existing
indebtedness owing to certain of the underwriters and affiliates of the underwriters, 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.

Certain of the underwriters
are affiliates of banks that are currently lenders to us (the “Lenders”) under credit facilities extended to the Corporation
and certain of its subsidiaries (the “Enbridge Credit Facilities”) and, as a result, under applicable Canadian securities
legislation, we may be considered to be a connected issuer to those underwriters. We are in compliance with the terms of the Enbridge
Credit Facilities and none of the Lenders