# EDGAR Filing Document

**Accession Number:** 0000895728
**File Stem:** 0001104659-25-113224
**Filing Date:** 2025-11
**Character Count:** 8824
**Document Hash:** 6c5f73ba8995df311509a502d228d872
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113224.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001104659-25-113224

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENBRIDGE INC
- **CENTRAL INDEX KEY:** 0000895728
- **STANDARD INDUSTRIAL CLASSIFICATION:** PIPE LINES (NO NATURAL GAS) [4610]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-289186
- **FILM NUMBER:** 251491613

**BUSINESS ADDRESS:**
- **STREET 1:** 200 425 - 1ST STREET SW
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3L8
- **BUSINESS PHONE:** 403-231-3900

**MAIL ADDRESS:**
- **STREET 1:** 200 425 - 1ST STREET SW
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3L8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IPL ENERGY INC
- **DATE OF NAME CHANGE:** 19940616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERPROVINCIAL PIPE LINE SYSTEM INC
- **DATE OF NAME CHANGE:** 19930108
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENBRIDGE INC
- **CENTRAL INDEX KEY:** 0000895728
- **STANDARD INDUSTRIAL CLASSIFICATION:** PIPE LINES (NO NATURAL GAS) [4610]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 200 425 - 1ST STREET SW
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3L8
- **BUSINESS PHONE:** 403-231-3900

**MAIL ADDRESS:**
- **STREET 1:** 200 425 - 1ST STREET SW
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3L8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IPL ENERGY INC
- **DATE OF NAME CHANGE:** 19940616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERPROVINCIAL PIPE LINE SYSTEM INC
- **DATE OF NAME CHANGE:** 19930108

**FREE WRITING PROSPECTUS**

**Filed Pursuant to Rule 433**

**Registration No. 333-289186**

**November 17, 2025**

This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the registration statement, any amendment and any applicable prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

**ENBRIDGE INC.**

**4.200% Senior Notes due 2028**

**4.500% Senior Notes due 2031**

**5.200% Senior Notes due 2035**

---

| | | | |
|:---|:---|:---|:---|
| Issuer: | Enbridge Inc. |  |  |
| Guarantors: | Spectra Energy Partners, LP<br> Enbridge Energy Partners, L.P. |  |  |
| Issue of Securities: | 4.200% Senior Notes due 2028 | 4.500% Senior Notes due 2031 | 5.200% Senior Notes due 2035 |
| Principal Amount: | US$500,000,000 | US$500,000,000 | US$500,000,000 |
| Coupon: | 4.200% | 4.500% | 5.200% |
| Interest Payment Dates: | Semi-annually on May 20 and November 20, commencing on May 20, 2026. | Semi-annually on February 15 and August 15, commencing on February 15, 2026. | Semi-annually on May 20 and November 20, commencing on May 20, 2026. |
| Maturity Date: | November 20, 2028 | February 15, 2031 | November 20, 2035 |
| Treasury Benchmark: | 3.500% due November 15, 2028 | 3.625% due October 31, 2030 | 4.000% due November 15, 2035 |
| U.S. Treasury Yield: | 3.608% | 3.722% | 4.137% |
| Spread to Treasury: | +0.630% | +0.800% | +1.100% |
| Re-offer Yield: | 4.238% | 4.522% | 5.237% |
| Initial Price to Public: | 99.894% | 99.905% | 99.715% |
| Minimum Denominations: | US$2,000 x $1,000 | US$2,000 x $1,000 | US$2,000 x $1,000 |
| Optional Redemption: | On any date more than one month prior to the maturity date for an amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption date.<br>On any date that is on or after October 20, 2028, the date that is one month prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest to the redemption date. | On any date more than one month prior to the maturity date for an amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption date.<br>On any date that is on or after January 15, 2031, the date that is one month prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest to the redemption date.  | On any date more than three months prior to the maturity date for an amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption date.<br>On any date that is on or after August 20, 2035, the date that is three months prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest to the redemption date.  |

---

---

| | | | |
|:---|:---|:---|:---|
| Make-Whole Premium: | U.S. Treasury +10 bps | U.S. Treasury +15 bps | U.S. Treasury +20 bps |
| CUSIP / ISIN: | 29250N CM5 / US29250NCM56 | 29250N CN3 / US29250NCN30 | 29250N CP8 / US29250NCP87 |
| Trade/Pricing Date: | November 17, 2025 |  |  |
| Settlement Date\*: | November 20, 2025 (T+3) |  |  |
| Joint Book-Running Managers: | Credit Agricole Securities (USA) Inc.<br> Deutsche Bank Securities Inc.<br> MUFG Securities Americas Inc.<br> SMBC Nikko Securities America, Inc.<br> Truist Securities, Inc.<br> Barclays Capital Inc. |  |  |
| Co-Managers: | BofA Securities, Inc. <br> Citigroup Global Markets Inc.<br> J.P. Morgan Securities LLC<br> Mizuho Securities USA LLC<br> Morgan Stanley & Co. LLC<br> PNC Capital Markets LLC<br> Santander US Capital Markets LLC<br> SG Americas Securities, LLC<br> Wells Fargo Securities, LLC<br> Roberts & Ryan, Inc.<br> Academy Securities, Inc.<br> ICBC Standard Bank Plc<br> Loop Capital Markets LLC<br> Samuel A. Ramirez & Company, Inc. |  |  |

---

\*The issuer expects that delivery of the Notes will be made against payment therefor on or about November 20, 2025, which will be the third business day following the date of pricing of the Notes (this settlement cycle being herein referred to as "T+3"). Under Rule 15c6-1 under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than one business day prior to the scheduled settlement date will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to make such trades should consult their own advisor.

Capitalized terms used and not defined herein have the meanings assigned in the issuer's Preliminary Prospectus Supplement, dated November 17, 2025.

**The issuer and guarantors have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.**

**Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Credit Agricole Securities (USA) Inc. toll-free at 1-866-807-6030, by emailing Deutsche Bank Securities Inc. at prospectus.ops@db.com, by calling MUFG Securities Americas Inc. toll-free at 877-649-6848, SMBC Nikko Securities America, Inc. toll-free at 888-868-6856 or Truist Securities, Inc. toll-free at 1-800-685-4786.**

Not for retail investors in the European Economic Area ("EEA") or the United Kingdom. No key information document (KID) as required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") or as required by the PRIIPs Regulation as it forms part of domestic UK law by virtue of the European Union (Withdrawal) Act 2018, as amended, has been prepared as not available to retail investors in the EEA or the United Kingdom, respectively.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.