On September 15, 2025, Enbridge Inc. announced the qualification and distribution of $1,000,000,000 aggregate principal amount of 5.15% Fixed-to-Fixed Rate Subordinated Notes due December 17, 2055. The Notes will pay 5.15% annually from September 17, 2025, until the initial reset date of December 17, 2030. Thereafter, the interest rate will reset every five years at the Five-Year Government of Canada Yield plus 2.386%, subject to a minimum of 5.15%. Interest is payable semi-annually on June 17 and December 17, beginning December 17, 2025, with the first short payment totaling $12,839,726.03 ($12.83972603 per $1,000). Enbridge retains the right to defer interest for up to five consecutive years, provided no default is continuing.

The terms of the offering were set through negotiations with CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc. as joint lead underwriters, alongside BMO Nesbitt Burns Inc., National Bank Financial Inc., ATB Securities Inc., and Desjardins Securities Inc. Legal counsel was provided by McCarthy Tétrault LLP for Enbridge and Osler, Hoskin & Harcourt LLP for the underwriters. The offering is expected to close on or about September 17, 2025, but no later than September 30, 2025.