<SEC-DOCUMENT>0001104659-23-098321.txt : 20230905
<SEC-HEADER>0001104659-23-098321.hdr.sgml : 20230905
<ACCEPTANCE-DATETIME>20230905171326
ACCESSION NUMBER:		0001104659-23-098321
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230905
DATE AS OF CHANGE:		20230905

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266405
		FILM NUMBER:		231236868

	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]
		IRS NUMBER:				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
</SEC-HEADER>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2325426d2_fwpimg001.jpg" ALT="" STYLE="height: 39px; width: 185px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>FREE WRITING PROSPECTUS<BR>
Filed Pursuant to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-266405</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 49%"><FONT STYLE="font-size: 10pt"><B>Term Sheet</B></FONT></TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; width: 49%"><B>September&nbsp;<FONT STYLE="font-variant: small-caps">5</FONT>,
                                            2023</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The issuer has filed a registration statement
(including a prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
for the offering to which this document relates.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>A base shelf prospectus containing important
information relating to the securities described in this document has been filed with the securities regulatory authorities in each of
the provinces of Canada. A copy of the base shelf prospectus, any amendment to the base shelf prospectus and any applicable shelf prospectus
supplement that has been filed, is required to be delivered with this document to Canadian investors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This document does not provide full disclosure
of all material facts relating to the securities offered. U.S. investors should read the prospectus in the registration statement, the
U.S. preliminary prospectus supplement and the other documents that the issuer has filed with the SEC for more complete information about
the issuer and this offering. Canadian investors should read the base shelf prospectus, any amendment and any applicable shelf prospectus
supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enbridge
    Inc. (the &ldquo;Company&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issue:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89,490,000
    common shares (the &ldquo;Common Shares&rdquo;) of the Company (before giving effect to the Over-Allotment Option) (the &ldquo;Offering&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross Proceeds:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$4,000,203,000
    (before giving effect to the Over-Allotment Option).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$44.70
    per Common Share (the &ldquo;Offer Price&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Over-Allotment Option:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has granted the Underwriters an option, exercisable at the Offer Price per Common Share from the date of the prospectus
    supplement to the date 30 days after the closing of the Offering, to purchase up to 15% in additional Common Shares to cover
    over-allotments, if any.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company
    intends to use the net proceeds from the Offering (before offering expenses, but including the underwriting commission) of approximately
    C$3.9 billion to finance a portion of the aggregate purchase price for the acquisition by the Company of three U.S.-based natural
    gas utilities from Dominion Energy,&nbsp;Inc. (the &ldquo;Acquisitions&rdquo;). The consummation of any of the Acquisitions is not
    contingent upon the consummation of the Offering, and the Offering is not contingent upon the consummation of any of the Acquisitions.
    If any or all of the Acquisitions are not completed, the Company intends to use the net proceeds from the Offering </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">to
    reduce its existing indebtedness, finance future growth opportunities including acquisitions, finance its capital expenditures, or
    for other general corporate purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering Type:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bought
    underwritten public offering, eligible for sale in (a)&nbsp;all provinces of Canada pursuant to a prospectus supplement to the Company&rsquo;s
    Canadian base shelf prospectus dated September&nbsp;5, 2023 and (b)&nbsp;the United States pursuant to a prospectus supplement
    to the Company&rsquo;s U.S. base prospectus included in its registration statement on Form&nbsp;S-3 filed on July&nbsp;29, 2022.
    The Offering will also be made available in certain jurisdictions outside of Canada and the United States on a private placement
    basis as permitted by the Company.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2325426d2_fwpimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividends:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    declaration and payment of dividends are at the discretion of the board of directors of the Company. Dividends are paid on a quarterly
    basis on or about the first day of March, June, September&nbsp;and December&nbsp;of each year. The first dividend which purchasers
    under the Offering may receive will be payable on or about December&nbsp;1, 2023 to shareholders of record on or about November&nbsp;15,
    2023.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An application
    will be made to list the Common Shares being offered on the Toronto Stock Exchange (the &ldquo;TSX&rdquo;) and the New York Stock
    Exchange (the &ldquo;NYSE&rdquo;). The Company&rsquo;s existing Common Shares trade on the TSX and the NYSE under the symbol &ldquo;ENB&rdquo;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eligibility:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligible
    under the usual Canadian statutes as well as for RRSPs, RESPs, RRIFs, TFSAs, RDSPs, DPSPs and FHSAs.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bookrunners:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RBC Capital
    Markets, Morgan Stanley, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets, Scotiabank, and TD Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Fee:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt; text-align: justify">3.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of
gross proceeds</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Closing Date:</B></FONT></TD>
    <TD STYLE="padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or about September&nbsp;8, 2023</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><BR>
You may get copies of the registration statement (including the prospectus) and U.S. preliminary prospectus supplement relating to the
offering for free by visiting EDGAR on the SEC website at <U>www.sec.gov</U>. Copies of the Canadian base shelf prospectus, any amendment
to the base shelf prospectus and the related Canadian shelf prospectus supplement may be accessed via SEDAR+ at www.sedarplus.ca. Alternatively,
the Company, any underwriter or any dealer participating in the Offering will arrange to send you the registration statement, applicable
prospectus and/or applicable preliminary prospectus supplement if you request them in the U.S. from RBC Capital Markets, LLC, 200 Vesey
Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate; Phone: 877-822-4089; Email: <U>equityprospectus@rbccm.com</U>,
or Morgan Stanley&nbsp;&amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor - New York, NY 10014; or in Canada
from RBC Capital Markets, Attn: Distribution Centre, RBC Wellington Square, 8<SUP>th</SUP> Floor, 180 Wellington St. W., Toronto, Ontario,
M5J 0C2 (Phone: 416-842-5349; E-mail: <U>Distribution.RBCDS@rbccm.com)</U>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Not for retail investors in the European Economic
Area (&ldquo;EEA&rdquo;) or the United Kingdom. No key information document (KID) as required by Regulation (EU) No 1286/2014 (as amended,
the &ldquo;PRIIPs Regulation&rdquo;) or as required by the PRIIPS Regulation as it forms part o the 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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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;\?F2RA-PW'[5VSSWHHH ]( V@#TI:**0'__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
