Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 15

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 15
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Senior Indebtedness” means obligations (other than non-recourse                                                                             
 obligations, the Notes or any other obligations specifically designated as being subordinate in right of payment to Senior Indebtedness) of, |

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| or guaranteed or assumed by, the Corporation for borrowed money or evidenced by bonds, debentures or notes or obligations of the Corporation for or in respect of bankers’ acceptances                                                              
 (including the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect of each of the foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and 
 refundings of any such indebtedness or obligation.                                                                                                                                                                                                  |

| Our Senior Indebtedness as of June 30, 2025 was approximately $32,564 million. |

| Use of Proceeds | We estimate that the net proceeds to the Corporation from the offering of the Notes will be approximately U.S.$337,975,000, after deducting the Underwriters’ commission of U.S.$11,250,000 (assuming that no Notes are sold to institutions)        
 and the expenses of the offering. If the Underwriters exercise in full their option to purchase additional Notes pursuant to the overallotment option, the net proceeds to the Corporation from the offering will be approximately U.S.$362,187,500, 
 after deducting the Underwriters’ commission of U.S.$11,812,500 (assuming that no Notes are sold to institutions) and the expenses of the offering. The expenses of the offering are estimated to be U.S.$1,000,000. We intend to use the net        
 proceeds from the offering to fund the redemption price of TCE’s 10,000,000 outstanding Cumulative Redeemable First Preferred Shares, Series 11 (the “Series 11 Preferred Shares”), to reduce indebtedness of the Corporation                        
 and for general corporate purposes. Pending any such use of the net proceeds, we will invest the net proceeds in short-term marketable debt instruments. See “Use of Proceeds”.                                                                      |

| Payment of Additional Amounts | The Corporation will, subject to certain exceptions and limitations, pay to any Noteholder such additional amounts as may be necessary so that every net payment on the Notes held by such Noteholder, after deduction or withholding by the            
 Corporation or any of its paying agents for or on account of any present or future tax, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (“Taxes