Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 60

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 60
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 (or their respective subsidiaries or affiliates) are holders of Series 11 Preferred Shares and/or are lenders under the Facilities that may be repaid using the net proceeds of the offering of the Notes, they may receive a
portion of the net proceeds from this offering of Notes. In addition, pending any such use of the net proceeds, TCPL may invest the net proceeds in short-term marketable debt instruments, including of or with the Underwriters or their affiliates.
Accordingly, we may be considered to be a “connected issuer” of each of the Underwriters under applicable Canadian securities legislation. As at September 29, 2025, we and our subsidiaries were indebted to the Lenders
under the Facilities in the aggregate amount of approximately U.S.$1,807.28 million. As of the date hereof, we and our subsidiaries are in compliance with all material terms of the agreements governing the Facilities and none of
the Lenders has waived any breach by us or our subsidiaries of those agreements since the Facilities were established. Our financial position has not changed substantially and adversely since the indebtedness under the Facilities was incurred.

In addition, in the ordinary course of their business activities, the Underwriters and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities
may involve securities and/or instruments of ours or our affiliates. Certain of the Underwriters or their affiliates that have a lending relationship with us routinely hedge, and certain other of those Underwriters or their affiliates may hedge,
their credit exposure to us consistent with their customary risk management policies. Typically, these Underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default
swaps or the creation of short positions in our securities, including potentially the Notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the Notes offered hereby. The Underwriters
and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short
positions in such securities and instruments.

As a consequence of their participation in the offering of Notes, the Underwriters will be
entitled to share in the underwriting commissions relating to the offering.

The decision to distribute the Notes hereunder and the
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