Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 13

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 13
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5121 of the 
 Financial Industry Regulatory Authority, Inc. Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary in connection with this offering because the conditions of Rule 5121(a)(1)(C)                        
 are satisfied.                                                                                                                                                                                                                                    |

S-11

RISK FACTORS

Before making an investment decision, investors should carefully consider the risks and uncertainties described here and under the heading
“Risk Factors” in the prospectus and in the Annual MD&A incorporated by reference in the prospectus. These risks and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to us or
that we currently deem immaterial may also impair our business operations or an investment in the Notes. If any such risks actually occur, an investment in the Notes or our business, financial condition and operating results could be materially
harmed.

Risks Related to the Notes

The Notes are subordinated in right of payment to all of our current and future Senior Indebtedness and structurally subordinated to the indebtedness of our subsidiaries.

Our obligations under the Notes will be subordinated in right of payment to the prior payment in full of our existing and future Senior
Indebtedness. This means that we will not be permitted to make any payments on the Notes if we default on a payment on any such Senior Indebtedness or there shall occur an event of default under such Senior Indebtedness that permits the holders of
such Senior Indebtedness to accelerate the maturity thereof or if the terms of such Senior Indebtedness otherwise restrict us from making payments to junior creditors. Our Senior Indebtedness as of December 31, 2024 was approximately
$30,513 million. See “Description of the Notes—Subordination”.

In addition to the contractual subordination
described above, the Notes are not guaranteed by any of our subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business) and are thus structurally subordinated to all of the debt of these subsidiaries. The
Corporation’s interests in its subsidiaries and the partnerships and joint ventures through which it conducts business generally consist of equity interests, which are residual claims on the assets of those entities after their creditors are
satisfied. As at December 31, 2024, the long-term debt (excluding current portion, as well as guarantees and intercompany obligations between the Corporation and its subsidiaries) of the Corporation’s subsidiaries totaled approximately
$15,974 million.

There are