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

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 25
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| (2) | TCPL’s interest obligations for the 12-month period ended                                                                                                                                                                                                                                                                                   
 June 30, 2025, after giving effect to the adjustments, amounted to approximately $3,545 million. TCPL’s earnings from continuing operations before interest expense and income taxes amounted to approximately $8,623 million for the 12-month period ended June 30, 2025, which is 2.4 times TCPL’s interest requirements for that period. |

DESCRIPTION OF THE NOTES The following description of the terms of the Notes supplements, and to the extent inconsistent therewith supersedes, the description of the general terms and provisions of debt securities under the heading “Description of Debt Securities” in the accompanying prospectus, and should be read in conjunction with that description. In this section, the terms “Corporation”, “TCPL”, “we”, “us” or “our” refer only to TransCanada PipeLines Limited and not to any of its parent, subsidiaries, partnership interests or joint venture investments. S-16

The Notes will be issued under the amended and restated subordinated debt indenture, dated as of November 30, 2000, between the Corporation and Computershare Trust Company, N.A. (as successor to The Bank of Nova Scotia Trust Company of New York), as Trustee, as supplemented by a third supplemental indenture to be dated as of the date of issuance of the Notes, between us, TCE and the Trustee. We refer to the subordinated debt indenture and the third supplemental indenture collectively as the “Indenture”. The Trustee will initially serve as paying agent for the Notes. The following summary of certain provisions of the Indenture and the Notes does not purport to be complete and is qualified in its entirety by reference to the actual provisions of the Indenture. A copy of the subordinated debt indenture is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

The Trustee under the Indenture is referred to in this section as the “Trustee”, which term shall include, unless the context otherwise requires, its successors and assigns. Capitalized terms used but not defined in this section shall have the meanings given to them in the Indenture.

Interest and Maturity

The Notes
will mature on November 1, 2085 (the “Maturity Date”).

The Notes will bear interest at the rate of 6.250