Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 12

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 12
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On February 18,
2025, the Corporation commenced an offering of C$1 billion aggregate principal amount of 4.575% medium term notes of the Corporation due February 20, 2035 (the “Canadian Note Offering”). The closing of the
Canadian Note Offering is anticipated to occur on or about February 20, 2025. The completion of the offering of the Notes is not conditioned on the completion of the Canadian Note Offering. The Notes will rank junior and subordinate in right of
payment to the prior payment in full of the notes issued pursuant to the Canadian Note Offering. The Corporation intends to use the net proceeds from the Canadian Note Offering to repay indebtedness and for general corporate purposes.

S-7

The Offering 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.

| Issuer             |     | TransCanada PipeLines Limited                                                                                                                                                                                                                          |
| Securities Offered |     | U.S.$    aggregate principal amount of  % Fixed-to-Fixed Rate Junior Subordinated Notes Due 2065 (the                                                                                                                                                  
 “Notes”).                                                                                                                                                                                                                                              |
| Maturity Date      |     | The Notes will mature on    , 2065.                                                                                                                                                                                                                    |
| Interest           |     | The Notes will bear interest (i) from, and including,    , 2025 to, but not including,    , 20  at the rate of  % per annum and (ii) from, and including,                                                                                              
 , 20 , during each Subsequent Fixed Rate Period (as defined herein), at a rate per annum equal to the Five-Year Treasury Rate (as defined herein) as of the most recent Interest Reset Determination Date (as defined herein)                          
 plus  %, to be reset on each Interest Reset Date (as defined herein).                                                                                                                                                                                  |
|                    |     | Interest on the Notes will be payable semi-annually in arrears on and of each year (each such date, an “Interest Payment Date”), commencing on    , 2025, subject to deferral as described                                                             
 under “Description of the Notes—Deferral Right”.                                                                                                                                                                                                       |
| Deferral Right     |     | So long as