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

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 19
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 governance, financing and other support to our business segments.

S-14

TCE’s principal subsidiaries as of December 31, 2024 are indicated in the diagram under the heading “ TC Energy Corporation – Intercorporate Relationships” in the Annual Information Form. CONSOLIDATED CAPITALIZATION Pursuant to the Decision, the Corporation is exempt from filing its own annual and interim financial statements and incorporates TCE’s annual and interim financial statements into the prospectus. Other than in respect of the Canadian Note Offering and the anticipated use of the net proceeds therefrom as described in “ Recent Developments”, there have been no material changes in the share and loan capital of TCPL on a consolidated basis since December31, 2024. USE OF PROCEEDS We estimate that the net proceeds to the Corporation from the offering of the Notes will be approximately U.S.$ , after deducting the Underwriters’ commission of U.S.$ and the expenses of the offering, which are estimated to be U.S.$ . We intend to use the net proceeds from the offering to fund the redemption price of the Fixed-to-FixedRate Subordinated Trust Notes – Series 2015-Aissued on May 20, 2015 by TransCanada Trust, a wholly-owned financing trust subsidiary of TCPL (the “Trust Notes”), to reduce other 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. The underwriting commission will be paid by the Corporation from the gross proceeds of the offering of Notes. The expenses of the offering will be paid from the general funds of the Corporation. The Corporation’s overall corporate strategy and major initiatives supporting its strategy are summarized in the Annual MD&A and the Annual Information Form. PRIOR SALES The Corporation has not sold or issued any U.S.$ denominated subordinated notes, or securities convertible into subordinated notes, during the 12-monthperiod prior to the date hereof. EARNINGS COVERAGE The following financial ratio for TCPL has been calculated on a consolidated basis for the 12-monthperiod ended December 31, 2024 and is based on unaudited financial information of TCPL. The following financial ratio gives pro formaeffect to: (i) the issuance of the Notes, as described in this prospectus supplement, and the intended use of proceeds therefrom; and (ii) the issuance of the notes pursuant to the Canadian Note Offering, as described in this prospectus supplement under the heading “