Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 15

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 15
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 than the rate borne by the Notes. These redemption rights may, depending on prevailing market conditions at the time, create reinvestment risk for the Noteholders in that they may be unable to find a suitable replacement
investment with a comparable return to the Notes. If prevailing rates are lower at the time of redemption, Noteholders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest
rate on the Notes being redeemed. Our redemption right also may adversely affect Noteholders’ ability to sell the Notes if and at any time after the Notes are called for partial or full redemption.

We may defer interest payments on the Notes at our option and in our sole discretion.

So long as no event of default has occurred and is continuing, subject to certain exceptions, we may elect, in our sole discretion, to defer
the interest payable on the Notes on one or more occasions for up to 10 consecutive years as described under “Description of the Notes—Deferral Right”. There is no limit on the number of Deferral Periods that may occur. Such
deferral will not constitute an event of default or any other breach under the Notes or the Indenture.

S-12

The interest rate will reset on the Initial Interest Reset Date and each subsequent Interest Reset Date, and any interest payable after an Interest Reset Date may be less than an earlier interest rate.

The interest rate on the
Notes for each Subsequent Fixed Rate Period will equal the Five-Year Treasury Rate as of the most recent Interest Reset Determination Date, plus, %. Therefore, the interest rate after the Initial Interest Reset Date could be less than the
fixed rate for the initial five-year period, and any interest payable after a subsequent Interest Reset Date may be less than the interest rate for a prior period. We have no control over the factors that may affect U.S. Treasury rates,
including geopolitical conditions and economic, financial, political, regulatory, judicial or other events.

Historical U.S. Treasury rates are not an indication of future U.S. Treasury rates.

In the past, U.S. Treasury rates have experienced significant
fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury rates are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. Treasury rates is not an indication that
U.S. Treasury rates are more or less likely to increase or decrease at any time after the Initial Interest Reset Date, and you should not take the historical U.S