Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 24

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 24
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 of U.S.$350,000,000 aggregate principal amount of 4.38% Senior Unsecured Notes; and (g) the redemption on May 20, 2025 by TCPL of U.S.$750,000,000 aggregate principal amount of 5.875% Subordinated Notes. In addition, TCPL’s earnings coverage ratios for the respective 12-monthperiods ended December 31, 2024 and June 30, 2025 have been adjusted to give effect to: (a) the Canadian Note Offering; (b) the issuance by ANR Pipeline Company on September 17, 2025 of U.S.$250,000,000 aggregate principal amount of 5.23% Senior Unsecured Notes due 2031; (c) the issuance by ANR Pipeline Company on September 17, 2025 of U.S.$350,000,000 aggregate principal amount of 5.69% Senior Unsecured Notes due 2035; and (d) the issuance of the Notes (assuming the overallotment option is not exercised by the Underwriters), as described in this prospectus supplement, and the intended use of proceeds therefrom as described in “ Use of Proceeds”. Adjustments for normal course issuances and repayments of long-term debt subsequent to December 31, 2024 or June 30, 2025, as applicable, would not materially affect the relevant earnings coverage ratio set out below and, as a result, have not been made.

|                                                 |     |     | Twelve Months Ended 
   December 31, 2024 |    |     |     | Twelve Months Ended 
       June 30, 2025 |    |
|:------------------------------------------------|:----|:----|--------------------:|---:|:----|:----|--------------------:|---:|
| Earnings coverage on long-term debt and current 
 liabilities                                     |     |     |                 2.3 | -1 |     |     |                 2.4 | -2 |

| (1) | TCPL’s interest obligations for the 12-month period ended                                                                                                                                                                                 
 December 31, 2024, after giving effect to the adjustments, amounted to approximately $3,583 million. TCPL’s earnings from continuing operations before interest expense and income taxes amounted to approximately $8,237 million for the 
 12-month period ended December 31, 2024, which is 2.3 times TCPL’s interest requirements for that