Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 26

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 26
---
 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 , 2085 (the “Maturity Date”).

The Notes will bear interest at the rate
of % per annum from October , 2025, or the most recent Interest Payment Date to which interest has been paid or duly provided for.

Interest on the Notes will be payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year
(each such date, an “Interest Payment Date”), commencing on February 1, 2026, subject to deferral as described under “—Deferral Right”. Interest payments will be made to the persons or entities in
whose names the Notes are registered at