Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 12

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 12
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% Fixed-to-FixedRate Subordinated Notes of the Corporation due February 15, 2056 (the “ Canadian Note Offering”). 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.$350,000,000 aggregate principal amount of 6.250% Junior Subordinated Notes Due 2085 (exclusive of any Notes sold pursuant to the overallotment option). |

| Interest | The Notes will bear interest at the rate of 6.250% per annum. |

| Deferral Right | So long as no event of default has occurred and is continuing, we may elect, in our sole discretion, at any date other than an Interest Payment Date, to 
 defer the interest payable on the Notes on one or more occasions for up to 10 consecutive years (a “Deferral Period”).                                   |

S-7

| 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 Indenture (as defined herein) or the Notes.                                                 
 Deferred interest will accrue, compounding on each subsequent Interest Payment Date, until paid. A Deferral Period terminates on any Interest Payment Date where we pay all accrued and unpaid interest on such date. No Deferral Period may extend 
 beyond the Maturity Date. See “Description of the Notes—Deferral Right”.                                                                                                                                                                            |

| If we defer payments of interest on the Notes, the Notes will be treated at that time, solely for purposes of the original issue discount rules, as having been retired and reissued, potentially with original issue                                    
 discount, for U.S. federal income tax purposes. This means that if you are a U.S. holder (as defined in “Certain U.S. Federal Income Tax Considerations”), you could be required to include in your gross income for U.S. federal                        
 income tax purposes the deferred interest payments on your Notes before you receive any cash, regardless of your regular method of accounting for U.S. federal income tax purposes. For more information concerning the tax consequences you may have if 
 payments of interest are deferred, see “Risk Factors—If we defer interest payments on the Notes, there could be U.S. federal income tax consequences to Note