Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 14

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 14
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 only ones we face. Additional risks and uncertainties not presently known to us or
that we currently deem immaterial may also impair our business operations or an investment in the Notes. If any such risks actually occur, an investment in the Notes or our business, financial condition and operating results could be materially
harmed.

Risks Related to the Notes

The Notes are subordinated in right of payment to all of our current and future Senior Indebtedness and structurally subordinated to the indebtedness of our subsidiaries.

Our obligations under the Notes will be subordinated in right of payment to the prior payment in full of our existing and future Senior
Indebtedness. This means that we will not be permitted to make any payments on the Notes if we default on a payment on any such Senior Indebtedness or there shall occur an event of default under such Senior Indebtedness that permits the holders of
such Senior Indebtedness to accelerate the maturity thereof or if the terms of such Senior Indebtedness otherwise restrict us from making payments to junior creditors. Our Senior Indebtedness as of December 31, 2024 was approximately
$30,513 million. See “Description of the Notes—Subordination”.

In addition to the contractual subordination
described above, the Notes are not guaranteed by any of our subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business) and are thus structurally subordinated to all of the debt of these subsidiaries. The
Corporation’s interests in its subsidiaries and the partnerships and joint ventures through which it conducts business generally consist of equity interests, which are residual claims on the assets of those entities after their creditors are
satisfied. As at December 31, 2024, the long-term debt (excluding current portion, as well as guarantees and intercompany obligations between the Corporation and its subsidiaries) of the Corporation’s subsidiaries totaled approximately
$15,974 million.

There are no terms in the Indenture or the Notes that limit our ability to incur additional indebtedness, and we
expect from time to time to incur additional indebtedness ranking senior in right of payment to the Notes.

We may redeem the Notes before they mature, which could occur when prevailing interest rates are relatively low.

The Corporation may redeem the Notes in the
circumstances described under “Description of the Notes—Optional Redemption” and “Description of the Notes—Optional Redemption—Redemption on Tax Event or Rating Event”, which may occur when prevailing
interest rates are lower