Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 22

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 22
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 PIPELINES LIMITED

TCPL operates in two core businesses—Natural Gas Pipelines and Power and Energy Solutions. In order to provide information that is
aligned with how management decisions about our businesses are made and how performance of our businesses is assessed, our results are reflected in four operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural
Gas Pipelines and Power and Energy Solutions. We also have a Corporate segment consisting of corporate and administrative functions that provide governance, financing and other support to our business segments.

TCE’s principal subsidiaries as of December 31, 2024 are indicated in the diagram under the heading “TC Energy Corporation—Intercorporate Relationships” in the Annual Information Form.

CONSOLIDATED CAPITALIZATION

Pursuant to the Decision, the Corporation is exempt from filing its own annual and interim financial statements and
incorporates TCE’s annual and interim financial statements into the prospectus. Other than the Canadian Note Offering, there have been no material changes in the share and loan capital of TCPL on a consolidated basis since June 30, 2025.

USE OF PROCEEDS

We estimate that the net proceeds to the Corporation from the offering of the Notes will be approximately U.S.$337,975,000, after deducting
the Underwriters’ commission of U.S.$11,025,000 (assuming that no Notes are sold to institutions) and the expenses of the offering. If the Underwriters exercise in full their option to purchase additional Notes pursuant to the overallotment
option, the net proceeds to the Corporation from the offering will be approximately U.S.$362,187,500 after deducting the Underwriters’ commission of U.S.$11,812,500 (assuming that no Notes are sold to institutions) and the expenses of the
offering. The expenses of the offering are estimated to be U.S.$1,000,000.

We intend to use the net proceeds from the offering to fund
the redemption price of TCE’s 10,000,000 outstanding Cumulative Redeemable First Preferred Shares, Series 11 (the “Series 11 Preferred Shares”), to reduce indebtedness of the Corporation and for general corporate purposes.
Pending any such use of the net proceeds, we will invest the net proceeds in short-term marketable debt instruments.

The underwriting
commission will be paid by the Corporation from the gross proceeds of the offering of Notes. The expenses of the offering will be paid from the general funds of the Corporation