Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 20

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 20
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 Recent Developments”, and the intended use of proceeds therefrom (such adjustments being collectively referred to as the “ Post-December 31, 2024 Adjustments”). Adjustments for normal course issuances and repayments of long-term debt subsequent to December 31, 2024 would not materially affect the ratio set forth below and, as a result, have not been made.

|                                                 |     | December 31, 2024 |       |    |
|:------------------------------------------------|:----|:------------------|:------|---:|
| Earnings coverage on long-term debt and current 
 liabilities                                     |     |                   | times | -1 |

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

S-15

DESCRIPTION OF THE NOTES

The following 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.

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 second 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 second 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