Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 12

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 12
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 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.

Recent Developments

On February 18,
2025, the Corporation commenced an offering of C$1 billion aggregate principal amount of 4.575% medium term notes of the Corporation due February 20, 2035 (the “Canadian Note Offering”). The closing of the
Canadian Note Offering is anticipated to occur on or about February 20, 2025. The completion of the offering of the Notes is not conditioned on the completion of the Canadian Note Offering. The Notes will rank junior and subordinate in right of
payment to the prior payment in full of the notes issued pursuant to the Canadian Note Offering. The Corporation intends to use the net proceeds from the Canadian Note Offering to repay indebtedness and for general corporate purposes.

S-7

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             
 Securities Offered 
 Maturity Date      
 Interest           |     | TransCanada PipeLines Limited                                                                                                                                                                                                                          
 U.S.$750,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Rate Junior Subordinated Notes Due 2065 (the                                                                                                                                      
 “Notes”).                                                                                                                                                                                                                                              
 The Notes will mature on June 1, 2065.                                                                                                                                                                                                                 
 The Notes will bear interest (i) from, and including, February 24, 2025 to, but not including, June 1, 2030 at the rate of 7.000% per annum and (ii) from, and including, June 1, 2030, during each Subsequent Fixed Rate                              
 Period (as defined herein), at a rate per annum equal to the Five-Year Treasury Rate (as defined herein) as of the most recent Interest Reset Determination Date (as defined herein) plus 2