Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 19

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 19
---
 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 than the rate borne by the Notes. These redemption rights may, depending on prevailing market conditions at the time, create reinvestment risk for the Noteholders in that they may be unable to find a suitable
replacement investment with a comparable return to the Notes. If prevailing rates are lower at the time of redemption, Noteholders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as
the interest rate on the Notes being redeemed. Our redemption right also may adversely affect Noteholders’ ability to sell the Notes if and at any time after the Notes are called for partial or full redemption.

We may defer interest payments on the Notes at our option and in our sole discretion.

So long as no event of default has occurred and is continuing, subject to certain exceptions, we may elect, in our sole discretion, to defer
the interest payable on the Notes on one or more occasions for up to 10 consecutive years as described under “Description of the Notes—Deferral Right”. There is no limit on the number of Deferral

S-12

Periods that may occur. Such deferral will not constitute an event of default or any other breach under the Notes or the Indenture. We believe it is likely that the market value of the Notes will
decline whenever payments are deferred and, as a result of our ability to defer payments, the market price of the Notes may be more volatile than other securities that do not have a deferral option. In addition, if you sell your Notes prior to the
record date for the Interest Payment Date after the deferral period, you will never receive the cash from us related to the deferred amounts. Furthermore, it is possible that any sale price received during a deferral period will not fully reflect
accrued but unpaid interest.

Noteholders will have limited rights of acceleration.

Subject to the conditions in the Indenture, the Trustee and Noteholders may accelerate payment of the principal of Notes only upon the
occurrence of certain events of default, which will occur only if the Corporation (a) defaults on the payment of (i) principal or premium, if any, when due and payable, or (ii) interest when due and payable