Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 13

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 13
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 be governed by and construed in accordance with the laws of the State of New York.                                                                                                           |
| Risk Factors                        |     | Investing in the Notes involves risks. See “Risk Factors” beginning on page S-12 of this prospectus supplement for a discussion of factors that you should refer to and carefully consider before deciding to                                     
 invest in the Notes.                                                                                                                                                                                                                              |
| Lack of Public Market for the Notes |     | The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or on any automated dealer quotation system. The Underwriters may make a market in the Notes after            
 completion of the offering, but will not be obligated to do so and may discontinue any market-making activities at any time without notice. No assurance can be given as to the liquidity of the trading market                                   
 for the Notes or that an active public market for the Notes will develop. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.                               |
| Certain Income Tax Considerations   |     | For a discussion of material income tax considerations that may be relevant to an investment in the Notes, see “Certain Income Tax Considerations” in this prospectus supplement.                                                                 |
| Conflicts of Interest               |     | Proceeds from the sale of the Notes may be used to reduce indebtedness which we or our subsidiaries may have with subsidiaries or affiliates of the Underwriters or may be invested in                                                            
 short-term marketable debt instruments, including of or with the Underwriters or their affiliates. See “Use of Proceeds” in this prospectus supplement. As a result, one or more of such                                                          
 Underwriters or their affiliates may receive more than 5% of the net proceeds from the offering of the Notes in the form of the repayment of such indebtedness. Accordingly, the offering of the Notes is being made pursuant to Rule 5121 of the 
 Financial Industry Regulatory Authority, Inc. Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary in connection with this offering because the conditions of Rule 5121(a)(1)(C)                        
 are satisfied.                                                                                                                                                                                                                                    |

S-11

RISK FACTORS

Before making an investment decision, investors should carefully consider the risks and uncertainties described here and under the heading
“Risk Factors” in the prospectus and in the Annual MD&A incorporated by reference in the prospectus. These risks and uncertainties are not the