Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 53

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 53
---
collectively, the
“Lenders”) which has extended credit facilities (collectively, the “Facilities”) to us or our subsidiaries and to which we or our subsidiaries are currently indebted. In addition, certain of the Underwriters, or
their subsidiaries or affiliates, may be holders of the Trust Notes. As described in “Use of Proceeds”, we intend to use the net proceeds from the offering to fund the redemption price of the Trust Notes, to reduce other
indebtedness of the Corporation and for general corporate purposes. To the extent that the Underwriters (or their respective subsidiaries or affiliates) are holders of Trust Notes and/or are lenders under the Facilities that may be repaid using the
net proceeds of the offering of the Notes, they may receive a portion of the net proceeds from this offering of Notes. In addition, pending any such use of the net proceeds, TCPL may invest the net proceeds in short-term marketable debt instruments,
including of or with the Underwriters or their affiliates. Accordingly, we may be considered to be a “connected issuer” of each of the Underwriters under applicable Canadian securities legislation. As at February 14, 2025, we and our
subsidiaries were indebted to the Lenders under the Facilities in the aggregate amount of approximately U.S.$1.37 billion. As of the date hereof, we and our subsidiaries are in compliance with all material terms of the agreements governing the
Facilities and none of the Lenders has waived any breach by us or our subsidiaries of those agreements since the Facilities were established. Our financial position has not changed substantially and adversely since the indebtedness under the
Facilities was incurred.

S-35

In addition, in the ordinary course of their business activities, the Underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. Certain of the Underwriters or their affiliates that have a lending relationship with us routinely hedge, and certain other of those Underwriters or their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, these Underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the Notes offered hereby. Any such