TC Energy announces consideration of U.S. Junior Subordinated Notes Offering by TransCanada PipeLines Limited

Executive Summary

• TC Energy’s subsidiary TransCanada PipeLines Limited (TCPL) is evaluating a possible issuance of U.S. junior subordinated notes.
• Net proceeds, if the offering proceeds, would be used to redeem outstanding Series 11 cumulative redeemable first preferred shares, reduce indebtedness, and for general corporate purposes.
• The notes would be issued under a prospectus supplement to TCPL’s short‑form base shelf prospectus dated Dec. 5 2024; no timing or terms are guaranteed.

Key Details

• Offering Consideration: U.S. junior subordinated notes (the “Notes”).
• Issuer: TransCanada PipeLines Limited (TCPL), a subsidiary of TC Energy Corp.
• Purpose of Proceeds:
• Redemption of issued and outstanding Cumulative Redeemable First Preferred Shares, Series 11 (TSX:TRP.PR.G).
• Reduction of indebtedness.
• General corporate purposes.
• Regulatory Framework: Notes would be issued via a prospectus supplement to TCPL’s short‑form base shelf prospectus (dated Dec. 5 2024) filed on Form F‑10 with the SEC.
• Availability of Prospectus Supplement: Free on the SEC website (http://www.sec.gov) or by request from the listed underwriters: Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, and Wells Fargo Securities LLC.
• No Offer/Acceptance Statement: The release does not constitute an offer to sell or a solicitation to buy the Notes; the Notes have not been approved or disapproved by any regulatory authority in Canada or the United States and will not be offered in Canada or to Canadian residents.
• Underwriters Contact Information: Provided toll‑free numbers for each underwriting firm.

Notable Quotes

(No executive quotes were included in the release.)