TC Energy announces closing of US$350 million Junior Subordinated Notes Offering by TransCanada PipeLines Limited and redemption of Cumulative Redeemable First Preferred Shares, Series 11

Executive Summary

• TC Energy (via TransCanada PipeLines Ltd.) closed a US$350 million offering of 6.250% Fixed‑for‑Life Junior Subordinated Notes due 2085.
• Net proceeds will be used to redeem all outstanding Cumulative Redeemable First Preferred Shares, Series 11 at $25.00 per share and to reduce indebtedness/general corporate purposes.
• The company intends to declare a final quarterly dividend of $0.2094375 per Series 11 Share payable on Nov. 28 2025; the redemption will also delist the Series 11 shares from the TSX.

Key Details

• Notes Offering: US$350 million of 6.250% Fixed‑for‑Life Junior Subordinated Notes due Nov. 1, 2085.
• Underwriters: Syndicate co‑led by Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC.
• Use of Proceeds:
• Redemption of all outstanding Series 11 Cumulative Redeemable First Preferred Shares at $25.00 per share (Redemption Price).
• Reduction of indebtedness.
• General corporate purposes.
• Series 11 Redemption Details:
• Redemption Date: Nov. 28, 2025.
• Redemption price excludes accrued/unpaid dividends.
• Final quarterly dividend to be declared at $0.2094375 per Series 11 Share (payable on the same date).
• Post‑redemption, Series 11 Shares cease to receive dividends and will be delisted from the Toronto Stock Exchange.
• Regulatory Filing: Notes issued pursuant to a prospectus supplement dated Oct. 6, 2025 to TCPL’s short‑form base shelf prospectus (dated Dec. 5, 2024) filed on Form F‑10 with the SEC.
• Investor Notices: Non‑registered holders of Series 11 Shares instructed to contact brokers/intermediaries for redemption information.

Notable Quotes

(No executive quotes were included in the release.)