On February 19, 2025, TransCanada PipeLines Limited (TCPL) announced the issuance of $750 million USD (approximately $1.068 billion CAD) in 7.000% Fixed-to-Fixed Rate Junior Subordinated Notes due 2065, which will close on February 24, 2025. The notes will mature on June 1, 2065, with an initial fixed interest rate of 7.000% until June 1, 2030, after which the rate will reset every five years based on the Five-Year Treasury Rate plus 2.614%. Net proceeds of approximately $740.25 million USD ($1.054 billion CAD) after deductions will be used to redeem the Fixed-to-Fixed Rate Subordinated Trust Notes – Series 2015-A, reduce other corporate debt, and for general corporate purposes. The notes are unsecured and subordinated, and TCPL may defer interest payments for up to 10 years, subject to restrictions on dividend payments and share repurchases. The underwriters were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., BofA Securities, Citigroup, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Truist Securities, Wells Fargo Securities, Barclays Capital Inc., BBVA Securities Inc., Morgan Stanley & Co. LLC, and PNC Capital Markets LLC.

Blake, Cassels & Graydon LLP acted as Canadian counsel to TCPL, while White & Case LLP acted as U.S. counsel. The underwriters' U.S. counsel was Paul, Weiss, Rifkind, Wharton & Garrison LLP.