EX-99.1 2 d60106dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

NOTICE OF RELIANCE

SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS

August 13, 2025

 

To:

   

Alberta Securities Commission

  

British Columbia Securities Commission

  

Financial and Consumer Affairs Authority of Saskatchewan

  

Manitoba Securities Commission

  

Ontario Securities Commission

  

Autorité des marchés financiers

  

Financial and Consumer Services Commission (New Brunswick)

  

Nova Scotia Securities Commission

  

Prince Edward Island Securities Office

  

Government of Newfoundland and Labrador Financial Services Regulation Division

  

Northwest Territories Securities Office

  

Office of the Superintendent of Securities, Community Services (Yukon)

  

Nunavut Securities Office

Notice is hereby given that South Bow USA Infrastructure Holdings LLC (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.

 

South Bow USA Infrastructure Holdings LLC

 

/s/ Lori M. Muratta

Lori M. Muratta

Vice-President

UNAUDITED SUMMARY FINANCIAL INFORMATION

South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.

The following tables contain summary financial information for the Company for the six months ended June 30, 2025 and 2024 and as at June 30, 2025 and December 31, 2024, presented with separate columns for each of the following: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd., on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.

For the six months ended June 30, 2025 and 2024 (1),(2):

 

     South Bow      Company                           
     (Parent Credit      (Credit Support     Subsidiary Credit     Other South Bow      Consolidating     Total Consolidated  
(millions of U.S. dollars)    Supporter)      Issuer)     Supporters     Subsidiaries      Adjustments (3)     Amounts  

For the six months ended June 30,

    2025     2024      2025     2024     2025     2024     2025      2024      2025     2024     2025      2024  

Revenue

      —        —         —        —        —        —        1,279        7,901        (257 )      (6,803 )      1,022        1,098  

Net income (loss)

      (2 )      —         (277 )      (99 )      (71 )      (43 )      546        404        (12 )      (62 )      184        200  

As at June 30, 2025 and December 31, 2024 (1),(2):

 

    South Bow     Company                                                  
    (Parent Credit     (Credit Support     Subsidiary Credit     Other South Bow     Consolidating     Total Consolidated  
(millions of U.S. dollars)   Supporter)     Issuer)     Supporters     Subsidiaries     Adjustments (3)     Amounts  
    June 30,     December     June 30,     December     June 30,     December     June 30,     December     June 30,     December     June 30,     December  

As at

   2025     31, 2024     2025     31, 2024     2025     31, 2024     2025     31, 2024     2025     31, 2024     2025     31, 2024  

Current assets

     9       10       —        —        69       102       3,384       3,230       (1,165 )      (1,144 )      2,297       2,198  

Non-current assets

     2,281       2,281       6,560       6,560       2,395       2,341       25,179       25,502       (27,229 )      (27,553 )      9,186       9,131  

Current liabilities

     313       101       954       677       143       151       1,583       1,932       (1,201 )      (1,100 )      1,792       1,761  

Non-current liabilities

     —        —        7,704       7,704       2,636       2,516       3,288       3,286       (6,574 )      (6,548 )      7,054       6,958  

 

(1)

The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.

(2)

Prior to the Spinoff Transaction on October 1, 2024, revenue and net income (loss) reported in this table were revenue and net income (loss) as recorded by TC Energy Corporation for the entities that were reorganized to form the consolidated financial information of South Bow subsequent to the Spinoff Transaction. Accordingly, references to Other South Bow Subsidiaries, Consolidating Adjustments and Total Consolidated Amounts in this table include combining entities and entities that were not consolidated with South Bow prior to the Spinoff Transaction but were necessary to include in the table for comparative purposes.

(3)

This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.