Filed Pursuant to Rule 433
Registration No. 333-261533
March 7, 2023

U.S.$850,000,000
TransCanada PipeLines Limited

6.203% Senior Notes due 2026

Issuer:	TransCanada PipeLines Limited
Security:	6.203% Senior Notes due 2026
Size:	U.S.$850,000,000
Maturity Date:	March 9, 2026
Coupon:	6.203%
Interest Payment Dates:	March 9 and September 9, commencing on September 9, 2023
Benchmark Treasury:	4.000% due February 15, 2026
Benchmark Treasury Price and Yield:	98-02¾ / 4.703%
Spread to Benchmark Treasury:	150 basis points
Yield:	6.203%
Price to Public:	100.000%
Make-Whole Call:	Prior to March 9, 2024, at the greater of par or a discount rate of Treasury plus 25 basis points
Par Call:	On or after March 9, 2024
Trade Date:	March 7, 2023
Expected Settlement Date:	March 9, 2023 (T+2)
CUSIP:	89352H BE8
ISIN:	US89352HBE80
Joint Book-Running Managers:	BofA Securities, Inc. Deutsche Bank Securities Inc. SMBC Nikko Securities America, Inc. Wells Fargo Securities, LLC Truist Securities, Inc.
Co-Managers:	Barclays Capital Inc. Citigroup Global Markets Inc. HSBC Securities (USA) Inc. J.P. Morgan Securities LLC Mizuho Securities USA LLC MUFG Securities Americas Inc.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.

You may get these documents for free by visiting www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, Deutsche Bank Securities Inc. toll free at 1-800-503-4611 or SMBC Nikko Securities America, Inc. toll-free at 1-888-868-6856.