Business: TransCanada PipeLines Ltd 6.250% Junior Subordinated Notes due 2085 redeemable at the issuer's option on or after 11/01/2030 at $25 per note plus accrued and unpaid interest, and maturing 11/01/2085. <p> Interest distributions of 6.250% per annum ($(1.5625 per annum or $0.390625 per quarter) will be paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date that will be (__) (NOTE: the ex-dividend date is the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security is possibly subject to an early call before 11/01/2030 at $25.00 (100%) of their principal amount plus accrued and unpaid interest within 90 days of a tax event; before 11/01/2030 at $25.50 (102%) of their principal amount plus accrued and unpaid interest within 90 days of the occurrence of a rating agency event (see prospectus for further information). <p> The issuer may elect to defer the interest payable on the Notes on one or more occasions for up to 120 consecutive months (see prospectus for further information). <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was rated as Baa3 by Moody’s and BBB+ by S&P at the date of its IPO. This security was rated as BBB- by Fitch Ratings Co. at the date of its IPO. The Notes are unsecured, junior subordinated obligations of the company and are unsecured, subordinated obligations of the company and will rank junior to the company's senior debt, junior to unsecured, subordinated indebtedness of the company and will rank equally with all existing and future unsecured, junior subordinated of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.