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Pricing Supplement No. 1 dated January 6, 2005 (To a short form base shelf prospectus dated December 21, 2004) | CUSIP # 89353Z BP 2 |
Medium Term Note Debentures
(Unsecured)
TransCanada PipeLines Limited
Amount of Issue (Cdn. $): | $300,000,000 | |
Date of Debentures: | January 11, 2005 | |
Delivery Date: | January 11, 2005 | |
Issue Price (%): | 99.849% | |
Proceeds (Cdn. $): | $299,547,000 | |
Less Agent Commission (%, $): | 0.45%, $1,350,000 | |
Maturity Date: | January 11, 2017 | |
Redemption Provisions: | The Corporation may redeem the Medium Term Note Debentures referred to herein on the terms and conditions and in the manner described below under the heading "Redemption Provisions". The Government of Canada Yield Additional Percentage is 0.17%. | |
Agents: | BMO Nesbitt Burns Inc. RBC Dominion Securities Inc. Scotia Capital Inc. TD Securities Inc. CIBC World Markets Inc. National Bank Financial Inc. HSBC Securities (Canada) Inc. | |
Bearer Non-Interest Bearing Notes: | Yes X No | |
Registered Interest Bearing Notes: | X Yes No | |
Interest Rate: | 5.100% per annum | |
Interest Payment Dates: | January 11 and July 11 commencing July 11, 2005 |
Documents Incorporated by Reference:
The following is a list of the documents which have been filed with the various securities commissions in each of the provinces and territories of Canada and which are specifically incorporated by reference in and form an integral part of the short form base shelf prospectus dated December 21, 2004:
- (a)
- Audited comparative consolidated financial statements as at and for the year ended December 31, 2003, the notes thereto, and the auditors' report thereon, and management's discussion and analysis of financial condition and results of operations as at and for the year ended December 31, 2003;
- (b)
- Renewal Annual Information Form for the year ended December 31, 2003 dated February 24, 2004;
- (c)
- Annual Filing of Reporting Issuer for the year ended December 31, 2003 dated February 24, 2004 (excluding the sections entitled "Composition of the Human Resources Committee", "Report on Executive Compensation" and "Performance Graph", which shall be deemed not to be incorporated by reference in the prospectus);
- (d)
- Material change report dated March 5, 2004 relating to the acquisition of Gas Transmission Northwest Corporation; and
- (e)
- Unaudited interim comparative consolidated financial statements as at and for the nine month period ended September 30, 2004, the notes thereto, and management's discussion and analysis of financial condition and results of operations as at and for the nine month period ended September 30, 2004.
Redemption Provisions:
The Corporation shall be entitled to redeem the Medium Term Note Debentures (referred to herein as the "Debentures"), in whole at any time, or in part from time to time, on not more than 60 and not less than 30 days' prior notice, at the higher of the Canada Yield Price (as defined below) and par, together with accrued and unpaid interest to the date fixed for redemption.
"Canada Yield Price" shall mean, in effect, a price equal to the price of the Debentures calculated to provide a yield to maturity equal to the Government of Canada Yield (as defined below) plus 0.17% on the business day preceding the date of the resolution of the Corporation authorizing the redemption. "Government of Canada Yield" on any date shall mean, in effect, the yield to maturity on such date compounded semi-annually which a non-callable Government of Canada Bond would carry if issued, in Canadian Dollars in Canada, at 100% of its principal amount on such date with a term to maturity equal to the remaining term to maturity of the Debentures. The Government of Canada Yield will be the average of the yields determined by two major Canadian investment dealers selected by the Corporation.