Spin-off - South Bow Corp

Form Type: 11-K

Filing Date: 2025-06-20

Corporate Action: Spin-off

Type: New

Accession Number: 000119312525143673

Filing Summary: The document is an annual report for the South Bow USA Services Inc. 401(k) and Savings Plan, covering the period ending December 31, 2024. It details the financial statements of the plan, including a statement of net assets and a statement of changes in net assets. A significant point highlighted in the report is the spin-off of South Bow Corporation from TransCanada USA Services Inc. effective October 1, 2024. This corporate change led to the transfer of participant account balances, approximately $31,157,000, from the TransCanada 401(k) and Savings Plan to the new South Bow USA Services Inc. 401(k) and Savings Plan. Both employee and employer contributions are discussed, along with the net investment performance of the plan. Furthermore, the report contains details on the plan’s governance, asset management, employee eligibility, and the plan’s compliance with regulatory standards.