TC Energy reports results of conversion elections for Series 5 and 6 preferred shares
January 22 2021 - 12:00PM
News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC
Energy) announced today that 818,876 of its 12,714,261 fixed rate
Cumulative Redeemable First Preferred Shares, Series 5 (Series 5
Shares) have been elected for conversion on January 30, 2021, on a
one-for-one basis, into floating rate Cumulative Redeemable First
Preferred Shares, Series 6 (Series 6 Shares); and 175,208 of its
1,285,739 Series 6 Shares have been elected for conversion, on a
one-for-one basis, into Series 5 Shares. Given that the conversion
date of January 30, 2021 is not a business day, the conversions
will occur on the next business day, February 1, 2021.
As a result of the conversions, TC Energy will have 12,070,593
Series 5 Shares and 1,929,407 Series 6 Shares issued and
outstanding. The Series 5 Shares and Series 6 Shares will
continue to be listed on the Toronto Stock Exchange (TSX) under the
symbols TRP.PR.C and TRP.PR.I, respectively.
The Series 5 Shares will pay on a quarterly basis for the
five-year period beginning on January 30, 2021, as and when
declared by the Board of Directors of TC Energy, a fixed dividend
at an annualized rate of 1.949%.
The Series 6 Shares will pay a floating rate quarterly dividend
for the five-year period beginning on January 30, 2021, as and when
declared by the Board of Directors of TC Energy. The dividend rate
for the first quarterly floating rate period commencing January 30,
2021 to, but excluding, April 30, 2021 is 1.655% and will be reset
every quarter.
Holders of Series 5 Shares and Series 6 Shares will have the
opportunity to convert their shares again on January 30, 2026 and
every five years thereafter as long as the shares remain
outstanding. For more information on the terms of, and risks
associated with an investment in the Series 5 Shares and the Series
6 Shares, please see the prospectus supplement dated June 17, 2010
which is available on sedar.com or on our website.
About TC EnergyWe are a vital part of everyday
life — delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens — we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our 7,500 people make a positive
difference in the communities where we operate across Canada, the
U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP.
FORWARD-LOOKING INFORMATION This news release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this news release are
intended to provide TC Energy security holders and potential
investors with information regarding TC Energy and its
subsidiaries, including management's assessment of TC Energy's and
its subsidiaries' future plans and financial outlook. All
forward-looking statements reflect TC Energy's beliefs and
assumptions based on information available at the time the
statements were made and as such are not guarantees of future
performance. As actual results could vary significantly from the
forward-looking information, you should not put undue reliance on
forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the most recent Quarterly
Report to Shareholders and Annual Report filed under TC Energy’s
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
-30-
Media Enquiries:Jaimie Harding / Hejdi Carlsen
403-920-7859 or 800-608-7859
Investor & Analyst Inquiries: David Moneta
/ Hunter Mau 403-920-7911 or 800-361-6522
PDF
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