TC Energy announces closing of $500 million subordinated notes offering by TransCanada Trust
March 04 2021 - 9:03AM
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or
the Company) today announced that TransCanada Trust (the Trust), a
wholly-owned financing trust subsidiary of TransCanada PipeLines
Limited (TCPL), has closed an offering of $500 million of 4.20%
subordinated Trust Notes, Series 2021-A due March 4, 2081 (Trust
Notes), guaranteed on a subordinated basis by TCPL. The Trust Notes
were offered through a syndicate of underwriters, co-led by BMO
Capital Markets and Scotiabank, under the Trust's short form base
shelf prospectus dated February 26, 2021, as supplemented by a
prospectus supplement dated March 1, 2021.
The Company intends to use the proceeds to redeem
its issued and outstanding Cumulative Redeemable Minimum Rate Reset
First Preferred Shares, Series 13 (TSX:TRP.PR.J) pursuant to their
terms, and pending such redemption, to reduce short-term
indebtedness as well as for general corporate purposes.
This news release does not constitute an offer to
sell or the solicitation of an offer to buy the Trust Notes. The
Trust Notes have not been approved or disapproved by any regulatory
authority. The Trust Notes have not been and will not be registered
under the United States Securities Act of 1933, as amended, or any
state securities law, and may not be offered or sold within the
United States or to, or for the account or benefit of, United
States persons.
About TC Energy
We 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 United States 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), including statements
related to TCPL’s intended use of proceeds from the sale of TCPL
Sub Notes to the Trust. 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
events or performance. As actual events and 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.
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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