TC Energy Corporation announced the results of the conversion elections for its Cumulative Redeemable First Preferred Shares, Series 1 and Series 2. A total of 42,200 Series 1 Shares were elected for conversion into Series 2 Shares, while 3,889,020 Series 2 Shares were elected for conversion into Series 1 Shares.
Following these conversions, TC Energy will have 18,424,004 Series 1 Shares and 3,575,996 Series 2 Shares issued and outstanding. Both series will continue to be listed on the Toronto Stock Exchange under their respective symbols.
The Series 1 Shares will pay a fixed dividend at an annualized rate of 4.939 percent for the five-year period beginning December 31, 2024. The Series 2 Shares will pay a floating rate quarterly dividend, with the rate for the first quarter commencing December 31, 2024, set at 5.401 percent.
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