TC Energy Corporation announced its decision not to redeem its Cumulative Redeemable First Preferred Shares, Series 3 (Series 3 Shares) and Series 4 (Series 4 Shares) on June 30, 2025. This decision provides holders with conversion rights between the fixed and floating rate shares.
Holders of Series 3 Shares can choose to retain their shares and receive a new annual fixed dividend rate of 4.102 percent for the five-year period commencing June 30, 2025. Alternatively, they can convert to Series 4 Shares, which will pay a floating quarterly dividend rate of 3.924 percent for the first quarter commencing June 30, 2025.
Similarly, holders of Series 4 Shares can retain their floating rate shares or convert to Series 3 Shares to receive the new fixed dividend rate. The deadline for beneficial owners to exercise their conversion right is 5 p.m. EST on June 16, 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.