TransCanada PipeLines Limited (TCPL), a subsidiary of TC Energy Corporation, announced the closing of an offering of US$350 million of 6.250 percent Fixed-for-Life Junior Subordinated Notes due November 1, 2085. The offering was co-led by a syndicate of underwriters including Morgan Stanley & Co. LLC and BofA Securities, Inc.
The net proceeds from this offering will be used to redeem TC Energy's issued and outstanding Cumulative Redeemable First Preferred Shares, Series 11 (TSX:TRP.PR.G). The redemption is scheduled for November 28, 2025, at a price of $25.00 per share, with a final quarterly dividend of $0.2094375 per Series 11 Share expected.
This financing move is intended to reduce indebtedness and serve general corporate purposes, optimizing TC Energy's capital structure. Following the redemption date, the Series 11 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.
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