TransCanada Corp. has announced:
that it has completed its public offering of cumulative redeemable first preferred shares, series 3 (the “Series 3 Preferred Shares”). As the underwriters fully exercised their option to acquire an additional two million Series 3 Preferred Shares, the size of the offering increased to a total of 14 million shares resulting in gross proceeds of $350 million.
The offering was first announced on March 4, 2010 when TransCanada entered into an agreement with a syndicate of underwriters in Canada led by Scotia Capital Inc. and RBC Capital Markets.
The net proceeds of the offering will be used to partially fund capital projects, for general corporate purposes and to reduce short term indebtedness of TransCanada and its affiliates, which short term indebtedness was used to fund TransCanada’s capital program and for general corporate purposes.
TRP.PR.B is the new FixedReset 4.00%+128 announced March 4. TRP.PR.B traded 437,233 shares in a range of 24.83-95 before closing at 24.88-90, 48×2.
Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2040-03-11
Maturity Price : 24.83
Evaluated at bid price : 24.88
Bid-YTW : 3.88 %
The issue will be tracked by HIMIPref™. It has been added to the FixedReset sub-index; at some point this index will be split into Premium and Discount moieties, similarly to the Straight Perpetuals, as the behaviour of Premium and Discount issues in response to yield shocks will be different.