TransCanada Corp. has announced:
that it has completed its public offering of cumulative redeemable first preferred shares, series 5 (the “Series 5 Preferred Shares”). As the underwriters fully exercised their option to acquire an additional two million Series 5 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 June 17, 2010 when TransCanada entered into an agreement with a syndicate of underwriters in Canada led by Scotia Capital Inc., RBC Capital Markets, and BMO 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.C traded 567,818 shares today in a range of 24.75-90 before closing at 24.83-88. This issue is a FixedReset, 4.40%+154, announced June 17.
Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2040-06-29
Maturity Price : 23.07
Evaluated at bid price : 24.83
Bid-YTW : 4.05 %
TRP.PR.C is tracked by HIMIPref™ and has been added to the FixedReset index.