TransCanada Corporation has announced:
that it has completed its public offering of cumulative redeemable first preferred shares, series 9 (the “Series 9 Preferred Shares”). TransCanada issued 18 million Series 9 Preferred Shares for aggregate gross proceeds of $450 million through a syndicate of underwriters co-led by Scotiabank, BMO Capital Markets and RBC Capital Markets.
The net proceeds of the offering will be used 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.
The Series 9 Preferred Shares will begin trading today on the TSX under the symbol TRP.PR.E.
TRP.PR.E is a FixedReset, 4.25%+235, announced January 13. It will be tracked by HIMIPref™ and assigned to the FixedReset subindex.
The issue traded 490,441 shares today in a range of 24.90-99 before closing at 24.86-95, 40×101. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2044-01-20
Maturity Price : 23.07
Evaluated at bid price : 24.86
Bid-YTW : 4.00 %