TransCanada Corporation has announced:
that it has completed its public offering of cumulative redeemable first preferred shares, series 11 (the “Series 11 Preferred Shares”). TransCanada issued 10 million Series 11 Preferred Shares for aggregate gross proceeds of $250 million through a syndicate of underwriters co-led by Scotiabank 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 11 Preferred Shares will begin trading today on the TSX under the symbol TRP.PR.G.
TRP.PR.G is a FixedReset, 3.80%+296, announced February 23. It will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
The issue has been rated Pfd-2(low) by DBRS.
TRP.PR.G traded 1,511,656 shares today (consolidated exchanges) in a range of 24.83-93 before closing at 24.83-85. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2045-03-02
Maturity Price : 23.06
Evaluated at bid price : 24.83
Bid-YTW : 3.66 %
Implied Volatility theory suggests that TRP.PR.G is $1.22 cheap: