PrefBlog

TC Energy Corporation has announced (on November 23):

that 139,529 of its 10,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 11 (Series 11 Shares) were deposited for conversion on November 30, 2020 on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 12 (Series 12 Shares).

As previously announced in our news release dated November 2, 2020, the conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 11 Shares outstanding after November 30, 2020, then all remaining Series 11 Shares will automatically be converted into Series 12 Shares on a one-for-one basis on November 30, 2020 and (ii) alternatively, if TC Energy determines that there would be less than one million Series 12 Shares outstanding after November 30, 2020, no Series 11 Shares will be converted into Series 12 Shares.

As the total number of Series 11 Shares tendered for conversion did not meet the threshold set above, no Series 11 Shares will be converted into Series 12 Shares on November 30, 2020.

For more information on the terms of, and risks associated with an investment in the Series 11 Shares and the Series 12 Shares, please see the Corporation’s prospectus supplement dated February 23, 2015 which is available on sedar.com or on our website.

TRP.PR.G was issued as a FixedReset, 3.80%+296, that commenced trading 2015-3-2 after being announced 2015-2-23. It reset to 3.351% effective 2020-11-30. It is tracked by HIMIPref™ and is assigned to the FixedReset-Discount subindex.

This entry was posted on Monday, November 30th, 2020 at 11:25 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.