TC Energy Corporation has announced:
that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL), has closed an offering of $500 million of 4.20% subordinated Trust Notes, Series 2021-A due March 4, 2081 (Trust Notes), guaranteed on a subordinated basis by TCPL. The Trust Notes were offered through a syndicate of underwriters, co-led by BMO Capital Markets and Scotiabank, under the Trust’s short form base shelf prospectus dated February 26, 2021, as supplemented by a prospectus supplement dated March 1, 2021.
The Company intends to use the proceeds to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 13 (TSX:TRP.PR.J) pursuant to their terms, and pending such redemption, to reduce short-term indebtedness as well as for general corporate purposes.
Well, 60-year subordinated debt at 4.20% interest sure beats the 5.50% dividend minimum payable on TRP.PR.J!
TRP.PR.J is a FixedReset, 5.50%+469M550, that commenced trading 2016-4-20 after being announced 2016-4-13.
Thanks to Assiduous Reader CanSiamCyp for ensuring I didn’t miss this.
This entry was posted on Saturday, March 6th, 2021 at 2:15 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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TRP.PR.J To Be Redeemed
TC Energy Corporation has announced:
Well, 60-year subordinated debt at 4.20% interest sure beats the 5.50% dividend minimum payable on TRP.PR.J!
TRP.PR.J is a FixedReset, 5.50%+469M550, that commenced trading 2016-4-20 after being announced 2016-4-13.
Thanks to Assiduous Reader CanSiamCyp for ensuring I didn’t miss this.
This entry was posted on Saturday, March 6th, 2021 at 2:15 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.