PrefBlog

TC Energy Corporation has announced that it:

will redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 15 (Series 15 Shares) (TSX:TRP.PR.K) on May 31, 2022 (Redemption Date) at a price equal to $25.00 per share (Redemption Price) and provided notice today to the sole registered holder of the Series 15 Shares in accordance with their terms.

Subject to approval by our Board of Directors, the Company expects to declare a final quarterly dividend of $0.30625 per Series 15 Share, for the period up to but excluding May 31, 2022, payable on May 31, 2022 to shareholders of record on May 17, 2022. This would be the final dividend on the Series 15 Shares and, as the Redemption Date is also a dividend payment date, the Redemption Price will not include any accrued and unpaid dividends. Subsequent to the Redemption Date, the Series 15 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.

Non-registered holders of Series 15 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 15 Shares in which they hold a beneficial interest.

TRP.PR.K is a FixedReset, 4.90%+385M490, that commenced trading 2016-11-21 after being announced 2016-11-14. TC Energy announced in early March, 2022, that it was considering the redemption, which caused a certain amount of confusion. It has been tracked by HIMIPref™ and assigned to the FixedReset (Premium) subindex.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

This entry was posted on Friday, April 1st, 2022 at 9:00 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.