TC Energy reports results of Conversion Privilege for Series 1 and Series 2 preferred shares
December 20 2019 - 11:00AM
News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC
Energy) announced today that 173,954 of its 9,498,423 fixed rate
Cumulative Redeemable First Preferred Shares, Series 1 (Series 1
Shares) have been elected for conversion on December 31, 2019, on a
one-for-one basis, into floating rate Cumulative Redeemable First
Preferred Shares, Series 2 (Series 2 Shares); and 5,252,715 of its
12,501,577 Series 2 Shares have been elected for conversion, on a
one-for-one basis, into Series 1 Shares. As a result of the
conversions, TC Energy will have 14,577,184 Series 1 Shares and
7,422,816 Series 2 Shares issued and outstanding. The Series 1
Shares and Series 2 Shares will continue to be listed on the
Toronto Stock Exchange (TSX) under the symbols TRP.PR.A and
TRP.PR.F respectively.
The Series 1 Shares will pay on a quarterly basis, for the
five-year period beginning on December 31, 2019, as and when
declared by the Board of Directors of TC Energy, a fixed dividend
at an annualized rate of 3.479 per cent.
The Series 2 Shares will pay a floating rate quarterly dividend
for the five-year period beginning on December 31, 2019, as and
when declared by the Board of Directors of TC Energy. The dividend
rate for the Series 2 Shares for the first quarterly floating rate
period commencing December 31, 2019 to, but excluding March 30,
2020, is 3.572 per cent, and will be reset every quarter.
Holders of Series 1 Shares and Series 2 Shares will have the
opportunity to convert their shares again on December 31, 2024 and
every five years thereafter as long as the shares remain
outstanding. For more information on the terms of, and risks
associated with an investment in the Series 1 Shares and the Series
2 Shares, please see the prospectus supplement dated September 22,
2009 which is available on sedar.com or on our website.
TC Energy and its affiliates deliver the energy millions of
people rely on every day to power their lives and fuel industry.
Focused on what we do and how we do it, we are guided by core
values of safety, responsibility, collaboration and integrity. Our
more than 7,000 people are committed to sustainably developing and
operating pipeline, power generation and energy storage facilities
across Canada, the U.S. and Mexico. TC Energy’s common shares trade
on the Toronto (TSX) and New York (NYSE) stock exchanges under the
symbol TRP. Visit TCEnergy.com and connect with us on social media
to learn more.
FORWARD-LOOKING INFORMATIONThis release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this document are intended to
provide TC Energy security holders and potential investors with
information regarding TC Energy and its subsidiaries, including
management's assessment of TC Energy's and its subsidiaries' future
plans and financial outlook. All forward-looking statements reflect
TC Energy's beliefs and assumptions based on information available
at the time the statements were made and as such are not guarantees
of future performance. As actual results could vary significantly
from the forward-looking information, you should not put undue
reliance on forward-looking information and should not use
future-oriented information or financial outlooks for anything
other than their intended purpose. We do not update our
forward-looking information due to new information or future
events, unless we are required to by law. For additional
information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders
dated July 31, 2019 and the 2018 Annual Report filed under TC
Energy's profile on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission at www.sec.gov.
Media Enquiries:Jaimie Harding / Hejdi
Carlsen403.920.7859 or 800.608.7859
Investor & Analyst Enquiries:David Moneta /
Duane Alexander403.920.7911 or 800.361.6522
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