TC Energy reports results of Conversion Privilege for Series 3 and Series 4 preferred shares
June 22 2020 - 12:30PM
News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC
Energy) announced today that 401,590 of its 8,533,405 fixed rate
Cumulative Redeemable First Preferred Shares, Series 3 (Series 3
Shares) have been elected for conversion on June 30, 2020, on a
one-for-one basis, into floating rate Cumulative Redeemable First
Preferred Shares, Series 4 (Series 4 Shares); and 1,865,362 of its
5,466,595 Series 4 Shares have been elected for conversion, on a
one-for-one basis, into Series 3 Shares. As a result of the
conversions, TC Energy will have 9,997,177 Series 3 Shares and
4,002,823 Series 4 Shares issued and outstanding. The Series
3 Shares and Series 4 Shares will continue to be listed on the
Toronto Stock Exchange (TSX) under the symbols TRP.PR.B and
TRP.PR.H, respectively.
The Series 3 Shares will pay on a quarterly
basis for the five-year period beginning on June 30, 2020, as and
when declared by the Board of Directors of TC Energy, a fixed
dividend at an annualized rate of 1.694%.
The Series 4 Shares will pay a floating rate
quarterly dividend for the five-year period beginning on June 30,
2020, as and when declared by the Board of Directors of TC Energy.
The dividend rate for the Series 4 Shares for the first quarterly
floating rate period commencing June 30, 2020 to but excluding
September 30, 2020 is 1.535% and will be reset every quarter.
Holders of Series 3 Shares and Series 4 Shares
will have the opportunity to convert their shares again on June 30,
2025 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 3 Shares and the Series
4 Shares, please see the prospectus supplement dated March 4, 2010
which is available on sedar.com or on our website.
About TC EnergyWe are a vital
part of everyday life – delivering the energy millions of people
rely on to power their lives in a sustainable way. Thanks to a
safe, reliable network of natural gas and crude oil pipelines,
along with power generation and storage facilities, wherever life
happens – we’re there. Guided by our core values of safety,
responsibility, collaboration and integrity, our more than 7,300
people make a positive difference in the communities where we
operate 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. To
learn more, visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATION
This 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 April 30, 2020 and the 2019 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 / Hunter Mau403.920.7911 or
800.361.6522
PDF
available: http://ml.globenewswire.com/Resource/Download/800b7c62-982e-44a9-9abb-c27d08317f1b
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