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Preferred Share Description
TC Energy Corporation (TRP.PR.B)
2.152% Cumulative, Redeemable, Rate Reset, 1st preferred shares, Series 3.
Prospectus - March 4, 2010
DBRS Credit Rating: June 5, 2019 - DBRS confirmed the Preferred Shares – Cumulative rating of TC Energy Corporation (TCC) at Pfd-2 (low). DBRS also confirmed the Issuer Rating and Unsecured Debentures & Notes rating of TransCanada PipeLines Limited (TCPL; TCC’s wholly owned subsidiary) at A (low), as well as the rating of TCPL’s Junior Subordinated Notes at BBB and the rating of TCPL’s Commercial Paper at R-1 (low). All trends remain Stable. The Preferred Shares - Cumulative rating of TCC, which owns 100% of TCPL and holds no other material assets, is based on the credit strength of TCPL and the expectation that no debt will be issued by TCC. DBRS ratings are determined using the consolidated credit profile of TCC.
TCC’s ratings reflect the relatively stable cash flow generation supported by the Company’s diversified energy infrastructure asset portfolio of natural gas pipelines, liquids pipelines and power generation assets in North America.
Dividend Reset Announcement: (June 1, 2015) Effective June 1, 2015, the Annual Fixed Dividend Rate for the Series 3 shares was set for the next five year period at 2.152%. This will be the new fixed, 5-year dividend yield, down from the initial 4.00%.
Name Changed: On May 3, 2019, TransCanada Corporation shareholders voted in favour of changing the company's name to TC Energy. The common and preferred shares of the Company will continue to trade on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under its existing trading symbol, TRP.
- DBRS Rating
- Pfd-2 (low) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $0.53125 per share per year
- Dividend Dates
- On the last day of March, June, September and December
- Dividend Details
- The dividend will be fixed until June 30, 2020. The dividend rate will be reset on June 30, 2020 and on June 30th every five years thereafter. The annual dividend rate will be reset to equal the sum of the Government of Canada Yield (GCAN5YR) plus 1.28%.
- Redeemable at the issuer's option on June 30, 2015 and on June 30th in every fifth year thereafter at $25.00 per share.
- On June 30, 2015 and June 30th in every fifth year thereafter, convertible at the shareholder's option into Series 4 Floating-Rate preferred shares. The Floating-Rate preferred shares will calculate and pay dividends each quarter equal to the sum of the 90-day Government of Canada Treasury Bill Rate plus 1.28%. In addition, on June 30, 2020 and on June 30th every five years thereafter holders of the Series 4 Floating Rate shares will have the right to convert their shares into an equal number of Series 3 preferred shares.
- Lead Underwriter(s)
- Scotia Capital Inc., RBC Dominion Securities, BMO Nesbitt Burns
- Transfer Agent
- Computershare Trust Company of Canada
- Computershare Trust Company of Canada
- Dividend Reinvestment Plan
- The company's DRIP allows preferred shareholders to reinvest their cash dividends in common shares of TransCanada. For more information, visit http://www.transcanada.com/drip.html
- Corporate Action
- With more than 65 years' experience, TC Energy operates one of the largest natural gas transmission networks that extends more than 91,900 kilometres (57,100 miles), tapping into virtually all major gas supply basins in North America. TC Energy is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TC Energy currently owns or has interests in approximately 6,100 megawatts of power generation in Canada and the United States. TC Energy is also the developer and operator of one of North America’s leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries.
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