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Preferred Share Description
TC Energy Corporation (TRP.PR.F)
Floating-Rate, Cumulative, Redeemable, 1st preferred share, Series 2
Prospectus - September 22, 2009
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.
Note: On December 3, 2014, 12,501,577 Series 1 Rate-Reset shares (TRP.PR.A) were converted into the Series Floating Rate Preferred Shares (TRP.PR.F). The initial Floating-Rate quarterly dividend rate was set at 2.814% for the January - March 2015 period.
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
- Floating Rate Calculated Quarterly
- Dividend Dates
- On the last day of March, June, September and December.
- Dividend Details
- The dividend rate for the floating rate, Series 2, preferred shares will be calculated and paid quarterly at a rate equal to the sum of the 90-day Government of Canada Treasury Bill yield plus 1.92%, as determined in accordance with the terms of the Series 2 shares.
- Redeemable at the issuer's option on December 31, 2019 and on December 31st in every fifth year thereafter at $25.00 per share.
- Convertible at the option of the shareholder into Series 1 Rate-Reset preferred shares on December 31, 2019 and on December 31st in every fifth year thereafter. The Series 1 Rate-Reset preferred shares will pay a dividend quarterly at a fixed rate equal to the sum of the Government of Canada Yield (GCAN5YR) plus 1.92%. In addition, holders of the Series 1 Rate-Reset preferred shares will have the right to convert their shares into Series 2 preferred shares on December 31, 2024 and on December 31st every five years thereafter.
- Lead Underwriter(s)
- Scotia Capital, RBC Dominion Securities, BMO Nesbitt Burns
- Transfer Agent
- Computershare Trust Company of Canada
- Computershare Trust Company of Canada
- Dividend Reinvestment Plan
- 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 NortnsCanadah 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.
- Corporate Action
- 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
- Last Updated