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Preferred Share Description
TC Energy Corporation (TRP.PR.J)
5.50% Cumulative, Redeemable, Fixed Minimum Rate-Reset, 1st preferred share, Series 13
Prospectus - April 13, 2016
Marketing Summary - April 13, 2016
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.
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
- $1.375 per share per year
- Dividend Dates
- Payable on the last business day of February, May, August and November
- Dividend Details
- The dividend rate is set at $1.375 per share per year until May 31, 2021.The dividend rate will be reset on May 31, 2021 and on May 31st every five years thereafter. The annual dividend rate will be reset to equal the greater of 1) the sum of the Government of Canada Yield (GCAN5YR) plus 4.69%, or 2) the minimum annual dividend rate of 5.50%.
- The series 13 shares are not redeemable by the company prior to May 31 31, 2021. On May 31, 2021 and on May 31st every five years thereafter the company can redeem the shares at $25.00.
- The Series 13 Fixed, Rate-Reset shares are convertible at the option of the shareholder into Series 14 Floating-Rate preferred shares on May 31, 2021 and on May 31st every fifth year thereafter. The Series 14 Floating Rate preferred shares will calculate and pay a dividend quarterly equal to the sum of the 90-day Government of Canada Treasury Bills plus 4.69%. In addition, holders of the Series 14 Floating Rate preferred shares will have the right to convert their shares back into Series 13 Rate-Reset preferred shares on May 31, 2026 and on May 31st every five years thereafter.
- Lead Underwriter(s)
- TD Securities Inc., BMO Capital Markets, Scotiabank
- 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 continentalCanada oil supplies to key markets and refineries.
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