TransCanada Announces Approval of Amendments to TransCanada PipeLines Limited’s 1970 Indenture at Special Meeting of Holder...
August 30 2018 - 4:52PM
News Release – TransCanada Corporation (TSX: TRP) (NYSE: TRP)
(TransCanada) today announced the approval of proposed amendments
to TransCanada PipeLines Limited’s (TCPL) 1970 Indenture by holders
of the outstanding notes listed below issued pursuant to such
indenture (the “1970 Notes”).
The proxy solicitation is described in the Consent and Proxy
Solicitation Statement dated August 1, 2018 which can be found at
www.sedar.com. Adoption of the proposed amendments to the 1970
Indenture required the holders of at least 51 per cent of the
aggregate outstanding principal amount of 1970 Notes represented in
person or by proxy, and 75 per cent of such holders voting in
favour of the proposed amendments (the “1970 Requisite Meeting
Approval”). The 1970 Requisite Meeting Approval was exceeded at the
meeting today with a quorum of 60.63 per cent and 99.49 per cent of
holders present in person or by proxy voting in favour of the
amendments.
Pursuant to the terms of the Consent and Proxy Solicitation, an
amendment payment of $0.50 for each $1,000 principal amount of 1970
Notes will be paid to holders of record as of July 26, 2018 (the
“1970 Amendment Payment”). As outlined in the Consent and Proxy
Solicitation Statement, the 1970 Amendment Payment will be paid
conditional on and following the execution of the supplemental
indenture to the 1993 Indenture which will implement the approved
amendments.
Notes Outstanding Under the 1970 Indenture
Series |
|
ISIN |
|
10.50% due
March 20, 2019 |
|
CA893526BU65 |
|
|
CA89352ZCM91 |
|
11.80% due
November 20, 2020 |
|
CA893526CA92 |
|
|
CA89352ZGL72 |
|
|
|
CA89354ZAE75 |
|
|
|
|
|
Further Information
CIBC World Markets Inc. served as solicitation agent for the
solicitation.
Shorecrest Group Ltd. served as consent solicitation and
information agent for the solicitation.
With more than 65 years' experience, TransCanada is a leader in
the responsible development and reliable operation of
North American energy infrastructure including natural gas and
liquids pipelines, power generation and gas storage facilities.
TransCanada 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. TransCanada is a leading provider of gas storage and
related services with 653 billion cubic feet of storage capacity. A
large independent power producer, TransCanada currently owns or has
interests in approximately 6,100 megawatts of power generation in
Canada and the United States. TransCanada 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. TransCanada’s common shares trade on the Toronto and
New York stock exchanges under the symbol TRP. Visit
TransCanada.com to learn more, or connect with us on
social media.
FORWARD-LOOKING INFORMATION
This publication 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 TransCanada
security holders and potential investors with information regarding
TransCanada and its subsidiaries, including statements regarding
the payment of the 1970 Amendment Payment and management's
assessment of TransCanada's and its subsidiaries' future plans and
financial outlook. All forward-looking statements reflect
TransCanada's beliefs and assumptions based on information
available at the time the statements were made and as such are not
guarantees of future events or performance. Readers are cautioned
not to place undue reliance on this forward-looking information,
which is given as of the date it is expressed in this news release,
and not to use future-oriented information or financial outlooks
for anything other than their intended purpose. TransCanada
undertakes no obligation to update or revise any forward-looking
information except as required 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 August 2, 2018
and 2017 Annual Report filed under TransCanada's profile on SEDAR
at www.sedar.com and with the U.S. Securities and Exchange
Commission at www.sec.gov.
Media Inquiries:Grady Semmens403.920.7859 or
800.608.7859
TransCanada Investor & Analyst
Inquiries:David Moneta / Duane Alexander403.920.7911 or
800.361.6522
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