TransCanada provides dividend rate notice for Series 7 and 8 preferred shares
April 01 2019 - 7:30AM
News Release – TransCanada Corporation (TSX:TRP) (NYSE:TRP)
(TransCanada) announced today that it has notified the registered
shareholder of the applicable dividend rates for Cumulative
Redeemable First Preferred Shares, Series 7 (Series 7 Shares) and
the Cumulative Redeemable First Preferred Shares, Series 8 (Series
8 Shares).
As previously announced in our news release
dated March 15, 2019, holders of the Series 7 Shares have the right
on April 30, 2019 to convert, on a one-for-one basis, any or all of
their Series 7 Shares into Series 8 Shares and receive a floating
rate quarterly dividend, or retain any or all of their Series 7
Shares and receive a new fixed rate quarterly dividend.
Should a holder of Series 7 Shares choose to
retain their shares, such shareholders will receive the new annual
fixed dividend rate applicable to the Series 7 Shares
of 3.903% for the five-year period commencing April 30, 2019
to, but excluding, April 30, 2024.
Should a holder of Series 7 Shares choose to
convert their shares to Series 8 Shares, holders of Series 8 Shares
will receive the floating quarterly dividend rate applicable to the
Series 8 Shares of 4.032% for the first quarterly floating rate
period commencing effective April 30, 2019 to, but excluding, July
30, 2019. The floating quarterly dividend rate will be reset every
quarter.
Beneficial owners of Series 7 Shares who do not
provide notice or communicate with their broker or other nominee by
5 p.m. (EDT) on April 15, 2019 will retain their Series 7 Shares
and receive the new annual fixed dividend rate applicable to the
Series 7 Shares stated above.
For more information on the terms of, and risks
associated with an investment in the Series 7 Shares and the Series
8 Shares, please see the prospectus supplement dated February
25, 2013 which is available on sedar.com or on our website.
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 92,600 kilometres (57,500 miles),
connecting major gas supply basins to markets across 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 more than 6,600 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 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
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 Fourth Quarter 2018 Financial
Highlights release and 2018 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 Enquiries:Grady Semmens403.920.7859 or
800.608.7859
Investor & Analyst Enquiries:David Moneta /
Duane Alexander403.920.7911 or 800.361.6522
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