TransCanada provides results of Series 7 Shares conversion elections
April 23 2019 - 7:30AM
News Release -- TransCanada Corporation (TSX:TRP) (NYSE:TRP)
(TransCanada or the Company) announced today that 725,094 of its
24,000,000 fixed rate Cumulative Redeemable First Preferred Shares,
Series 7 (Series 7 Shares) were deposited for conversion on April
30, 2019 on a one-for-one basis into floating rate Cumulative
Redeemable First Preferred Shares, Series 8 (Series 8 Shares).
As previously announced in the Company’s news
release dated March 15, 2019, the conversions are subject to the
conditions that: (i) if TransCanada determines that there would be
less than one million Series 7 Shares outstanding after April 30,
2019, then all remaining Series 7 Shares will automatically be
converted into Series 8 Shares on a one-for-one basis on April 30,
2019, and (ii) alternatively, if TransCanada determines that there
would be less than one million Series 8 Shares outstanding after
April 30, 2019, no Series 7 Shares will be converted into Series 8
Shares.
As the total number of Series 7 Shares tendered
for conversion did not meet the threshold set out above, no Series
7 Shares will be converted into Series 8 Shares on April 30,
2019.
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 the TransCanada
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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