CALGARY, ALBERTA–(Marketwired – Feb. 1, 2016) – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Corporation) announced today that 1,285,739 of its 14,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 5 (Series 5 Shares) were tendered for conversion today, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 6 (Series 6 Shares). As a result of the conversion, TransCanada has 12,714,261 Series 5 Shares and 1,285,739 Series 6 Shares issued and outstanding. The Series 5 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol TRP.PR.C. The Series 6 Shares will begin trading on the TSX today under the symbol TRP.PR.I.
The Series 5 Shares will continue to pay on a quarterly basis, for the five-year period beginning on January 30, 2016, as and when declared by the Board of Directors of TransCanada, a fixed dividend at an annualized rate of 2.263 per cent.
The Series 6 Shares will pay a floating rate quarterly dividend for the five-year period beginning on February 1, 2016, as and when declared by the Board of Directors of TransCanada. The dividend rate for the Series 6 Shares for the first quarterly floating rate period commencing February 1, 2016 to, but excluding April 30, 2016, is 2.037 per cent and will be reset every quarter.
For more information on the terms of, and risks associated with an investment in, the Series 5 Shares and the Series 6 Shares, please see the Corporation’s prospectus supplement dated June 17, 2010 which can be found under the Corporation’s profile on SEDAR at www.sedar.com.
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 a network of natural gas pipelines that extends more than 68,000 kilometres (42,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent’s largest providers of gas storage and related services with 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,500 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America’s largest liquids delivery systems. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.