CALGARY, Alberta – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL), is considering an offering of subordinated trust notes (Trust Notes), guaranteed on a subordinated basis by TCPL, under the Trust’s short form base shelf prospectus dated Feb. 26, 2021.
If a successful offering is completed, the Company intends to use the proceeds to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 15 (TSX:TRP.PR.K) pursuant to their terms, and pending such redemption, to reduce short-term indebtedness as well as for general corporate purposes. There is no certainty that the Trust will ultimately complete the offering being considered or as to the timing or terms on which such an offering might be completed.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the Trust Notes. The Trust Notes have not been approved or disapproved by any regulatory authority. The Trust Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons.