TC Energy provides dividend rate notice for Series 1 and 2 preferred shares
02 Dezember 2019 - 6:30PM
News Release -- TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC
Energy) announced today that it has notified the registered
shareholders of the applicable dividend rates for its Cumulative
Redeemable First Preferred Shares, Series 1 (Series 1 Shares) and
its Cumulative Redeemable First Preferred Shares, Series 2 (Series
2 Shares).
As previously announced in the Company’s news release dated
November 21, 2019, holders of the Series 1 Shares have the right on
December 31, 2019 to convert, on a one-for-one basis, any or all of
their Series 1 Shares into Series 2 Shares and receive a floating
rate quarterly dividend, or retain any or all of their Series 1
Shares and receive a new fixed rate quarterly dividend.
Holders of the Series 2 Shares have the right on December 31,
2019 to convert, on a one-for-one basis, any or all of their Series
2 Shares into Series 1 Shares and receive a fixed rate quarterly
dividend, or retain any or all of their Series 2 Shares and receive
a floating rate quarterly dividend.
Should a holder of Series 1 Shares choose to retain their
shares, such shareholders will receive the new annual fixed
dividend rate applicable to Series 1 Shares of 3.479% for the
five-year period commencing December 31, 2019 to, but excluding,
December 31, 2024. Should a holder of Series 1 Shares choose to
convert their shares to Series 2 Shares, holders of Series 2 Shares
will receive the floating quarterly dividend rate applicable to the
Series 2 Shares of 3.572% for the three-month period commencing
December 31, 2019 to, but excluding, March 30, 2020. The floating
dividend rate will be reset every quarter.
Should a holder of Series 2 Shares choose to
retain their shares, such shareholders will receive the floating
quarterly dividend rate applicable to Series 2 Shares of 3.572% for
the three-month period commencing December 31, 2019 to, but
excluding, March 30, 2020. The floating dividend rate will be reset
every quarter. Should a holder of Series 2 Shares choose to convert
their shares to Series 1 Shares, holders of Series 1 Shares will
receive the new fixed quarterly dividend rate applicable to the
Series 1 Shares of 3.479% for the five-year period commencing
December 31, 2019 to, but excluding, December 31, 2024.
Beneficial owners of Series 1 or Series 2 Shares who do not
provide notice or communicate with their broker or other nominee by
5 p.m. (EST) on December 16, 2019 will retain their respective
Series 1 Shares or Series 2 Shares, as applicable, and receive the
new dividend rate applicable to such shares, subject to the
conditions stated above.
The foregoing conversions are subject to the conditions that:
(i) if TC Energy determines that there would be less than one
million Series 1 Shares outstanding after December 31, 2019, then
all remaining Series 1 Shares will automatically be converted into
Series 2 Shares on a one-for-one basis on December 31, 2019, and
(ii) if TC Energy determines that there would be less than one
million Series 2 Shares outstanding after December 31, 2019, then
all of the remaining outstanding Series 2 Shares will automatically
be converted into Series 1 Shares on a one-for-one basis on
December 31, 2019. In either case, TC Energy will issue a news
release to that effect no later than December 23, 2019.
Holders of Series 1 Shares and Series 2 Shares will have the
opportunity to convert their shares again on December 31, 2024 and
every five years thereafter as long as the shares remain
outstanding. For more information on the terms of, and risks
associated with an investment in the Series 1 Shares and the Series
2 Shares, please see the prospectus supplement dated September 22,
2009 which is available on sedar.com or on our website.
TC Energy and its affiliates deliver the energy millions of
people rely on every day to power their lives and fuel industry.
Focused on what we do and how we do it, we are guided by core
values of safety, responsibility, collaboration and integrity. Our
more than 7,000 people are committed to sustainably developing and
operating pipeline, power generation and energy storage facilities
across Canada, the U.S. and Mexico. TC Energy’s common shares trade
on the Toronto (TSX) and New York (NYSE) stock exchanges under the
symbol TRP. Visit TCEnergy.com and connect with us on social media
to learn more.
FORWARD-LOOKING INFORMATIONThis release
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 TC Energy security holders and potential investors with
information regarding TC Energy and its subsidiaries, including
management's assessment of TC Energy's and its subsidiaries' future
plans and financial outlook. All forward-looking statements reflect
TC Energy's beliefs and assumptions based on information available
at the time the statements were made and as such are not guarantees
of future performance. As actual results could vary significantly
from the forward-looking information, you should not put undue
reliance on forward-looking information and should not use
future-oriented information or financial outlooks for anything
other than their intended purpose. We do not update our
forward-looking information due to new information or future
events, unless we are required to 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 July 31, 2019 and the 2018 Annual Report filed under TC
Energy's profile on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission at www.sec.gov.
Media Enquiries:Jaimie Harding / Hejdi
Carlsen403.920.7859 or 800.608.7859
Investor & Analyst Enquiries:David Moneta /
Duane Alexander403.920.7911 or 800.361.6522
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