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TC Energy Corp | Cumulative Redeemable First Preferred Shares, Series 5 (TRP.PRC.CA)
Prospectus excerpt: TransCanada Corporation (the ‘‘Corporation’’) is hereby qualifying the distribution (the ‘‘Offering’’) of 12,000,000 cumulative redeemable first preferred shares, series 5 (‘‘Series 5 Shares’’) of the Corporation at a price of $25.00 per Series 5 Share. See ‘‘Details of the Offering’’ and ‘‘Plan of Distribution’’. The holders of Series 5 Shares will be entitled to receive, as and when declared by the board of directors of the Corporation out of moneys of the Corporation properly applicable to the payment of dividends, fixed cumulative preferential cash dividends for the initial period (the ‘‘Initial Fixed Rate Period’’) from and including the date of issue of the Series 5 Shares to but excluding January 30, 2016, at an annual rate of $1.10 per share, payable quarterly on the 30th day of January, April, July and October in each year. If any such date is not a business day, the dividend will be paid on the next succeeding business day. Assuming an issue date of June 29, 2010, the first dividend, if declared, will be payable November 1, 2010, in the amount of $0.3707 per share. For each five-year period after the Initial Fixed Rate Period (each a ‘‘Subsequent Fixed Rate Period’’, as defined herein), the holders of Series 5 Shares shall be entitled to receive, as and when declared by the board of directors of the Corporation, fixed cumulative preferential cash dividends, payable quarterly on the 30th day of January, April, July and October in each year, in the amount per share determined by multiplying one-quarter of the Annual Fixed Dividend Rate (as defined herein) for such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by the Corporation on the Fixed Rate Calculation Date (as defined herein) and will be equal to the sum of the Government of Canada Yield (as defined herein) on the Fixed Rate Calculation Date plus a spread of 1.54%. This spread will apply to both the Series 5 Shares and the Series 6 Shares described below, and will remain unchanged over the life of the Series 5 Shares and the Series 6 Shares. See ‘‘Details of the Offering’’. Full Prospectus PDF », TRP.CA Page »
| Series: | 5 | | Alternate symbology: | TRP-C.CA, TRP-PC.CA, TRPprC.CA | | Redeemable?: | Yes | | Call Date: | 1/30/2016 (Now Trading Post Call Date) | | Perpetual?: | Yes | | Cumulative?: | Yes | | Conversion Ratio: | The holders of the Series 5 Shares will have the right to convert all or any of their shares into cumulative redeemable first preferred shares, series 6 of the Corporation (the ‘‘Series 6 Shares’’), subject to certain conditions, on January 30, 2016 and on January 30 in every fifth year thereafter. The holders of the Series 6 Shares will be entitled to receive, as and when declared by the board of directors of the Corporation, quarterly floating rate cumulative preferential cash dividends payable on the 30th day of January, April, July and October in each year (each such quarterly dividend period is referred to as a ‘‘Quarterly Floating Rate Period’’, as defined herein) in the amount per share determined by multiplying the Floating Quarterly Dividend Rate (as defined herein) for such Quarterly Floating Rate Period by $25.00 and multiplying that product by a fraction, the numerator of which is the actual number of days in such Quarterly Floating Rate Period and the denominator of which is 365 or 366, depending upon the actual number of days in the applicable year. The Floating Quarterly Dividend Rate will be the annual rate of interest equal to the sum of the T-Bill Rate (as defined herein) on the applicable Floating Rate Calculation Date (as defined herein) plus a spread of 1.54%. See ‘‘Details of the Offering’’. The Series 5 Shares and Series 6 Shares are series of shares in the same class. The conversion right entitles holders to elect periodically which of the two series they wish to hold and does not entitle holders to receive a different class or type of securities. Other than the different dividend rights and redemption rights attached thereto, the Series 5 Shares and Series 6 Shares are identical in all material respects. | | Shares Offered: | 12000000 | | Overallotment: | 2000000 | | Liquidation Preference: | $25 | | Recent Market Price: | $13.24 | Discount to Liquidation Preference:
(More Preferreds Trading at a Discount ») | $-11.76 (-47.04%) | | Annualized Dividend: | 0.48725 | | Recent Ex-Date: | 4/1/2024 | | Current Yield: | 3.68% | | Original Coupon: | 4.40% | | Pay Period: | Quarterly | | Pay Dates: | 30-Jan, 30-Apr, 30-Jul, 30-Oct | | CDx3 Compliance Rating: |
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TC Energy is an energy infrastructure company which operates in three main businesses: Natural Gas Pipelines, Liquids Pipelines and Power and Storage. Co. has five business segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines and Power and Storage. Natural Gas Pipelines and Liquids Pipelines are principally comprised of Co.'s natural gas and liquids pipelines in Canada, the U.S. and Mexico, as well as its natural gas storage operations in the U.S. Power and Storage includes Co.'s power operations and its unregulated natural gas storage business in Canada. Preferreds: TCA.PRX.CA, TCA.PRY.CA, TRP.PRA.CA, TRP.PRB.CA, TRP.PRC.CA, TRP.PRD.CA
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