TransCanada Announces Receipt of Consents To Amend TransCanada PipeLines Limited’s 1993 Indenture; Special Meeting of Holde...
30 August 2018 - 08:10AM
News Release – TransCanada Corporation (TSX:TRP), (NYSE: TRP)
(TransCanada) today announced the expiry of the solicitation of
consents by TransCanada PipeLines Limited (TCPL) in connection with
proposed amendments to TCPL’s 1970 Indenture and 1993 Indenture
pursuant to which the outstanding notes listed below were issued
(respectively, the “1970 Notes” and the “1993 Notes”).
The solicitation of the consents is described in the Consent and
Proxy Solicitation Statement dated August 1, 2018 which can be
found at www.sedar.com. Adoption of the proposed amendments to the
1970 Indenture and the 1993 Indenture require the consents of
holders of at least 662/3 per cent of the
aggregate outstanding principal amount of the 1970 Notes and
the 1993 Notes, respectively (each, the “1970 Requisite Consent”
and the “1993 Requisite Consent”).
The cut-off time for delivery of the Consent and Proxy Forms was
10 a.m. MT on August 27, 2018. Consents in excess of the 1993
Requisite Consent have been received. The 1970 Requisite Consent
was not attained, however, the proposed amendments to the 1970
Indenture may still be approved by holders of the 1970 Notes at the
special meeting of such holders scheduled on August 30, 2018 (as
detailed below).
Pursuant to the terms of the Consent and Proxy Solicitation, an
amendment payment of $0.50 for each $1,000 principal amount of 1993
Notes will be paid to holders of record, as applicable, as of July
26, 2018 (“1993 Amendment Payment”). As outlined in the Consent and
Proxy Solicitation Statement, the 1993 Amendment Payment will be
paid conditional on and following the execution of the supplemental
indenture to the 1993 Indenture which will implement the approved
amendments. The equivalent amendment payment for holders of the
1970 Notes will only be paid if (i) the amendments to the 1970
Indenture are approved at the special meeting detailed below; and
(ii) a supplemental indenture to the 1970 Indenture implementing
the approved amendments is executed.
Cancellation of Special Meeting of Holders of 1993
Notes
Concurrent with the receipt of the 1993 Requisite Consent,
TransCanada also announced that the previously scheduled special
meeting of the holders of 1993 Notes that was to occur on August
30, 2018 has been cancelled.
Confirmation of Special Meeting of Holders of 1970
Notes
TransCanada confirms the previously scheduled special meeting
for the holders of the 1970 Notes will proceed on August 30, 2018
at 10 a.m. MT at the offices of Blake, Cassels & Graydon LLP,
3500, 855 - 2nd Street SW, Calgary, Alberta. At the meeting,
adoption of the proposed amendments to the 1970 Indenture requires
the holders of at least 51 per cent of the aggregate outstanding
principal amount of 1970 Notes represented in person or by proxy,
and 75 per cent of such holders to vote for the proposed
amendments.
Notes Outstanding Under the 1970 Indenture
Series |
|
ISIN |
10.50% due March 20,
2019 |
|
CA893526BU65 |
|
|
CA89352ZCM91 |
11.80% due November 20,
2020 |
|
CA893526CA92 |
|
|
CA89352ZGL72 |
|
|
CA89354ZAE75 |
|
|
|
Notes Outstanding Under the 1993 Indenture
Series |
|
ISIN |
|
9.35% due May 27,
2019 |
|
CA893526CP61 |
|
9.95% due
December 1, 2022 |
|
CA893526CT83 |
|
|
CA89352ZML09 |
|
8.29% due
February 5, 2026 |
|
CA89353ZAP32 |
|
|
CA89355ZBH88 |
|
8.21% due April 25,
2030 |
|
CA89353ZAS70 |
|
8.23% due January 16,
2031 |
|
CA89353ZAR97 |
|
8.20% due August 15,
2031 |
|
CA89353ZAT53 |
|
7.31% due January 15,
2027 |
|
CA89353ZAU27 |
|
7.90% due April 15,
2027 |
|
CA89353ZAX65 |
|
7.34% due July 18,
2028 |
|
CA89353ZAY49 |
|
6.89% due August 7,
2028 |
|
CA89353ZBA53 |
|
6.28% due May 26,
2028 |
|
CA89353ZBE75 |
|
5.65% due June 20,
2029 |
|
CA89353ZBF41 |
|
6.50% due December 9,
2030 |
|
CA89353ZBK36 |
|
|
|
|
|
Further Information
CIBC World Markets Inc. served as solicitation agent for the
solicitation.
Shorecrest Group Ltd. served as consent solicitation and
information agent for the solicitation.
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 91,900 kilometres (57,100 miles),
tapping into virtually all major gas supply basins in 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 approximately 6,100 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 statements regarding
the payment of the 1993 Amendment Payment and 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 events or 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 Quarterly Report to Shareholders dated August 2, 2018
and 2017 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 Inquiries:Grady Semmens403.920.7859 or
800.608.7859
TransCanada Investor & Analyst
Inquiries:David Moneta / Duane Alexander403.920.7911 or
800.361.6522
TC Energy (TSX:TRP)
Historical Stock Chart
From Feb 2024 to Mar 2024
TC Energy (TSX:TRP)
Historical Stock Chart
From Mar 2023 to Mar 2024