TC Energy provides dividend rate notice for Series 9 and 10 preferred shares
01 October 2019 - 3:28AM
News Release -- TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC
Energy) announced today that it has notified the registered
shareholder of the applicable dividend rates for Cumulative
Redeemable First Preferred Shares, Series 9 (Series 9 Shares) and
the Cumulative Redeemable First Preferred Shares, Series 10 (Series
10 Shares).
As previously announced in our news release dated September 18,
2019, holders of the Series 9 Shares have the right on October 30,
2019 to convert, on a one-for-one basis, any or all of their Series
9 Shares into Series 10 Shares and receive a floating rate
quarterly dividend, or retain any or all of their Series 9 Shares
and receive a new fixed rate quarterly dividend.
Should a holder of Series 9 Shares choose to retain their
shares, such shareholders will receive the new annual fixed
dividend rate applicable to the Series 9 Shares of 3.762% for the
five-year period commencing October 30, 2019 to, but excluding,
October 30, 2024.
Should a holder of Series 9 Shares choose to convert their
shares to Series 10 Shares, holders of Series 10 Shares will
receive the floating quarterly dividend rate applicable to the
Series 10 Shares of 3.974% for the first quarterly floating rate
period commencing effective October 30, 2019 to, but excluding,
January 30, 2020. The floating quarterly dividend rate will be
reset every quarter.
Beneficial owners of Series 9 Shares who do not provide notice
or communicate with their broker or other nominee by 5 p.m. (EDT)
on October 15, 2019 will retain their Series 9 Shares and receive
the new annual fixed dividend rate applicable to the Series 9
Shares 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 9 Shares outstanding after October 30, 2019, then
all remaining Series 9 Shares will automatically be converted into
Series 10 Shares on a one-for-one basis on October 30, 2019 and
(ii) alternatively, if TC Energy determines that there would be
less than one million Series 10 Shares outstanding after October
30, 2019, no Series 9 Shares will be converted into Series 10
Shares. In either case, TC Energy will issue a news release to that
effect no later than October 23, 2019.
For more information on the terms of, and risks associated with
an investment in the Series 9 Shares and the Series 10 Shares,
please see the Corporation’s prospectus supplement dated January
13, 2014 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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