TC Energy provides conversion right and dividend rate notice for Series 9 and 10 preferred shares
01 Octobre 2024 - 11:00PM
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or
the Company) today announced that it does not intend to exercise
its right to redeem its Cumulative Redeemable First Preferred
Shares, Series 9 (Series 9 Shares) on Oct. 30, 2024. As a result,
subject to certain conditions, the holders of Series 9 Shares have
the right to choose one of the following options regarding their
shares:
- to retain any or all of their Series 9 Shares and continue to
receive a fixed rate quarterly dividend, or
- to convert, on a one-for-one basis, any or all of their Series
9 Shares into Cumulative Redeemable First Preferred Shares, Series
10 (Series 10 Shares) of TC Energy and receive a floating rate
quarterly dividend.
Should holders 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 5.080 per cent for the
five-year period commencing Oct. 30, 2024 to, but excluding, Oct.
30, 2029.
Should holders 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 6.329 per cent for the first quarterly floating rate period
commencing Oct. 30, 2024 to, but excluding, Jan. 30, 2025. The
floating quarterly dividend rate will be reset every quarter.
Beneficial owners of Series 9 Shares who want to exercise their
right of conversion should communicate as soon as possible with
their broker or other nominee and ensure that they follow their
instructions to meet the deadline to exercise such right, which is
5 p.m. (EDT) on Oct. 15, 2024. Any notices received after this
deadline will not be valid. It is recommended that this be done
well in advance of the deadline to provide the broker or other
nominee with time to complete the necessary steps.
Beneficial owners of Series 9 Shares who do not exercise their
conversion right through their broker or other nominee by the
deadline will retain their Series 9 Shares and receive the new
annual fixed dividend rate applicable to the Series 9 Shares,
subject to the conditions stated below.
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 Oct. 30, 2024, then all
remaining Series 9 Shares will automatically be converted into
Series 10 Shares on a one-for-one basis on Oct. 30, 2024 and (ii)
alternatively, if TC Energy determines that there would be
less than one million Series 10 Shares outstanding after Oct. 30,
2024, 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 Oct. 23, 2024.
Holders of Series 9 Shares and Series 10 Shares will have the
opportunity to convert their shares again on
Oct. 30, 2029 and in every fifth year thereafter as long
as the shares remain outstanding. 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 Jan. 13, 2014 which is available on sedarplus.ca
or on our website.
About TC EnergyWe’re a team of 7,000+ energy
problem solvers working to safely move, generate and store the
energy North America relies on. Today, we’re delivering solutions
to the world’s toughest energy challenges – from innovating to
deliver the natural gas that feeds LNG to global markets, to
working to reduce emissions from our assets, to partnering with our
neighbours, customers and governments to build the energy system of
the future. It’s all part of how we continue to deliver sustainable
returns for our investors and create value for communities.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com.
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 most recent Quarterly Report to
Shareholders and Annual Report filed under TC Energy’s profile on
SEDAR+ at www.sedarplus.ca and with the U.S. Securities and
Exchange Commission at www.sec.gov.
-30-
Media Inquiries:Media
Relationsmedia@tcenergy.com 403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:Gavin Wylie /
Hunter Mauinvestor_relations@tcenergy.com403-920-7911 or
800-361-6522
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