TransCanada lists Series 2 Preferred Shares

TransCanada Corporation (TRP) has announced that 12 501 577 of its 22 000 000 fixed rate Cumulative Redeemable First Preferred Shares, Series 1, were tendered for conversion on 31 December 2014, on a one-for-one basis into floating-rate Cumulative Redeemable First Preferred Shares, Series 2. As a result of the conversion TransCanada has 9 498 423 Series 1 Shares and 12 501 577 Series 2 Shares issued and outstanding. The Series 1 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol TRP.PR.A. The Series 2 Shares will begin trading on the TSX under the symbol TRP.PR.F.

The Series 1 Shares will continue to pay on a quarterly basis, for the five-year period beginning on 31 December 2014, as and when declared by the Board of Directors of TransCanada, a fixed dividend based on an annual fixed dividend rate of 3.266%. The Series 2 Shares will pay a floating quarterly dividend for the five-year period beginning on 31 December 2014, as and when declared by the Board of Directors of TransCanada. The floating quarterly dividend rate for the Series 2 Shares for the first quarterly floating rate period (being the period from 31 December 2014 to but excluding 31 March 2015) is 2.815% and will be reset every quarter.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/05012015/transcanada-lists-series-2-preferred-shares-9/