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TC Energy closes US$1.8 billion bought deal

Published by , Editorial Assistant
World Pipelines,

TC Energy Corp. (TC Energy or the company) has announced that it has completed its previously announced public offering (the offering) of common shares of the company (the common shares).

The offering was announced on 4 August 2022 when TC Energy entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and Scotiabank, under which they agreed to purchase from TC Energy and sell to the public 28 400 000 common shares. The purchase price of US$63.50 per common share (the offering price) resulted in total gross proceeds of approximately US$1.8 billion. TC Energy has also granted the underwriters an over-allotment option to purchase up to an additional 2 840 000 common shares at the offering price, exercisable for a period of 30 days after closing of the offering.

TC Energy intends to the use the proceeds of the offering, directly or indirectly, together with other financing sources and cash on hand, to fund costs associated with the construction of the Southeast Gateway Pipeline, a US$4.5 billion, 1.3 billion ft3/d, 715 km offshore natural gas pipeline in the southeast region of Mexico. Pending such use, the net proceeds from the offering may temporarily be used to reduce indebtedness or invested in short term liquid investments.

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Canada pipeline news TC Energy news