TC Energy provides results of Series 11 Shares conversion elections
CALGARY, Alberta, Nov. 23, 2020 — News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy or the Corporation) announced today that 139,529 of its 10,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 11 (Series 11 Shares) were deposited for conversion on November 30, 2020 on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 12 (Series 12 Shares).
As previously announced in our news release dated November 2, 2020, the conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 11 Shares outstanding after November 30, 2020, then all remaining Series 11 Shares will automatically be converted into Series 12 Shares on a one-for-one basis on November 30, 2020 and (ii) alternatively, if TC Energy determines that there would be less than one million Series 12 Shares outstanding after November 30, 2020, no Series 11 Shares will be converted into Series 12 Shares.
As the total number of Series 11 Shares tendered for conversion did not meet the threshold set above, no Series 11 Shares will be converted into Series 12 Shares on November 30, 2020.
For more information on the terms of, and risks associated with an investment in the Series 11 Shares and the Series 12 Shares, please see the Corporation’s prospectus supplement dated February 23, 2015 which is available on sedar.com or on our website.
About TC Energy
We are a vital part of everyday life — delivering the energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network of natural gas and crude oil pipelines, along with power generation and storage facilities, wherever life happens — we’re there. Guided by our core values of safety, responsibility, collaboration and integrity, our more than 7,500 people make a positive difference in the communities where we operate 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. To learn more, visit us at TCEnergy.com.
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