TC Energy considers U.S. subordinated notes offering

Executive Summary

• TC Energy’s TransCanada Pipelines Ltd. (TCPL) is evaluating a possible issuance of U.S. junior subordinated notes.
• Net proceeds, if raised, would be used to redeem outstanding Series 11 cumulative redeemable first preferred shares and to reduce indebtedness, with any remaining funds allocated to general corporate purposes.
• The offering would be made via a prospectus supplement to TCPL’s short‑form base shelf prospectus dated Dec. 5 2024; no timing or terms have been finalized.

Key Details

• Offering Consideration: Junior subordinated notes in the United States, subject to market and regulatory conditions.
• Use of Proceeds:
• Redemption of issued and outstanding cumulative redeemable first preferred shares, Series 11.
• Reduction of existing indebtedness.
• General corporate purposes for any excess funds.
• Prospectus Supplement: Would be filed as an amendment to TCPL’s short‑form base shelf prospectus (Form F‑10) dated Dec. 5 2024.
• Availability of Documentation: Prospectus supplement will be free on the SEC website; can also be requested from Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets, or Wells Fargo Securities via listed toll‑free numbers.
• Uncertainty Notice: No guarantee that the offering will be completed, nor any certainty regarding timing or specific terms.

Notable Quotes

(No direct quotes were provided in the release.)