TC Energy announces cash tender offers for seven series of debt securities

TC Energy announces cash tender offers for seven series of debt securities

Benzinga
October 1, 2024

CALGARY, Alberta, Oct. 01, 2024 (GLOBE NEWSWIRE) -- News Release, TC Energy Corporation ((TSX, NYSE:TRP) ("TC Energy") today announced that TransCanada PipeLines Limited (the "Company"), a wholly-owned subsidiary of TC Energy, has commenced separate offers (the "Offers") to purchase for cash any and all of the seven series of outstanding notes of the series listed in the table below (collectively, the "Notes"), up to a maximum of US$1,750,000,000 aggregate Total Consideration (as defined below). Subject to the Maximum Purchase Condition (as defined below), the series of Notes that are purchased in the Offers will be based on the acceptance priority levels (each, an "Acceptance Priority Level") set forth in the table below. If a given series of Notes is accepted for purchase pursuant to the Offers, all Notes of that series that are validly tendered will be accepted for purchase. No series of Notes will be subject to proration pursuant to the Offers.

The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated October 1, 2024 relating to the Notes (the "Offer to Purchase") and the notice of guaranteed delivery attached as Appendix A thereto (the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Tender Offer Documents"). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

AcceptancePriorityLevel(1)

Title of Notes(2)

Principal Amount Outstanding (in millions)

CUSIP / ISIN Nos.(2)

ReferenceSecurity(3)

BloombergReferencePage(3)

Fixed Spread (Basis Points)(3)

1

2.500% Senior Notes due 2031

US$1,000

89352HBC2 / US89352HBC25

3.875% U.S. Treasury due August 15, 2034

FIT1

+35

2

5.000% Senior Notes due 2043

US$625

89352HAL3 / US89352HAL33

4.125% U.S. Treasury due August 15, 2044

FIT1

+90

3

4.875% Senior Notes due 2048

US$1,000

89352HAY5 / US89352HAY53

4.625% U.S. Treasury due May 15, 2054

FIT1

+100

4

5.100% Senior Notes due 2049

US$1,000

89352HAZ2 / US89352HAZ29

4.625% U.S. Treasury due May 15, 2054

FIT1

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