TC Energy announces expiration and upsizing of cash tender offers for certain Canadian-dollar denominated debt securities

TC Energy announces expiration and upsizing of cash tender offers for certain Canadian-dollar denominated debt securities

Benzinga
October 9, 2024

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW).

CALGARY, Alberta, Oct. 09, 2024 (GLOBE NEWSWIRE) -- News Release, TC Energy Corporation ((TSX, NYSE:TRP) ("TC Energy") today announced (i) the expiration of the previously announced separate offers (the "Offers") of TransCanada PipeLines Limited (the "Company"), a wholly-owned subsidiary of TC Energy, to purchase for cash up to C$350,000,000 in aggregate purchase price, excluding accrued and unpaid interest, (the "Maximum Purchase Amount") of its outstanding notes of the two series listed in the table below (collectively, the "Notes") at 5 p.m. (Toronto time) on Oct. 8, 2024 (the "Expiration Date") and (ii) the Company has amended the Offers by increasing the Maximum Purchase Amount from C$350,000,000 in aggregate purchase price, excluding accrued and unpaid interest, to C$575,000,000 in aggregate principal amount.

The Offers

The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated Oct. 1, 2024 relating to the Notes (the "Offer to Purchase"). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase.

According to information provided by TSX Trust Company, the Tender Agent, C$1,199,486,000 combined aggregate principal amount of the Notes were validly tendered in connection with the Offers prior to or at the Expiration Date and not validly withdrawn. The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn prior to the Expiration Date.

Title of Notes(1)

Principal AmountOutstanding

CUSIP / ISIN Nos. (1)

Reference Security(2)

BloombergReference Page(2)

Fixed Spread (Basis Points)(2)

Principal Amount Tendered

4.180% Senior Notes due 2048

C$1,100,000,000

89353ZCC0 / CA89353ZCC01

CAN 2 ¾ 12/01/55

FIT CAN0-50

160

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