TC Energy provides results of Series 9 Shares conversion elections

Rhea-AI Summary

TC Energy (TSX, NYSE: TRP) announced the conversion election results for its Series 9 Preferred Shares. Out of 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares (Series 9), 1,297,203 shares will be converted to floating rate Series 10 Shares on October 30, 2024. Following the conversion, TC Energy will have 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares outstanding. The shares will trade on the Toronto Stock Exchange under symbols TRP.PR.E and TRP.PR.L respectively.

Insights

Financial Analyst

This share conversion announcement represents a technical adjustment in TC Energy's preferred share structure. 16.7 million Series 9 shares will remain as fixed-rate preferred shares, while 1.3 million shares will convert to floating-rate Series 10 shares. The modest conversion rate of 7.2% suggests most investors prefer the stability of fixed-rate dividends in the current interest rate environment. This administrative change has minimal impact on TC Energy's capital structure or financial position. The conversion option provides shareholders with flexibility to adjust their exposure to interest rate movements while maintaining their investment in the company.

CALGARY, Alberta, Oct. 23, 2024 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that 1,297,203 of its 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) have been elected for conversion on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares) effective on Oct. 30, 2024. As a result, on Oct. 30, 2024, TC Energy will have 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares issued and outstanding. The Series 9 Shares and Series 10 Shares will be listed on the Toronto Stock Exchange under the symbols TRP.PR.E and TRP.PR.L, respectively.

About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.

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.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

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Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF available: http://ml.globenewswire.com/Resource/Download/8176a791-9dfe-4ecf-857e-4d3bc758dbf6

FAQ

How many TC Energy Series 9 shares will be converted to Series 10 shares on October 30, 2024?

1,297,203 Series 9 shares will be converted to Series 10 shares on October 30, 2024.

What will be the trading symbols for TC Energy's Series 9 and Series 10 shares on TSX?

The Series 9 shares will trade under TRP.PR.E and Series 10 shares under TRP.PR.L on the Toronto Stock Exchange.

How many Series 9 and Series 10 shares will TC Energy (TRP) have outstanding after October 30, 2024?

After October 30, 2024, TC Energy will have 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares outstanding.