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) were tendered for conversion today, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares). As a result of the conversion, TC Energy has 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares issued and outstanding. The Series 9 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol TRP.PR.E. The Series 10 Shares will begin trading on the TSX today under the symbol TRP.PR.L.
The Series 9 Shares will continue to pay on a quarterly basis, for the five-year period beginning on Oct. 30, 2024, as and when declared by TC Energy’s Board of Directors (Board), a fixed dividend at an annualized rate of 5.080 per cent.
The Series 10 Shares will pay a floating rate quarterly dividend for the five-year period beginning on Oct. 30, 2024, as and when declared by the Board. The dividend rate for the Series 10 Shares for the first quarterly floating rate period commencing Oct. 30, 2024 to, but excluding Jan. 30, 2025, is 6.329 per cent and will be reset every quarter.
