Tc Energy Corporation Stock Price, News & Analysis

HOUSTON, April 12, 2021 (GLOBE NEWSWIRE) -- TC Energy Corporation (NYSE: TRP) is issuing a Request for Information (RFI) to explore potential contract and investment opportunities in wind energy projects. The initiative aims to generate 2,500,000 megawatt hours annually, equating to 620 megawatts of zero-carbon energy for its U.S. pipeline assets. The RFI is non-binding and runs until May 10, 2021. The company seeks to leverage its expertise and existing assets of $100 billion to advance renewable energy goals and reduce emissions across North America.

TC Energy Corporation (NYSE: TRP) announced the redemption of its Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 13 (TSX: TRP.PR.J) on May 31, 2021, at a price of $25.00 per share. A final quarterly dividend of $0.34375 per share is expected to be declared, payable on the same date to shareholders of record by May 17, 2021. Post-redemption, the Series 13 Shares will be delisted from the Toronto Stock Exchange and will no longer be eligible for dividends.

TC Energy Corporation announced the successful closing of a $500 million offering of 4.20% subordinated Trust Notes, Series 2021-A, due March 4, 2081. The offering was underwritten by a syndicate led by BMO Capital Markets and Scotiabank. Proceeds will be used to redeem the Series 13 Cumulative Redeemable Minimum Rate Reset First Preferred Shares and to reduce short-term indebtedness. The Trust Notes are not registered under U.S. securities laws and are not available for sale in the U.S.

TC Energy Corporation (TSX, NYSE: TRP) has successfully completed its merger with TC PipeLines, LP (TCP), transforming TCP into a wholly-owned subsidiary of TC Energy. The merger, approved by a majority of unitholders, aims to simplify corporate structure and enhance TC Energy’s stake in critical energy infrastructure. TCP unitholders will receive 0.70 common shares of TC Energy for each unit held. As a result, TCP common units will no longer trade on the NYSE. TC Energy’s shares continue to be listed on both the NYSE and TSX.

TC Pipelines, LP (NYSE:TCP) will be removed from the Tortoise MLP Index and Tortoise North American Pipeline Index following its merger with a subsidiary of TC Energy Corporation (NYSE:TRP). This change takes effect at the market open on March 3, 2021. TCP's removal from the Tortoise MLP Index is due to a special rebalancing triggered by the merger, while its removal from the Tortoise North American Pipeline Index does not require special rebalancing due to its current weight being below the threshold. The indices are managed by TortoiseEcofin, focusing on essential energy infrastructure.

TC Energy Corporation (NYSE: TRP) announced its subsidiary, TransCanada Trust, is considering offering subordinated trust notes under its short form shelf prospectus. If successful, proceeds will redeem outstanding Cumulative Redeemable Preferred Shares, Series 13, and reduce short-term debt. However, there's no guarantee of a successful offering or its terms. The Trust Notes are not registered under U.S. law and may not be sold within the U.S. This information contains forward-looking statements and is subject to various risks and uncertainties.

On February 26, 2021, TC Energy Corporation (TRP) announced that TCP unitholders overwhelmingly approved the merger with a wholly owned subsidiary of TC Energy. Approximately 70% of the units represented voted in favor, equating to 54.5% of total outstanding common units. Under the merger agreement, unitholders will receive 0.70 common shares of TC Energy for each TCP unit. The merger is set to complete on March 3, 2021, leading to the suspension of TCP units from NYSE trading.

On February 23, 2021, Energy Income Partners (EIP), the largest non-affiliated unitholder of TC PipeLines (TCP), expressed strong objections to the proposed merger with TC Energy (TRP). EIP, owning over 10% of TCP, announced its intent to vote against the merger, citing serious concerns about the fairness of the merger terms and potential undervaluation of TCP's assets. EIP's analysis questions the adequacy of the Conflicts Committee's decision and urges the postponement of the merger vote for further review, emphasizing that TRP's offer significantly undervalues TCP's growth prospects.

TC Energy Corporation (NYSE: TRP) has reaffirmed its exchange ratio of 0.70 common shares for each unit of TC PipeLines, LP (NYSE: TCP) amid unitholder concerns regarding its adequacy. This ratio reflects a 20.8% premium over TCP's closing price before the initial offer in October 2020. The exchange rate was unanimously approved by an independent committee. The special meeting for unitholder approval is scheduled for February 26, 2021. TC Energy's leadership emphasizes that the merger will maximize value for TCP unitholders and will not alter the terms of the agreement.