Tc Energy Corporation Stock Price, News & Analysis

TC Energy (TSX, NYSE: TRP) announced that its subsidiary, TransCanada PipeLines , has released pricing terms for cash tender offers to purchase up to US$1,750,000,000 aggregate principal amount of outstanding notes. The offers cover seven series of notes with various maturity dates and interest rates. The Total Consideration for each series was calculated based on the Fixed Spread and Reference Yield specified for each note.

The offers will expire at 5 p.m. (Eastern time) on Oct. 8, 2024, unless extended or terminated earlier. Notes can be validly withdrawn until the same time and date. Settlement for all tendered notes is expected to be Oct. 15, 2024. Holders of accepted notes will receive the Total Consideration plus accrued and unpaid interest. The offers are subject to certain conditions as described in the Offer to Purchase document.

TC Energy (TSX, NYSE: TRP) has announced that it will not redeem its Cumulative Redeemable First Preferred Shares, Series 9 on Oct. 30, 2024. Shareholders have two options: retain their Series 9 Shares with a new fixed dividend rate of 5.080% annually, or convert to Series 10 Shares with a floating quarterly dividend rate, initially set at 6.329% for the first quarter. The conversion deadline is 5 p.m. (EDT) on Oct. 15, 2024. If less than one million shares of either series would remain outstanding after conversion, TC Energy may automatically convert all shares to the other series or prevent any conversions. Shareholders will have future opportunities to convert their shares every five years, with the next date being Oct. 30, 2029.

TC Energy announced that its subsidiary, TransCanada PipeLines , has initiated cash tender offers for seven series of outstanding notes, up to a maximum of US$1,750,000,000 aggregate Total Consideration. The offers are based on acceptance priority levels and are subject to conditions outlined in the Offer to Purchase dated October 1, 2024. The offers will expire at 5:00 p.m. (Eastern time) on October 8, 2024, unless extended or terminated earlier. Notes may be withdrawn until the same time and date.

The settlement date is expected to be October 15, 2024. Holders of accepted notes will receive the applicable Total Consideration plus accrued interest. The Company's obligation to complete an offer is subject to the Maximum Purchase Condition and other conditions described in the Offer to Purchase. The Company has retained Deutsche Bank Securities Inc., J.P. Morgan Securities , Morgan Stanley & Co. , and RBC Capital Markets, as dealer managers for the offers.

TC Energy (TSX, NYSE: TRP) has completed the spinoff of its Liquids Pipelines business into South Bow (SOBO). This strategic move positions TC Energy as a focused natural gas infrastructure and power and energy solutions company. The spinoff aims to maximize shareholder value and capture unique opportunities in the energy sector.

Key points:

• TC Energy shares will resume trading on TSX and NYSE on Oct. 2, 2024, under TRP
• South Bow shares will start trading on TSX on Oct. 2, 2024, and on NYSE around Oct. 8, 2024
• TC Energy will release Q3 2024 financial results on Nov. 7, 2024
• An Investor Day is planned for Nov. 19, 2024, to discuss strategic priorities and growth objectives

TC Energy (TRP) has announced a delay in its previously disclosed equity interest purchase transaction with an Indigenous-owned investment partnership. The delay is due to a transaction structuring issue within the NGTL partnership. The deal involves the sale of a minority equity interest in the NGTL System and Foothills Pipeline assets. TC Energy remains committed to developing a transaction that provides meaningful distributions to Indigenous Communities while maintaining the fundamental value of the assets. The company will provide material updates as they become available.

TC Energy (TSX, NYSE: TRP) has announced the distribution record date of Sept. 25, 2024 for the spinoff of its Liquids Pipelines business into South Bow . The spinoff, expected to be effective on Oct. 1, 2024, has received necessary tax rulings and approvals. The TSX and NYSE will implement 'due bill' trading for TC Energy shares from Sept. 25 to Oct. 1, 2024. South Bow shares are expected to commence 'regular way' trading on the TSX on Oct. 2, 2024, and on the NYSE around Oct. 7, 2024. Both companies plan to declare independent dividends on Nov. 7, 2024, payable on Jan. 31, 2025.

TC Energy (TSX, NYSE: TRP) announced that South Bow has closed a $7.9 billion Canadian-dollar equivalent notes offering related to the spinoff of TC Energy's Liquids Pipelines business. The offering includes various senior unsecured notes and junior subordinated notes with maturities ranging from 2027 to 2055. This debt structure establishment is a key milestone for the spinoff transaction, which is expected to close in early Q4 2024.

Additionally, South Bow has established a C$2.0 billion four-year senior unsecured revolving credit facility. The notes were offered to qualified institutional buyers in the U.S. and accredited investors in Canada. South Bow will host a virtual corporate update on September 9, 2024, to provide an overview of its business and strategic priorities.

TC Energy (TSX, NYSE: TRP) and its partner Northern New England Investment Company, Inc., a subsidiary of Énergir L.P., have completed the sale of Portland Natural Gas Transmission System (PNGTS) for a gross purchase price of US$1.14 billion. The deal includes the buyers assuming US$250 million of outstanding Senior Notes. TC Energy will receive pre-tax cash equity proceeds of approximately $750 million (US$545 million), representing its 61.7% ownership interest. This transaction is part of TC Energy's strategy to achieve $3 billion in asset divestitures in 2024 and strengthen its balance sheet. The company aims to reach a 4.75 times debt-to-EBITDA upper limit by year-end. TC Energy will provide transition services to ensure a safe and orderly transfer of the natural gas system.

UGI (NYSE: UGI) has announced the election of Tina Faraca to its Board of Directors, effective August 7, 2024. Ms. Faraca, currently serving as Executive Vice President and President of U.S. Natural Gas Pipelines at TC Energy , brings extensive experience in energy infrastructure and strategic planning. Her appointment is expected to bolster UGI's leadership with her industry expertise and operational knowledge.

Prior to her role at TC Energy, Ms. Faraca held key positions at Enable Midstream Partners and Enbridge, showcasing a strong background in commercial operations and strategic development within the energy sector. UGI's Interim President and CEO, Mario Longhi, expressed confidence that Ms. Faraca's experience will be a valuable asset to the company's board.