TC Energy closes $350 million junior subordinated notes offering

CALGARY - TC Energy Corporation (TSX, NYSE:TRP), a $54.81 billion market cap energy infrastructure giant with a GOOD financial health rating according to InvestingPro, announced Thursday that its subsidiary TransCanada PipeLines Limited (TCPL) has closed a US$350 million offering of 6.250 percent Fixed-for-Life Junior Subordinated Notes due November 1, 2085.

The notes were offered through a syndicate of underwriters co-led by Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC.

According to the company’s statement, the proceeds will be used to redeem TC Energy’s Cumulative Redeemable First Preferred Shares, Series 11 (TSX:TRP.PR.G) on November 28, 2025, at a price of $25.00 per share, to reduce debt, and for general corporate purposes.

TC Energy has provided notice of the redemption to the registered holder of the Series 11 Shares. The company expects to declare a final quarterly dividend of $0.2094375 per Series 11 Share for the period up to November 28, 2025, subject to board approval.

After the redemption date, the Series 11 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.

The notes were issued through a prospectus supplement dated October 6, 2025, to TCPL’s short form base shelf prospectus dated December 5, 2024. The notes were not offered in Canada or to any Canadian residents.

TC Energy operates energy infrastructure across North America, transporting over 30 percent of the natural gas used across the continent. The company’s common shares trade on both the Toronto and New York stock exchanges under the symbol TRP. The stock has shown strong momentum with a 20.84% year-to-date return and is currently trading near its 52-week high. For detailed analysis and additional insights, access the comprehensive TC Energy research report on InvestingPro, which covers over 1,400 top stocks with expert analysis and actionable intelligence.

In other recent news, TC Energy Corporation announced that its subsidiary, TransCanada PipeLines Limited, is contemplating an offering of U.S. Junior Subordinated Notes. If the offering proceeds, TC Energy intends to utilize the net proceeds to redeem its outstanding Cumulative Redeemable First Preferred Shares, Series 11. Additionally, the funds are planned to be used for reducing debt and other general corporate purposes. These developments are part of TC Energy’s ongoing financial strategies. The company has not specified the timeline or the amount expected from this potential offering. Investors are keeping a close watch on these moves as they may impact the company’s financial structure. This decision reflects TC Energy’s efforts to manage its financial obligations and optimize its capital structure.

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