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TransCanada launches C$300M preferred share bought-deal offering

will be issuing 12 millionpreferred shares at C$25 per share for gross proceeds of C$300 million on a bought-dealbasis to a syndicate of underwriters, according to an April 13 news release.

The underwriters,co-led by TD Securities Inc., BMO Capital Markets and Scotiabank, have been grantedan option to purchase up to an additional 2 million preferred shares at C$25 pershare. TransCanada plans to use the proceeds from the offering for general corporatepurposes and to reduce short-term indebtedness used to fund the company's capitalprogram.

Holders of theSeries 13 preferred shares will be entitled to fixed cumulative dividends at anannual rate of C$1.375 per share, payable quarterly on the last business day ofFebruary, May, August and November. The preferred shares will also yield 5.50% perannum for the initial fixed rate period until May 31, 2021, with the first dividendpayment date scheduled for May 31 this year.

The dividend rate will resetMay 31, 2021, and on the last business day of May in every fifth year thereafterto a rate equal to the sum of the then five-year Government of Canada bond yieldplus 4.69%, provided that, in any event, such rate shall not be less than 5.50%per annum, the release said. TransCanada may also redeem the preferred shares May 31, 2021, and then everyfive years at the C$25 per share plus accrued and unpaid dividends, according tothe release.

Subject to certain conditions, the holders may convert their shares into Series 14preferred shares on May 31, 2021, and then every five years. Series 14 preferredshareholders are entitled to quarterly floating-rate cumulative dividends as and when declared by the board of directorsof TransCanada, at an annualized rate equal to the sum of the then 90-day Governmentof Canada treasury bill rate plus 4.69%.

The offeringis expected to close April 20.