TransCanada Corp. (TO, NYSE: TRP) completed its public offering of cumulative redeemable first series 7 preferred shares.

TransCanada issued 24 million series 7 preferred shares for aggregate gross proceeds of C $600 million through a syndicate of underwriters co-led by Scotiabank, BMO Capital Markets and RBC Capital Markets.

Net proceeds will be used for general corporate purposes and to reduce short term indebtedness of TransCanada and its affiliates, which short term indebtedness was used to fund TransCanada's capital program and for general corporate purposes.

TransCanada Corp. operates as an energy ...