TransCanada Corp. (NYSE: TRP) increased the size of its series 9 first preferred shares offering, bringing the previously announced, cumulative redeemable shares to 18 million, the company said Jan. 13. The increase was made due to “strong investor demand,” the company added. An initial public offering (IPO) will later be made on series 9 shares after a prospectus is filed, the company said.

The underwriters’ option, a part of the original offering, is not included in the increase, the company noted.

Series 9 shares’ aggregate gross proceeds will now be CA $450 million, the company said.

Underwriters included co-leaders ScotiaBank (NYSE: BNS), BMO Capital Markets (NYSE: BMO) and RBC Capital Markets, the company said.

The offering’s anticipated closing date is Jan. 20, TransCanada said, adding that some of the net proceeds will go toward short-term debt reduction for the company and its affiliates.

The shares will yield 4.25% a year for the initial, fixed rate period ending Oct. 30, 2019, the company said.

TransCanada operates a natural gas pipeline network of more than 42,500 miles across North American gas supply basins. It also owns or holds interest in North American power generation. It is based in Calgary.