TransCanada Corp. (NYSE: TRP) said Jan. 27 that TransCanada PipeLines Ltd. authorized the redemption of its four million outstanding Series Y shares. The shares’ total face value is CA $200 million, TransCanada Corp. said.
The shares are cumulative, redeemable and first preferred at 5.60%, the company added. They will be redeemed at CA $50 per share plus roughly 25 cents, the company said. The price represents accrued and unpaid dividends, the company said.
The shares trade on TSX under the symbol “TCA.Pr.Y” but their delisting is scheduled for March 5, the company said.
Computershare Trust Co. of Canada will handle the redemption, TransCanada Corp. said.
TransCanada Corp. operates a network of natural gas pipelines that runs more than 42,500 miles across North American gas supply basins. The company is based in Calgary.
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