A public offering of cumulative, redeemable first preferred shares was closed for CA $450 million in aggregate, gross proceeds by TransCanada Corp. (NYSE: TRP), the company said Jan. 20. The shares were Series 9, and 18 million of them had been issued through underwriters co-led by Scotiabank (NYSE: BNS), BMO Capital Markets and RBC Capital Markets, the company added.
The shares began trading Jan. 20 on TSX, under the symbol "TRP.PR.E," the company noted.
Net proceeds will be used for general corporate purposes and for debt reduction, the company 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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