Correction: TransCanada closes preferred offering for C$350 million

An article published in the June 30 edition of Prospect News incorrectly reported the currency in which TransCanada Corp.'s series 5 cumulative redeemable first preferred shares are denominated. A corrected version follows:

By Cristal Cody

Tupelo, Miss., June 29 - TransCanada Corp. said Tuesday that it completed its public offering of series 5 cumulative redeemable first preferred shares for total gross proceeds of C$350 million.

The size of the offering was increased to a total of 14 million shares after the underwriters exercised their option to acquire an additional 2 million shares and sold all the preferred securities, TransCanada spokesman Cecily Dobson told Prospect News.

The offering was first announced on June 17 when TransCanada entered into an agreement with a syndicate of underwriters in Canada led by Scotia Capital Inc., RBC Capital Markets and BMO Capital Markets.

The proceeds will be used to partially fund capital projects, for general corporate purposes and to reduce the short-term debt of TransCanada and its affiliates.

The Calgary, Alta.-based company develops and operates natural gas and oil pipelines, power generation and gas storage facilities in Canada and the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.