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S&P rates TransCanada notes BBB-
S&P said it assigned its BBB- issue-level rating to TransCanada Trust’s proposed series 2021-A fixed-to-fixed rate unsecured subordinated trust notes due August 2081.
The trust will use the proceeds to finance TransCanada PipeLines Ltd.’s 2021 series A subordinated notes. It, in turn, intends to use the proceeds from the 2021 series-A notes to provide TC Energy Corp. with the funds necessary to redeem or repurchase its outstanding cumulative redeemable minimum rate reset first preferred shares series 13, which mature in May 2021. Pending these actions, TCPL may use the proceeds to lower its short-term debt and the short-term debt at its affiliates, as well as for general corporate purposes.
TCPL, a wholly owned subsidiary of TC Energy Corp. will guarantee the trust's notes on a subordinated basis.
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