TransCanada Trust to price $1 billion fixed-to-floaters due 2079

By Cristal Cody

Tupelo, Miss., Aug. 12 – TransCanada Trust plans to price a $1 billion offering of series 2019-A subordinated fixed-to-floating rate trust notes due 2079, according to a prospectus filed Friday with the Securities and Exchange Commission.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the bookrunners.

The notes will have a fixed rate to 2029. The issue will reset to a floating rate on the interest reset dates in 2029 and 2049.

The notes are callable in 2029.

The issue is guaranteed by parent company TransCanada Pipelines Ltd.

Proceeds will be used to acquire 2019 TCPL subordinated notes issued by TransCanada Pipelines, which in turn will use the proceeds for general corporate purposes and to reduce short-term debt.

TransCanada Pipelines is a natural gas and oil pipeline and storage company based in Calgary, Alta.

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