TransCanada Closes $600 Million Preferred Share Issue

Mon Mar 4, 2013 8:30am EST

* Reuters is not responsible for the content in this press release.

TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today
announced that it has completed its public offering of cumulative
redeemable first preferred shares, series 7 (the "Series 7 Preferred
Shares"). TransCanada issued 24 million Series 7 Preferred Shares for
aggregate gross proceeds of $600 million through a syndicate of
underwriters co-led by Scotiabank, BMO Capital Markets and RBC Capital

    The net proceeds of the offering will be used for general corporate
purposes and to reduce short term indebtedness of TransCanada and its
affiliates, which short term indebtedness was used to fund TransCanada's
capital program and for general corporate purposes.

    The Series 7 Preferred Shares will begin trading today on the TSX under
the symbol TRP.PR.D.

    This news release does not constitute an offer to sell or a solicitation
of any offer to buy the preferred shares in any jurisdiction. The
preferred shares offered have not been and will not be registered under
the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.


    With more than 60 years' experience, TransCanada is a leader in the
responsible development and reliable operation of North American energy
infrastructure including natural gas and oil pipelines, power generation
and gas storage facilities. TransCanada operates a network of natural gas
pipelines that extends more than 68,500 kilometres (42,500 miles),
tapping into virtually all major gas supply basins in North America.
TransCanada is one of the continent's largest providers of gas storage
and related services with more than 400 billion cubic feet of storage
capacity. A growing independent power producer, TransCanada owns or has
interests in over 11,800 megawatts of power generation in Canada and the
United States. TransCanada is developing one of North America's largest
oil delivery systems. TransCanada's common shares trade on the Toronto
and New York stock exchanges under the symbol TRP. For more information
visit: or check us out on Twitter @TransCanada or


    This publication contains certain information that is forward-looking and
is subject to important risks and uncertainties (such statements are
usually accompanied by words such as "anticipate", "expect", "would",
"will" or other similar words). Forward-looking statements in this
document are intended to provide TransCanada security holders and
potential investors with information regarding TransCanada and its
subsidiaries, including management's assessment of TransCanada's and its
subsidiaries' future financial and operation plans and outlook. All
forward-looking statements reflect TransCanada's beliefs and assumptions
based on information available at the time the statements were made.
Readers are cautioned not to place undue reliance on this forward-looking
information. TransCanada undertakes no obligation to update or revise any
forward-looking information except as required by law. For additional
information on the assumptions made, and the risks and uncertainties
which could cause actual results to differ from the anticipated results,
refer to TransCanada's Management's Discussion and Analysis filed
February 13, 2013 under TransCanada's profile on SEDAR at and other reports filed by TransCanada with
Canadian securities regulators and with the U.S. Securities and Exchange

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403.920.7911 or 800.361.6522

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