Key Developments: TransCanada Corp (TRP)
48.59USD
24 May 2013
$0.24 (+0.50%)
$48.35
$47.93
$48.62
$47.89
313,763
524,136
$49.65
$39.87
Latest Key Developments (Source: Significant Developments)
TransCanada Corp To Sell 45% Interest In GTN And Bison Pipelines To TC PipeLines LP
TransCanada Corp announced it has entered into agreements to sell a 45% interest in each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison) to TC PipeLines LP (the Partnership) for an aggregate purchase price of $1.05 billion, which includes $146 million for 45% of GTN's debt. The sale is expected to close in July 2013 and is subject to regulatory approvals and certain closing conditions. The proceeds from the sale of a 45 per cent interest in both GTN and Bison will contribute to funding a portion of TransCanada's capital program that includes $26 billion of commercially-secured projects. Once the transaction is complete, TransCanada, through its subsidiaries, will continue to hold an approximately 30% direct ownership interest in both pipelines. TransCanada currently holds a 33 per cent interest in TC PipeLines, LP, a United States Master Limited Partnership, which was formed to acquire, own and actively participate in the management of U.S. natural gas pipelines and related assets. Full Article
TransCanada Corp Declares Quarterly Dividends
TransCanada Corp announced that it declared a quarterly dividend of $0.46 per common share for the quarter ending June 30, 2013, on outstanding common shares. The common share dividend is payable on July 31, 2013, to shareholders of record at the close of business on June 28, 2013. The Board also declared regular dividends on TransCanada's preferred shares: quarterly dividend of $0.2875 per share for the period up to but excluding June 30, 2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 1. The dividend is payable on July 2, 2013, to shareholders of record at the close of business on May 31, 2013. A quarterly dividend of $0.25 per share for the period up to but excluding June 30, 2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 3. The dividend is payable on July 2, 2013, to shareholders of record at the close of business on May 31, 2013. A quarterly dividend of $0.275 per share for the period up to but excluding July 30, 2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 5. The dividend is payable on July 30, 2013, to shareholders of record at the close of business on June 28, 2013. A quarterly dividend of $0.25 per share for the period up to but excluding July 30, 2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 7. The dividend is payable on July 30, 2013, to shareholders of record at the close of business on June 28, 2013. Full Article
TransCanada Corp Declares Series7 Preferred Share Dividend
TransCanada Corp announced that the Board of Directors have declared an initial dividend of $0.1562 per share for the period commencing March 4, 2013 to, but excluding, April 30, 2013, on TransCanada's cumulative redeemable first preferred shares, series7. The initial dividend is payable on April 30, 2013 to shareholders of record at the close of business on April 26, 2013. Full Article
TransCanada Corp Closes $600 Million Preferred Share Issue
TransCanada Corp announced that it has completed its public offering of cumulative redeemable first preferred shares, series 7. 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 Markets. 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 on March 4, 2013 on the TSX under the symbol TRP.PR.D. Full Article
TransCanada Corp Announces Increased Preferred Share Issue
TransCanada Corp announced that as a result of investor demand for its previously announced offering of cumulative redeemable first preferred shares, series 7 (the "Series 7 Preferred Shares"), the size of the offering has been increased to 24 million shares. The offering no longer includes the previously granted underwriters' option. The aggregate gross proceeds of the offering will now be $600 million. The syndicate of underwriters is co-led by Scotiabank, BMO Capital Markets and RBC Capital Markets.The anticipated closing date is March 4, 2013. 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. Full Article
TransCanada Corp Announces Preferred Share Issue
TransCanada Corp announced that it will issue 12 million cumulative redeemable first preferred shares, series 7 (the Series 7 Preferred Shares) at a price of $25.00 per share, for aggregate gross proceeds of $300 million on a bought deal basis to a syndicate of underwriters in Canada co-led by Scotiabank, BMO Capital Markets and RBC Capital Markets. The holders of Series 7 Preferred Shares will be entitled to receive fixed cumulative dividends at an annual rate of $1.00 per share, payable quarterly on the 30th day of January, April, July and October, as and when declared by the board of directors of TransCanada. The Series 7 Preferred Shares will yield 4.0 per cent per annum for the initial fixed rate period ending April 30, 2019 with the first dividend payment date scheduled for April 30, 2013. TransCanada has granted to the underwriters an option, exercisable at any time up to 48 hours prior to the closing of the offering, to purchase up to an additional two million Series 7 Preferred Shares at a price of $25.00 per share. The anticipated closing date is March 4, 2013. 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. Full Article
TransCanada Corp Declares Quarterly Dividends
TransCanada Corp announced that the Board of Directors (Board) of TransCanada declared a quarterly dividend of $0.46 per common share for the quarter ending March 31, 2013, on the Company's outstanding common shares. This is a 5% increase over the $0.44 dividend per share paid in each of the previous four quarters. The common share dividend is payable on April 30, 2013, to shareholders of record at the close of business on March 28, 2013. The Board also declared the following regular dividends on TransCanada's preferred shares: A quarterly dividend of $0.2875 per share for the period ending March31, 2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 1. and A quarterly dividend of $0.25 per share for the period ending March 31,2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 3. The dividend is payable on March 29, 2013, to shareholders of record at the close of business on February 28, 2013 respectively. A quarterly dividend of $0.275 per share for the period ending April 30,2013, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 5. and A quarterly dividend of $0.70 per share for the period ending April 30,2013, was declared on the outstanding Cumulative Redeemable First Preferred Shares, Series U. The dividend is payable on April 30, 2013, to shareholders of record at the close of business on March 29, 2013 respectively. Full Article
TransCanada Corp Announces Award to Develop $6 Billion in Natural Gas Infrastructure to Prince Rupert, British Columbia
TransCanada Corp announced that it has been selected by Progress Energy Canada Ltd. (Progress) being the successor by amalgamation of PETRONAS Carigali Canada Ltd. and Progress Energy Resources Corp. to design, build, own and operate the proposed $5 billion Prince Rupert Gas Transmission project. This proposed pipeline will transport natural gas primarily from the North Montney gas-producing region near Fort St. John, British Columbia (B.C.) to the recently-announced Pacific Northwest LNG export facility in Port Edward near Prince Rupert, B.C. Progress and TransCanada expect to finalize definitive agreements in early 2013, subject to approvals by their respective Boards. TransCanada will immediately commence Aboriginal and stakeholder consultation and preparation of the relevant regulatory filings for this project under B.C. jurisdiction. Full Article
TransCanada Corp Signs Contract to Build Napanee Generating Station
TransCanada Corp announced that it has signed a contract with the Ontario Power Authority (OPA) to develop, own and operate a new 900-megawatt (MW) natural gas-fired power plant. The facility will be located at Ontario Power Generation's Lennox Generating Station property in the town of Greater Napanee in eastern Ontario.Construction of this 900-MW facility will mean an investment of millions of dollars in the local community that supports the creation of approximately 600 construction jobs and an expected 25 long-term jobs resulting in approximately $4 million in annual salaries and benefits. The power plant will contribute to the local tax base each year, providing officials with the ability to invest those dollars locally. The details of the contract are based on terms of the memoranda of understanding that were signed in late September. The Napanee power plant will act as a replacement facility for one that was planned in the community of Oakville. It will operate under a 20-year power purchase arrangement with the OPA that will generate stable earnings and cash flow over the next two decades. Full Article
TransCanada Corp Acquires Crossfield Gas Storage Facility
TransCanada Corp announced that it has entered into an agreement to acquire BP's 40 per cent interest in the assets of the Crossfield Gas Storage facility. In addition, TransCanada will acquire BP's interest in CrossAlta Gas Storage & Services Ltd., an affiliated marketing joint venture between the two companies. This $210 million transaction will give TransCanada 100 per cent ownership in the facility located in Crossfield, Alberta, about 50 kilometres north of the City of Calgary. This acquisition adds an additional 27 billion cubic feet of natural gas storage capacity to TransCanada's existing portfolio in Alberta. TransCanada has operated the Crossfield Gas Storage facility since 2011. As part of the transaction, TransCanada will acquire BP's base gas in the facility, all of BP's mineral interests in the Crossfield area including BP's ownership interest in the Elkton production unit and related surface land. BP will maintain a transactional relationship with TransCanada as a storage customer going forward. Closing of the transaction is subject to certain conditions being satisfied and is expected to occur by the first quarter of 2013. Full Article
Liberal win in Canada's British Columbia may raise pipeline odds
* Political opposition had pledged to block new pipelines
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