PIPELINES / TransCanada Pipelines Financing
TRANSCANADA FILES OFFERING FOR US$350 MILLION OF PREFERRED SECURITIES
CALGARY, Sept. 22 /CNW/ - TransCanada PipeLines Limited has filed a
preliminary prospectus with the Alberta Securities Commission and a
registration statement with the U.S. Securities and Exchange Commission (SEC),
under the multi-jurisdictional disclosure system, for an offering of US$350
million of Preferred Securities. Each security will represent US$25 principal
amount of unsecured junior subordinated debentures, with a term of 49 years.
These securities will be sold only in the United States.
Final terms of the offering, including the interest rate and date of
issue of the Preferred Securities, will be set forth in a supplemented final
prospectus.
Net proceeds, after payment of commissions and expenses, will be used for
general corporate purposes, including financing a portion of TransCanada's
1998 Canadian Mainline construction program, as well as repaying short-term
indebtedness incurred for such purposes.
Managers of the underwriting group are Merrill Lynch & Co., Salomon Smith
Barney Inc., Morgan Stanley Dean Witter, PaineWebber Incorporated and
Prudential Securities Incorporated.
TransCanada is a leading North American energy services company with
businesses in transmission, marketing, and processing. The company, through
its Cdn$21 billion asset base, provides high value-added energy service
solutions to the North American and international marketplace. Common shares
trade under the symbol TRP, primarily on the Toronto, Montr‚al and New York
stock exchanges.
The registration statement filed with the SEC has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of these securities in any state in which
such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state.
A prospectus may be obtained from the managers of the underwriting group.
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