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TRANSCANADA OFFERS EQUITY PREFERRED SHARES

 TRANSCANADA OFFERS EQUITY PREFERRED SHARES
 CALGARY, Alberta, April 9 /PRNewswire/ -- TransCanada PipeLines Ltd.


(Toronto, Montreal, Vancouver, Calgary: TRP) announced today that it has entered into an underwriting agreement with a syndicate of underwriters led by Nesbitt Thomson Inc., relating to a public offering of 12,500,000 cumulative equity second preferred shares series B known as equity preferred shares, at an issue price of Cdn. $16 1/8 per share for total proceeds of $201,562,500. The equity preferred shares will provide an annual cumulative dividend of $1.25 per share, payable quarterly.
 The equity preferred shares will convert automatically into common shares on Aug. 1, 1995 and may be converted prior to that time by the company, with similar rights for a tax-free conversion in each case by the holders of such shares.
 The net proceeds of approximately $193,500,000 after the payment of commissions and expenses of the offering, will be used to repay short- term indebtedness. It is expected that the transaction will close on or about April 28, 1992.
 The underwriting syndicate is comprised of Nesbitt Thomson Inc., RBC Dominion Securities Inc., Burns Fry Limited, Wood Gundy Inc., ScotiaMcLeod Inc., Gordon Capital Corporation, Richardson Greenshields of Canada Limited, Midland Walwyn Capital Inc., and Levesque Beaubien Geoffrion Inc.
 -0- 4/9/92
 /CONTACT: Frank Dabbs, TransCanada PipeLines, 403-267-8525/
 (TRP.) CO: TransCanada PipeLines Ltd. ST: Alberta IN: OIL SU: OFR


KJ -- LA028 -- 7029 04/09/92 19:57 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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