TRANSCANADA PIPELINES AGREES TO ISSUE PREFERRED SHARES
TRANSCANADA PIPELINES AGREES TO ISSUE PREFERRED SHARES CALGARY, Alberta, May 15 /PRNewswire/ -- TransCanada PipeLines Ltd.
(NYSE: TRP; Toronto, Montreal, Vancouver, Calgary: TRP) announced today that it has signed an underwriting agreement for the issuance of 2,600,000 cumulative redeemable first preferred shares, series P, by way of private placement. The underwriters are Nesbitt Thomson Inc., ScotiaMcLeod Inc., Toronto Dominion Securities Inc., Burns Fry Ltd., Gordon Capital Corporation, RBC Dominion Securities Inc., and Wood Gundy Inc.
The shares are being issued at a price of $50.00 per share and will carry an annual dividend of $3.875 or 7.75 percent, payable quarterly. The transaction, which is subject to receipt of necessary regulatory approvals, is scheduled to be completed on June 15, 1992 and the estimated net proceeds of approximately $129 million will be used to finance the company's utility construction programs. -0- 5/15/92 /CANADA: Frank Dabbs of TransCanada PipeLines Ltd., 403-267-8525/ (TRP) CO: TransCanada PipeLines Ltd. ST: Alberta IN: OIL SU:
EH -- LA044 -- 1045 05/15/92 19:40 EDT
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|Date:||May 15, 1992|
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