Business & Finance
Business and Finance
Business and Finance
Fri, January 9, 2009 TRANSCANADA: TransCanada Issues US$2.0 Billion of Senior Notes
CALGARY, ALBERTA--(Marketwire - Jan. 9, 2009) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that its wholly-owned subsidiary, TransCanada PipeLines Limited, has successfully completed an offering of US$750 million of 7.125% Senior Notes due January 15, 2019 and US$1.25 billion of 7.625% Senior Notes due January 15, 2039. Net proceeds from the issue will be used to partially fund TransCanada's capital projects, retire maturing debt obligations and for general corporate purposes.
"Our debt issue demonstrates TransCanada's ability to successfully access the capital markets on attractive terms in these uncertain economic times," said Hal Kvisle, TransCanada's president and chief executive officer. "We are pleased with the significant progress we have made towards meeting TransCanada's 2009 capital needs which arise primarily from our portfolio of attractive, low-risk projects currently under construction."
The offering was made in the United States under TransCanada's previously filed shelf prospectus dated January 2, 2009. The offering was co-led by Citigroup Global Markets Inc. and HSBC Securities (America) Inc.
A copy of the prospectus supplement and accompanying prospectus relating to these securities may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 (toll-free: 1-877-858-5407), or from HSBC Securities (USA) Inc., 452 Fifth Avenue, New York, NY 10018 (toll-free: 1-866-811-8049).
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 kilometres (36,500 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 approximately 370 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,900 megawatts of power generation in Canada and the United States. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
FORWARD-LOOKING INFORMATION
This news release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward looking information. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy industry sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and the current economic conditions in North America. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
