On May 18, 2017, TransCanada Trust (TransCanada) closed its public offering in Canada of $1.5 billion aggregate principal amount of hybrid trust notes due May 18, 2077 (the Trust Notes).
The Trust Notes are guaranteed on a subordinated basis by TransCanada PipeLines Limited (TCPL). The Trust Notes will provide TCPL with a cost-effective means of raising capital that qualifies for Basket “C” equity treatment by Moody’s Investors Service, Inc., “Intermediate Equity Credit” by Standard & Poor’s Ratings Services, as well as “50% Equity Credit” by Fitch Ratings Inc.
TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank Financial Inc. acted as underwriters in respect of this offering.
TransCanada was represented by its in-house counsel, Christine Johnston, Jane Brindle, Lisa Grams and Ravina Mann and assisted by a team at Blake, Cassels & Graydon LLP. The Blakes team included Ross Bentley, Jeff Bakker, Trevor Rowles and Nicole Cargill (corporate/securities). Tax advice was provided by Cassels Brock & Blackwell LLP (Douglas Richardson) and Stikeman Elliott LLP (Kevin Guenther).
The underwriters were represented by a team at Norton Rose Fulbright Canada LLP. The team from Norton Rose Fulbright was composed of Kevin Johnson, Kirsty Sklar, Kassy Corothers and Jason Giborski (capital markets), and Dion Legge and Brian Milne (tax).