TransCanada Issues $1.84B of Common Shares

On June 24, 2009, TransCanada Corporation completed an offering of 50,800,000 common shares pursuant to a prospectus supplement dated June 16, 2009, to the shelf prospectus dated July 2, 2008, for gross proceeds to TransCanada of approximately $1.6 billion. An additional 7,620,000 common shares were issued on the exercise of an over-allotment option on June 30, 2009, for gross proceeds of approximately $240 million. TransCanada's aggregate gross proceeds from the common share offering and the over-allotment option total approximately $1.84 billion.

The offering was underwritten by a syndicate led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and TD Securities Inc., and included Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc. and UBS Securities Canada Inc.

TransCanada was represented in-house by Robert Pitt, vice-president, finance law and Bruce Nysetvold, senior legal counsel; and by David Lefebvre, David Taniguchi, Charles Kraus and Kristi Kasper (securities), and David Weekes (tax) of Stikeman Elliott LLP as Canadian counsel; and by Michael Hermsen and James Lisak (securities), James Barry and Lee Morlock (tax) of Mayer Brown LLP as US counsel.

The underwriters were represented by Kent Kufeldt, Don Tse, Christopher Wolfenberg and Jason Metcalf (securities); Craig Maurice and Dion Legge (tax) of Macleod Dixon LLP as Canadian counsel; and by Christopher Cummings, Stephen Centa, Jonathan Handyside and Sonja Sun (securities) of Shearman & Sterling LLP as US counsel.

Lawyer(s)

David Taniguchi Craig A. Maurice Dion J. Legge Kristi M. Kasper Stephen Centa David R.J. Lefebvre James R. Barry Michael L. Hermsen Charles R. (Chuck) Kraus Jason Metcalf Kent D. Kufeldt Christopher J. Cummings Don Tse David G. Weekes Christopher M. Wolfenberg

Firm(s)

Stikeman Elliott LLP Mayer Brown LLP Norton Rose Fulbright Canada LLP Shearman & Sterling LLP