DBRS rates TransCanada preferreds Pfd-2 (low)

DBRS said it assigned a rating of Pfd-2 (low) with a stable trend to TransCanada Corp.’s C$250 million cumulative redeemable first preferred shares, series 11, which have a dividend rate of 3.8% per annum, payable quarterly for the initial fixed-term period ending Nov. 30, 2020.

The dividend rate will reset on Nov. 30, 2020 and on the last business day of November in every fifth year thereafter at a rate equal to the sum of the then five-year Government of Canada bond yield plus 296 basis points.

The series 11 preferred shares are redeemable by TransCanada, at its option, on Nov. 30, 2020 and on the last business day of November in every fifth year thereafter.

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