TransCanada Announces Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwired - Nov. 19, 2015) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced that the Toronto Stock Exchange ("TSX") has approved its normal course issuer bid to purchase, for cancellation, up to 21,270,257 million of its common shares, representing approximately three per cent of the company's 709,008,574 issued and outstanding common shares listed on the TSX as of November 13, 2015.
TransCanada believes that purchasing its common shares for cancellation through a normal course issuer bid represents a compelling investment opportunity that would enhance both near- and long-term shareholder value.
Purchases under the normal course issuer bid may commence on November 23, 2015 and continue until November 22, 2016 when the bid expires. Purchases may be made through the facilities of the TSX, the New York Stock Exchange and other designated exchanges and published markets in both Canada and the U.S., in accordance with applicable regulatory requirements. The price that TransCanada will pay for the common shares will be the market price of such shares at the time of the purchase.
Subject to certain prescribed exceptions, daily purchases will be limited to 349,269 common shares, based on 25 per cent of the average daily trading volume of 1,397,077 common shares of the Company on the TSX during the last six months. TransCanada intends to establish an automatic program under which its broker, TD Securities Inc., may periodically repurchase TransCanada shares pursuant to the bid within a defined set of criteria. The Company may make off-exchange block purchases under the normal course issuer bid by way of private agreement under an issuer bid exemption order issued by a securities regulatory authority and such purchases will be at a discount to the prevailing market price.
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,000 kilometres (42,100 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 368 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 is developing one of North America's largest liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. 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, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated November 2, 2015 and 2014 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.
TransCanada Media Enquiries:
Mark Cooper/Terry Cunha
403.920.7859 or 800.608.7859
TransCanada Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522