CALGARY, Alberta, Oct. 01, 2024 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) on Oct. 30, 2024. As a result, subject to certain conditions, the holders of Series 9 Shares have the right to choose one of the following options regarding their shares:

1. to retain any or all of their Series 9 Shares and continue to receive a fixed rate quarterly dividend, or
   
   

2. to convert, on a one-for-one basis, any or all of their Series 9 Shares into Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares) of TC Energy and receive a floating rate quarterly dividend.
   

Should holders of Series 9 Shares choose to retain their shares, such shareholders will receive the new annual fixed dividend rate applicable to the Series 9 Shares of 5.080 per cent for the five-year period commencing Oct. 30, 2024 to, but excluding, Oct. 30, 2029.

Should holders of Series 9 Shares choose to convert their shares to Series 10 Shares, holders of Series 10 Shares will receive the floating quarterly dividend rate applicable to the Series 10 Shares of 6.329 per cent for the first quarterly floating rate period commencing Oct. 30, 2024 to, but excluding, Jan. 30, 2025. The floating quarterly dividend rate will be reset every quarter.

Beneficial owners of Series 9 Shares who want to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions to meet the deadline to exercise such right, which is 5 p.m. (EDT) on Oct. 15, 2024. Any notices received after this deadline will not be valid. It is recommended that this be done well in advance of the deadline to provide the broker or other nominee with time to complete the necessary steps.

Beneficial owners of Series 9 Shares who do not exercise their conversion right through their broker or other nominee by the deadline will retain their Series 9 Shares and receive the new annual fixed dividend rate applicable to the Series 9 Shares, subject to the conditions stated below.

The foregoing conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 9 Shares outstanding after Oct. 30, 2024, then all remaining Series 9 Shares will automatically be converted into Series 10 Shares on a one-for-one basis on Oct. 30, 2024 and (ii) alternatively, if TC Energy determines that there would be less than one million Series 10 Shares outstanding after Oct. 30, 2024, no Series 9 Shares will be converted into Series 10 Shares. In either case, TC Energy will issue a news release to that effect no later than Oct. 23, 2024.