TC Energy Corp. completes public offering of common shares

TC Energy head office in Calgary

TC Energy Corp. says it has closed a $1.8-billion bought deal offering of common shares.

The Calgary-based company says it will use the proceeds to fund costs associated with the construction of the Southeast Gateway Pipeline, a US$4.5-billion offshore natural gas pipeline in the southeast region of Mexico.

The company says pending this use, it may also use the proceeds to pay down company debt or invest in short-term liquid investments.

RBC Capital Markets and Scotiabank were lead underwriters for the deal announced Aug. 4, purchasing and selling to the public 28.4 million TC Energy common shares.

The offering price was set at $63.50 per common share.

TC Energy says it has also granted the underwriters an over-allotment option to purchase up to an additional 2.8 million common shares at the offering price.

© 2022 The Canadian Press

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