TransCanada Trust closes hybrid trust note offering

On May 20, 2015, TransCanada Trust closed its public offering in the United States of Hybrid Trust Notes Due 2075 for aggregate gross proceeds of US$750,000,000.

The notes are guaranteed on a subordinated basis by TransCanada PipeLines Limited (TCPL). The notes provide TCPL with a cost-effective means of raising capital, which qualifies for Basket “C” equity treatment by Moody’s Investors Service, Inc., and for “Intermediate Equity Credit” by Standard & Poors Ratings Services. HSBC Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as underwriters in respect of this offering.

TransCanada was represented by its in-house counsel Lisa Grams, Tara Shaw and Kelly Galloway (corporate/securities) and Glyn Menard (tax) and assisted, on Canadian corporate and securities matters, by Blake, Cassels & Graydon LLP with a team including Stephen Ashbourne, Ross Bentley, Brendan Reay, Jeff Bakker, Michael Hickey, Trevor Rowles and Vladimir Cvijetinovic; on Canadian tax matters, by Stikeman Elliott LLP with a team including Douglas Richardson and Julie D’Avignon; and on US matters, by a team at Mayer Brown LLP including Michael Hermsen and James Lisak (corporate/securities), James Barry (tax) and Lennine Occhino and Elizabeth Dyer (ERISA).

The underwriters were represented on US matters by a team at Paul, Weiss, Rifkind, Wharton & Garrison LLP including Christopher Cummings, Stephen Centa and Ronnie Ollo (corporate/securities), William O’Brien (environmental law) and David Mayo and Jenna Harris (tax); and on Canadian matters, by Norton Rose Fulbright Canada LLP with a team including Don Tse and Jason Giborski (corporate/securities) and Darren Hueppelsheuser (tax).