Syndicate of underwriters completes public offering of common shares of TC Energy for gross proceeds of C$1.8bn

Our Calgary office acted as Canadian counsel for a syndicate of underwriters, led by RBC Capital Markets and Scotiabank, on a bought deal public financing in both Canada and the United States of 28,400,000 common shares of TC Energy Corporation at a price of C$63.50 per common share for gross proceeds of C$1.8bn.

TC Energy intends to use the net proceeds of the offering together with other financing sources and cash on hand to fund costs associated with the construction of the Southeast Gateway Pipeline, a US$4.5bn, 1.3-billion cubic feet per day, 715-kilometre offshore natural gas pipeline in the southeast region of Mexico. This was one of the largest equity financings completed in recent years.