TransCanada PipeLines Completes $1 Billion Hybrid Offering

Paul, Weiss advised the underwriters in TransCanada PipeLines Limited’s U.S. public offering of $500 million aggregate principal amount of 6.125% fixed-to-fixed rate junior subordinated notes due 2056 and $500 million aggregate principal amount of 6.375% fixed-to-fixed rate junior subordinated notes due 2056. The underwriters were led by Citigroup Global Markets Inc., Barclays Capital Inc. and Mizuho Securities USA LLC. The offering was completed.

The Paul, Weiss team included corporate partner Christopher Cummings and counsel Stephen Centa; tax partner Matthew Jordan and counsel Samir Kurani; and environmental counsel William O’Brien.