TransCanada Declares Quarterly Dividends Board Approves 5 Per Cent Increase to Common Share Dividend
CALGARY, Alberta - February 23, 2010 - TransCanada Corporation (TSX, NYSE:TRP), (TransCanada) today announced that the Board of Directors (Board) of TransCanada declared a quarterly dividend of $0.40 per common share for the quarter ending March 31, 2010, a five per cent increase over the $0.38 per share paid in each of the previous four quarters on the Company's outstanding common shares. The common share dividend is payable on April 30, 2010 to shareholders of record at the close of business on March 31, 2010.
The Board also approved a quarterly dividend of $0.2875 per share for the quarter ending March 31, 2010, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 1. The dividend is payable on March 31, 2010, to shareholders of record at the close of business on February 26, 2010.
In addition, the Board declared the following regular dividends on TransCanada PipeLines Limited (TCPL) preferred shares:
- Dividend Number 46 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending April 30, 2010. The dividend is payable on April 30, 2010 to shareholders of record at the close of business on March 31, 2010.
- Dividend Number 45 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending May 1, 2010. The dividend is payable on May 3, 2010 to shareholders of record at the close of business on March 31, 2010.
The Board also approved the issuance of common shares from treasury at a three per cent discount under TransCanada's Dividend Reinvestment Plan (DRP) for the TransCanada common share dividend payable on April 30, 2010 and the TransCanada preferred share dividend payable on March 31, 2010. Dividends on TCPL's outstanding preferred shares are also eligible to participate in the DRP.
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 11,700 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com
This news release may contain certain information that is forward-looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "believe", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward looking information. Forward-looking statements in this document are intended to provide TransCanada securityholders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operational plans and outlook. Forward-looking statements in this document may include, among others, statements regarding the anticipated business prospects and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, strategies and goals for growth and expansion, expected and future cash flows, costs, schedules, operating and financial results and expected impact of future commitments and contingent liabilities. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and economic conditions in North America. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC). Readers are cautioned to not place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.