TC Energy announced that 209,483 of its 24,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 7 were deposited for conversion on April 30, 2024 on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 8. As previously announced in our news release dated April 1, 2024, the conversions are subject to the conditions that: if TC Energy determines that there would be less than one million Series 7 Shares outstanding after April 30, 2024, then all remaining Series 7 Shares will automatically be converted into Series 8 Shares on a one-for-one basis on April 30, 2024; and alternatively, if TC Energy determines that there would be less than one million Series 8 Shares outstanding after April 30, 2024, no Series 7 Shares will be converted into Series 8 Shares. As the total number of Series 7 Shares tendered for conversion did not meet the threshold set out above, no Series 7 Shares will be converted into Series 8 Shares on April 30, 2024.
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