07:35 AM EDT, 04/23/2024 (MT Newswires) -- TC Energy Corporation ( TRP ) announced Tuesday that 209,483 of its 24 million 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 on April 1, 2024, the conversions are subject to the conditions that: one, if TC Energy ( TRP ) 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 two, alternatively, if TC Energy ( TRP ) 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.

TC Energy ( TRP ) said as the total number of Series 7 Shares tendered for conversion did not meet the threshold set out, no Series 7 Shares will be converted into Series 8 Shares on April 30, 2024.