05:42 PM EDT, 08/28/2024 (MT Newswires) -- TC Energy ( TRP ) said Wednesday that South Bow closed about CA$7.9 billion ($5.86 billion) notes offering linked to the spinoff of TC Energy's ( TRP ) liquids pipelines business.

The offering consists of $700 million of 4.911% senior unsecured notes due 2027, $1 billion 5.026% senior unsecured notes due 2029, $1.25 billion 5.584% senior unsecured notes due 2034, $700 million 6.176% senior unsecured notes due 2054, CA$450 million 4.323% senior unsecured notes due 2030, CA$500 million 4.616% senior unsecured notes due 2032, CA$500 million 4.933% senior unsecured notes due 2035, $450 million 7.625% junior subordinated notes due 2055 and $650 million 7.5% junior subordinated notes due 2055, according to the company.

TC Energy ( TRP ) said the net proceeds from the offering were placed into escrow pending completion of the spinoff and on completion, the funds will be released to South Bow for repayment of indebtedness to TC Energy ( TRP ).

The Notes will be redeemed or repurchased if the spinoff is not completed by March 31, 2025, or if South Bow notifies the escrow agent it is no longer pursuing the transaction, according to TC Energy ( TRP ).

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