TransCanada PipeLines 6.25% Notes (TCPA)
Fixed-for-life junior subordinated notes issued by TC Energy’s operating subsidiary, due 2085.
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Represents junior subordinated debt issued by TC Energy’s principal operating subsidiary, not common equity in the parent. Cash flows come from natural-gas pipelines across Canada, the United States and Mexico, plus power and gas storage, while the notes rank below senior indebtedness and permit interest deferral.
Represents fixed-for-life junior subordinated debt issued by TransCanada PipeLines, the principal operating subsidiary of TC Energy. The NYSE-listed notes are obligations of the operating subsidiary, not common ownership in parent TC Energy.
Operating cash flows come from Canadian, U.S. and Mexican Natural Gas Pipelines plus Power and Energy Solutions. Capacity arrangements and transportation dominate revenue, alongside storage and power generation across North America. The network is concentrated in natural gas after the South Bow spinoff removed Liquids Pipelines.
Execution rests on regulated rates, long-term capacity contracts, transportation volumes and approvals in three countries. Interest may be deferred under the prospectus, and the notes rank below senior indebtedness.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Sep 30, 2022Cash & short-term investments $1.56B · Total debt $42.54B · Total assets $84.40B · Shareholders' equity $25.85B
- Revenue
- $2.62B
- Operating income
- $1.02B
- Net income
- $622.9M
HistoryDividendAnnual yieldUpcoming
No ownership filings on record for this listing.
- Enbridge
Broad rival across Canadian and U.S. gas transport, storage, and power
- Kinder Morgan
Large U.S. gas-pipeline and storage rival serving major demand centers
- Williams
Interstate gas-transmission and storage rival led by Transco
- Energy Transfer
Diversified U.S. midstream rival in gas transport and storage
- Sempra
Mexico pipeline and LNG-infrastructure rival with cross-border reach
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TransCanada PipeLines 6.25% Notes | $21.65 | −0.69% | $22.06B | — | — | — | — |
| Enbridge | $48.33 | +0.26% | $105.25B | 23.5 | 23.2 | 1.6 | +89.7% |
| Kinder Morgan | $31.57 | −0.49% | $70.63B | 20.3 | 21.4 | 3.9 | +10.8% |
| Williams | $71.61 | −0.06% | $87.64B | 28.4 | 29.8 | 7.2 | +10.2% |
| Energy Transfer | $20.85 | −0.24% | $71.92B | 13.0 | 12.8 | 0.7 | +78.4% |
| Sempra | $81.42 | +0.27% | $53.09B | 23.5 | 15.7 | 3.9 | −0.1% |
| Median | 23.5 | 21.4 | 3.9 | +10.8% |