TC Energy closed a CA$7.9 billion (US$5.8 billion) notes offering Aug. 28 to fund the spinoff transaction. (Source: Shutterstock)
TC Energy Corp. announced Oct. 1 the spinoff completion of its liquids pipeline business into South Bow Corp.
Canada-Based South Bow Corp. (SOBO) will commence trading on the Toronto Stock Exchange on Oct.2, following a successful spinoff from TC Energy (TRP).
TC Energy shareholders voted in favor of the separation in June. The Keystone, a crude pipeline that can ship up to 622,000 bbl/d from Canada to the U.S., is the primary asset of the new company. TC Energy made the move to focus on its natural gas and energy business.
“Today is an exciting day for South Bow as we start a new chapter of safely and reliably delivering energy and forging progress as a critical North American energy infrastructure company,” said Bevin Wirzba, South Bow president and CEO. “We are confident that as a standalone, publicly traded company, we will unlock significant value from our unrivalled market position.”
South Bow plans to declare its first dividend on Nov. 7, the company announced.
TC Energy closed a CA$7.9 billion (US$5.8 billion) notes offering Aug. 28 to fund the spinoff transaction. South Bow distributed the common shares to TC Energy shareholders of record on Oct. 1.
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