EduBourseActualitésTransCanada Prices TC PipeLines, LP Secondary Unit Offering

TransCanada Prices TC PipeLines, LP Secondary Unit Offering

CALGARY, Alberta – March 17, 2005 – (TSX: TRP) (NYSE: TRP) – TransCanada Corporation (TransCanada) today announced it has priced the previously announced secondary offering of 3,500,000 common units of TC PipeLines, LP (the Partnership) owned by TransCanada subsidiaries. The 3,500,000 common units have been priced at $37.04 US per unit based on the closing price of the units on the Nasdaq National Market on March 17, 2005. The Partnership will not receive any proceeds from the sale of the common units offered. The underwriters have the option to purchase up to 525,000 additional units on the same terms and conditions to the extent more than 3,500,000 common units are sold in the offering.

Assuming a sale of 3,500,000 common units, the net proceeds of this offering of approximately $124 million US (approximately $149 million CDN) will accrue to TransCanada and TransCanada expects to realize a net gain of approximately $40 million US (approximately $48 million CDN) after tax on the sale, which will be recorded in the first quarter of this 2022. TransCanada intends to use the net proceeds from the sale to assist in funding its 2005 capital requirements as well as for other corporate purposes. The Partnership will not receive any of the proceeds from the common units sold by TransCanada.

After the offering, subsidiaries of TransCanada will continue to own the Partnership’s general partner interest as well as approximately 12 per cent of the Partnership’s limited partner interest, assuming the underwriters’ option to purchase additional units is not exercised.

The offering is being led by Citigroup Global Markets Inc. and Lehman Brothers Inc. and is expected to close March 23, 2005. In addition, UBS Securities LLC, Goldman, Sachs & Co. and A.G. Edwards Inc. are co-managing underwriters.

A copy of the final prospectus supplement and related base prospectus for this offering can be obtained from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, email: [email protected], or from Citigroup Global Markets Inc., 140 58th Street, Brooklyn, NY 11220. Any direct requests to Citigroup should be made to the Prospectus Dept by telephone 718-765-6732 or by fax at 718-765-6734.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the limited partnership interests described herein, nor shall there be any sale of these limited partnership interests in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

TransCanada is a leading North American energy company. TransCanada is focused on natural gas transmission and power services with employees who are expert in these businesses. TransCanada’s network of approximately 41,000 kilometres (25,600 miles) of pipeline transports the majority of Western Canada’s natural gas production to the fastest growing markets in Canada and the United States. TransCanada owns, controls or is constructing more than 5,100 megawatts of power generation – enough to meet the electricity needs of about 5.1 million average households. The Company’s common shares trade under the symbol TRP on the Toronto and New York stock exchanges.


Certain information in this news release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in this information may differ from actual results or events. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability and price of energy commodities, regulatory decisions, competitive factors in the pipeline and power industry sectors, and the current economic conditions in North America. For additional information on these and other factors, see the reports filed by TransCanada with Canadian securities regulators and with the United States Securities and Exchange Commission. TransCanada disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

– 30 –

For further information, please contact:

Media Inquiries:

Kurt Kadatz / Hejdi Feick
(403) 920-7859 or Toll Free (800) 608-7859

Investor & Analyst Inquiries:
David Moneta
(403) 920-7911

Pierre Perrin-Monlouis
Pierre Perrin-Monlouis
Fondateur de Rente et Patrimoine (cabinet de gestion de patrimoine), Pierre Perrin-Monlouis est un analyste et trader pour compte propre. Il vous fait profiter de son expérience en trading grâce à ses analyses financières et décrypte pour vous les actualités des marchés. Son approche globale des marchés combine à la fois l'analyse technique et l'analyse fondamentale sur l'ensemble des marchés : crypto, forex, actions et matières premières.