Core Points - TC Energy Corporation announced the closing of a US$350 million offering of 6.250% Fixed-for-Life Junior Subordinated Notes due Nov. 1, 2085 [1] - The net proceeds from the offering will be used to redeem its Cumulative Redeemable First Preferred Shares, Series 11, on Nov. 28, 2025, at a price of $25.00 per share [2] - A final quarterly dividend of $0.2094375 per Series 11 Share is expected to be declared, payable on the same date as the redemption [3] Financial Details - The Notes were issued through a syndicate of underwriters, co-led by Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets, and Wells Fargo [1] - The redemption of Series 11 Shares aims to reduce indebtedness and support general corporate purposes [2] - The Series 11 Shares will cease to be entitled to dividends after the redemption date and will be delisted from the Toronto Stock Exchange [3] Company Overview - TC Energy is a leader in North American energy infrastructure, moving over 30% of the continent's cleaner-burning natural gas [6] - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy [6] - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [7]

Core Viewpoint - TC Energy Corporation is considering an offering of U.S. Junior Subordinated Notes to redeem its outstanding preferred shares, reduce debt, and for general corporate purposes [1][2]. Group 1: Offering Details - The offering, if successful, will utilize net proceeds to redeem Cumulative Redeemable First Preferred Shares, Series 11 [2]. - There is no certainty regarding the completion, timing, or terms of the offering [2]. - The Notes would be issued via a prospectus supplement to TCPL's short form base shelf prospectus dated December 5, 2024 [3]. Group 2: Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico [5]. - The company moves over 30% of the cleaner-burning natural gas used in North America and has strategic investments in power generation [5]. - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [6].

Value Proposition - The Apple Watch SE3 offers significant value, providing many of the same features as higher-end models at almost half the price of the cheapest Series 11 [3][4] - It's suitable for first-time Apple Watch buyers, children, or those upgrading from older models like Series 4 or 5 [4] Key Features & Performance - The SE3 features the same processor as the Series 11 and Ultra 3, enabling an always-on display [3][5] - Despite the always-on display, it maintains an 18-hour battery life, with testing showing it can outperform this claim by at least 4 hours, reaching 22-25 hours [6][7] - Charging is faster, with 8 minutes on the charger providing enough power for 8 hours of sleep tracking, and a full charge taking approximately 75 minutes [8] Health & Fitness - Includes new health tools like sleep score and sleep apnea notifications, as well as a temperature sensor for early illness detection and retrospective ovulation tracking [9] - Lacks blood oxygen tracking, ECG, and hypertension notifications found in higher-end models [9] - Offers every workout imaginable, including Apple's new Workout Buddy feature [10][11] Design & Connectivity - Design is similar to previous models, with thicker bezels and a slightly smaller screen compared to the Series 11 [12] - Features gesture control, including pinch motion for navigation and wrist flick to silence alarms [14] - Includes 5G connectivity, which is beneficial for users planning to use the watch without a phone, especially for children [15][16] Potential Drawbacks - The SE3's screen is more prone to scratches compared to the Series 11's scratch-resistant glass [13] - Using 5G connectivity without a paired phone can reduce battery life by approximately 2 hours [16][17]