TransCanada Announces Intention to Buy Back Shares Through Private Agreements

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2015) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced that it intends to purchase for cancellation, on or before October 31, 2016, up to 6,610,000 of its common shares pursuant to private agreements between TransCanada and an arm's-length third-party seller.

Purchases will be made in accordance with an issuer bid exemption order issued by the Ontario Securities Commission (OSC), dated December 4, 2015 (the Order), and pursuant to the Order, may be made in several transactions prior to October 31, 2016. The price that TransCanada will pay for its common shares purchased by way of private agreements will be at a discount to the prevailing market price of TransCanada common shares on the Toronto Stock Exchange at the time of purchase. Information regarding each purchase, including the number of Common Shares purchased and aggregate price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase.

Purchases made by TransCanada will be counted towards TransCanada's normal course issuer bid announced on November 19, 2015 for up to 21,270,257 of TransCanada common shares (the Bid), and will not exceed, in aggregate, one third of the maximum number of common shares that TransCanada may purchase under the Bid, being 7,090,085 of common shares.

The actual number of TransCanada common shares that will be repurchased under the Bid, by way of any private agreements or otherwise, and the timing of any such purchases, will be determined by TransCanada.

With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,000 kilometres (42,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,900 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.

FORWARD LOOKING INFORMATION

This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated November 2, 2015 and 2014 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.