TC Energy (TRP) said Monday it set Sept. 25 as the distribution record date for the spinoff of its Liquids Pipelines business into South Bow, with the arrangement expected to take effect on Oct. 1.

The company said shareholders will retain their TC Energy shares and receive a pro-rata interest in South Bow. The spinoff has received necessary tax, shareholder, and court approvals, TC added.

Trading for the new shares will begin on Oct. 2 on the Toronto Stock Exchange, while trading on the New York Stock Exchange will commence after the US Securities and Exchange Commission approves South Bow's registration, TC Energy said.

TC Energy and South Bow plan to declare separate Q4 dividends on Nov. 7, with payments due Jan. 31 to shareholders as of Dec. 31, the company said.

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