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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001047469-07-000706.txt : 20070206
<SEC-HEADER>0001047469-07-000706.hdr.sgml : 20070206
<ACCEPTANCE-DATETIME>20070206172054
ACCESSION NUMBER:		0001047469-07-000706
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070206
DATE AS OF CHANGE:		20070206

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCANADA CORP
		CENTRAL INDEX KEY:			0001232384
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-140150
		FILM NUMBER:		07585363

	BUSINESS ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
		BUSINESS PHONE:		4039202000

	MAIL ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCANADA CORP
		CENTRAL INDEX KEY:			0001232384
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
		BUSINESS PHONE:		4039202000

	MAIL ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>a2175921zfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="RIGHT"><FONT SIZE=2>Filed pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-140150<BR>
February&nbsp;6, 2007 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>TransCanada Corporation<BR>
Treasury Offering of Subscription Receipts  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Terms and Conditions  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Issuer:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>TransCanada Corporation ("TransCanada" or the "Corporation")</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Offering:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Treasury offering of 39,470,000&nbsp;subscription receipts (the&nbsp;"Subscription Receipts"), each representing the right to receive one common share of the Corporation ("Common Shares").</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Offering Price:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>C$38.00 per Subscription Receipt</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Offering Amount:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>C$1,499,860,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Over-allotment Option:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>The Corporation has granted the Underwriters an option, exercisable at the Offering Price for a period of up to 30&nbsp;days following the closing of the Offering, to purchase up to an additional 15% of the Offering
(5,920,500&nbsp;Subscription Receipts / C$224,979,000) to cover over-allotments, if any.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Use of Proceeds:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>The net proceeds of the Offering will be used to partially finance the acquisition by the Corporation of American Natural Resources Company and ANR Storage Company (the&nbsp;"Acquisition"), or to repay a portion of the
indebtedness incurred therefor.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Subscription Receipts:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Each Subscription Receipt represents the right to receive one Common Share, together with the Special Interest (as&nbsp;defined herein), if any, upon the Acquisition Closing.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>If the closing of the Acquisition, (the&nbsp;"Acquisition Closing") does not occur on or before June&nbsp;22, 2007, or is terminated at any earlier time (in&nbsp;either case, the "Termination Date"), holders of
Subscription Receipts will receive the full purchase price of the Subscription Receipt, together with their pro&nbsp;rata portion of interest earned thereon between the Closing and the Termination Date.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Special Interest:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>If the Acquisition Closing occurs prior to the Termination Date and record dates for one or more dividends on the common shares of the Corporation have occurred during the period from Closing to and including the
Acquisition Closing, then each holder of a Subscription Receipt will be entitled to receive an amount per Subscription Receipt equal to the amount of such dividends declared per common share upon the Acquisition Closing ("Special Interest"). Holders
of the Subscription Receipts will not be entitled to receive any Special Interest if the Acquisition Closing does not occur on or prior to the Termination Date.</FONT></TD>
</TR>
</TABLE>
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<P style='page-break-before:always'></p>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Escrow Conditions:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>The proceeds from the sale of Subscription Receipts will be held by a trustee, as escrow agent, and invested in short-term obligations of, or guaranteed by, the Government of Canada (and&nbsp;other approved investments)
until the earlier of the Acquisition Closing and the Termination Date.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Dividends:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>The Corporation pays a quarterly dividend of C$0.34 per common share. The first dividend to which purchasers under this Offering will be entitled will be payable on April&nbsp;30, 2007, to shareholders of record as of
March&nbsp;30, 2007. If the Acquisition Closing occurs prior to March&nbsp;30, 2007, former holders of Subscription Receipts who continue to hold common shares on March&nbsp;30, 2007 will receive the dividend on April&nbsp;30, 2007 as holders of
Common Shares. If the Acquisition Closing occurs after March&nbsp;30, 2007, but before the Termination Date, holders of Subscription Receipts will receive this amount as Special Interest after the Acquisition Closing.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Form of Offering:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Bought offering by way of a shelf prospectus in all provinces and territories of Canada, in the United&nbsp;States pursuant to the Multi-Jurisdictional Disclosure System and internationally as permitted.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Listing:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Application will be made to list the Subscription Receipts and the Common Shares represented thereby, on the Toronto Stock Exchange (the&nbsp;"TSX"). Application will be made to list the Common Shares underlying the
Subscription Receipts on the New&nbsp;York Stock Exchange. The common shares are listed on the TSX and the New&nbsp;York Stock Exchange under the symbol "TRP".</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Eligibility:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Eligible for RRSPs, RRIFs, RESPs and DPSPs.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Syndicate:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>BMOCM, RBCCM, TDSI (Joint Bookrunners&nbsp;&#151;&nbsp;21.5%) / CIBCWM, Scotia, (10.0%) / NBF (7.0%) / HSBC (5.0%) / UBS (2.5%) / CCC (1%)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Selling Concession:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>C$0.665 per Subscription Receipt</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2><B>Closing:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>February&nbsp;14, 2007</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus or you may request
it by calling BMO Capital Markets' Prospectus Distribution Department at 416-363-6996&nbsp;x224. </FONT></P>

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