The company states that the 'combined dividends of the two companies sustains long-term dividend growth outlook'. So we don't think it puts the dividend 'at risk', but the spin off will likely change where/who the dividend 'comes from'. Also, the company states that 'the initial combined dividends of the two companies will be equivalent to TC Energy's annual dividend immediately prior to the completion of the transaction and that over time the combined value of the two companies' dividends is expectd to remain consistent'.
TC Energy is expected to grow EBITDA at 7% annually and grow the dividend by 3% to 5% annually. The liquids business is expected to grow at 2% to 3% anually and have a similar dividend growth rate.