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TC PipeLines, LP (TCP)

- NYSE
  • Wed, Feb. 25, 8:59 AM
    • TC Pipelines (NYSE:TCP) agrees to acquire the remaining 30% interest in Gas Transmission Northwest from its parent company, TransCanada (NYSE:TRP), in a $446M deal.
    • The total includes $253M in cash, the assumption of $98M in proportional GTN debt and the issuance of $95M of new Class B units to TRP which will entitle TRP to a distribution based on 30% of GTN's annual cash distributions.
    • GTN is a 1,353-mile pipeline that transports natural gas under long-term contracts from the Western Canada Sedimentary Basin and the Rocky Mountains to Washington, Oregon and California.
    • TRP says the partnership has the capacity to complete dropdowns in excess of $1B/year.
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Company Description
TC Pipelines LP together with its subsidiaries acquires, owns and participates in the management of energy infrastructure businesses in North America.