TC PipeLines, LP Completes Acquisition Of Additional Interests In Transcanada Corp's GTN And Bison

Tuesday, 2 Jul 2013 09:10am EDT 

TC PipeLines, LP announced that the closing of its acquisition of an additional 45% interest in each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison) from subsidiaries of TransCanada Corporation. The acquisition is expected to be immediately accretive to Partnership cash flows and earnings. The Partnership funded the $1.05 billion acquisition with net proceeds of approximately $381 million from its equity offering in May, a new five year $500 million term loan from the Partnership's syndicate of lenders, $146 million of existing debt at GTN and the balance of $23 million drawn from its credit facility.