Key Developments For TC PipeLines LP
TC PipeLines LP (TCLP.O) (Nasdaq)
TC PipeLines, LP Prices Offering of Common Units
TC PipeLines, LP announced that it has priced the public offering of 5,000,000 common units at $38.00 per unit. The offering, announced on November 12, 2009 is expected to close on November 18, 2009. TC PipeLines, LP has granted a syndicate of underwriters led by Citigroup Global Markets Inc., BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank, who will act as joint book-running managers of the offering, a 30-day option to purchase up to an additional 750,000 common units to cover over-allotments, if any. The Partnership expects to receive net proceeds of approximately $185.4 million or $213.3 million if the underwriters exercise their option to purchase an additional 750,000 common units from the offering. The net proceeds include a capital contribution from its general partner to maintain its two per cent interest in the Partnership. In addition, the net proceeds of the offering are expected to be used to reduce debt outstanding under the Partnership's revolving credit facility and for general Partnership purposes. The offering is being made under the Partnership's existing shelf registration statement. With the close of this offering and assuming the underwriters do not exercise their option to purchase additional units, TransCanada Corporation's ownership of the Partnership will be approximately 38.2%.
TC PipeLines, LP Announces Offering Of Five Million Common Units
TC PipeLines, LP announced the commencement of an offering of 5,000,000 common units to a syndicate of underwriters led by Citigroup Global Markets Inc., BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank who will act as joint book-running managers of the offering. The underwriters will have a 30-day option to purchase up to an additional 750,000 units to cover over-allotments, if any. The Partnership expects to use the net proceeds of the offering to reduce debt outstanding under its revolving credit facility and for general partnership purposes.
TC PipeLines, LP Announces Third Quarter Cash Distribution
TC PipeLines, LP announced that the Board of Directors of TC PipeLines GP, Inc., its general partner, has declared the Partnership's third quarter 2009 cash distribution in the amount of $0.73 per common unit. This cash distribution is equivalent to the second quarter 2009 distribution and represents a 3.5% increase from the third quarter 2008 distribution of $0.705 per common unit. This distribution is payable on November 13, 2009 to unitholders of record as of October 31, 2009.
TC PipeLines, LP Increases Second Quarter Cash Distribution
TC PipeLines, LP announced the board of directors of TC PipeLines GP, Inc., its general partner, has declared the Partnership's second quarter 2009 cash distribution in the amount of USD0.73 per common unit. This cash distribution is an increase of $0.025 from the first quarter 2009 distribution and an increase of $0.10 on an annualized basis.
TC PipeLines, LP Completes Acquisition of North Baja Pipeline, LLC From TransCanada Corporation; Restructures Incentive Distribution Rights
TC PipeLines, LP announced that it has completed the acquisition of North Baja Pipeline, LLC (North Baja) from TransCanada Corporation . The aggregate consideration provided to TransCanada included a combination of cash and common units totalling approximately $395 million. The Company also announced that it has amended the Incentive Distribution Rights (IDRs) held by TC PipeLines GP, Inc. (the General Partner).
