TC PipeLines Completes Acquisition of PNGTS Interest
HOUSTON, TEXAS--(Marketwired - Jan. 4, 2016) - TC PipeLines, LP (NYSE:TCP) today announced the closing of the previously announced acquisition of a 49.9 percent interest in Portland Natural Gas Transmission System (PNGTS) from TransCanada Corporation effective January 1, 2016. The acquisition is expected to be immediately accretive to distributable cash flow and earnings.
TC PipeLines, LP is a Delaware master limited partnership with interests in seven federally regulated U.S. interstate natural gas pipelines which serve markets in the Western, Midwestern and Eastern United States. The Partnership is managed by its general partner, TC PipeLines GP, Inc., a subsidiary of TransCanada Corporation (NYSE:TRP). For more information about TC PipeLines, LP, visit the Partnership's website at www.tcpipelineslp.com.
This release contains certain "forward-looking statements" as defined under federal securities laws relating to expectations, beliefs, projections and future financial performance or assumptions, including expected accretion to distributable cash flow and earnings resulting from the acquisition of the 49.9 percent interest in PNGTS. These statements are based on current expectations and, therefore, are subject to a variety of risks and uncertainties that could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including the accuracy of assumptions used to estimate distributions from PNGTS to the Partnership. These and other factors that could cause future results to differ materially from those anticipated in the forward-looking statements are discussed in the Partnership's Form 10-K and other filings with the Securities and Exchange Commission. All forward-looking statements in this release are made only as of the date hereof and we undertake no obligation to update any forward-looking statements to reflect new information, subsequent events or other changes.
Mark Cooper/Terry Cunha
403.920.7859 or 800.608.7859
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