TC PipeLines, LP Announces Pricing of $350 Million Debut Public Senior Notes Offering
14 Juin 2011 - 10:51PM
Marketwired
TC PipeLines, LP (NASDAQ: TCLP) (the Partnership) today announced
that it has priced its debut public debt offering of $350 million
of 4.65% Senior Notes due June 15, 2021 at a price of 99.83% of
their face value. The offering of the Senior Notes is expected to
settle on June 17, 2011, subject to customary closing conditions.
The Partnership also announced that the Senior Notes received
investment grade credit ratings from the following agencies:
Standard & Poor's BBB/Stable
Moody's Baa2/Stable
The Partnership intends to use the net proceeds from the
offering to repay the $61 million borrowed under its bridge loan
facility and a repayment on its revolving credit facility
associated with the recent acquisition of a 25 percent interest in
each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC
(Bison). The balance of the net proceeds will be used to repay $175
million of the Partnership's $475 million outstanding term loan
under its credit facility.
J.P. Morgan and SunTrust Robinson Humphrey are acting as
joint-bookrunning managers, Deutsche Bank Securities, HSBC and RBS
are acting as senior co-managers and Mitsubishi UFJ Securities and
Mizuho Securities are acting as junior co-managers for the
offering. The offering is being made only by means of a prospectus
supplement. A copy of the prospectus supplement and prospectus
relating to the offering may be obtained from any of the following
addresses:
J.P. Morgan SunTrust Robinson Humphrey
383 Madison Avenue 3333 Peachtree Road, 11th Floor
New York, NY 10179 Atlanta, GA 30326
Attn: High Grade Syndicate Desk -3rd Mail Code: GA-ATLANTA-3947
floor
Telephone: 212-834-4533 Attn: High Grade Debt Capital Markets
Telephone: 1-800-685-4786
An electronic copy of the prospectus supplement and the
prospectus are available from the Securities and Exchange
Commission's (SEC) website at www.sec.gov. The notes are being
offered pursuant to an effective shelf registration statement the
Partnership previously filed with the SEC, which became
automatically effective, by means of a prospectus and related
prospectus supplement.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus
supplement.
TC PipeLines, LP has interests in 5,560 miles of federally
regulated U.S. interstate natural gas pipelines which serve markets
across the United States and Eastern Canada. This includes
significant interests in Great Lakes Gas Transmission Limited
Partnership and Northern Border Pipeline Company as well as 25
percent ownership interest in each of Gas Transmission Northwest
LLC, and Bison Pipeline LLC. TC PipeLines, LP also has 100 percent
ownership of North Baja Pipeline, LLC and Tuscarora Gas
Transmission Company. TC PipeLines, LP is managed by its general
partner, TC PipeLines GP, Inc., an indirect wholly owned subsidiary
of TransCanada Corporation. TC PipeLines GP, Inc. also holds common
units of TC PipeLines, LP. Common units of TC PipeLines, LP are
quoted on the NASDAQ Global Select Market and trade under the
symbol "TCLP." For more information about TC PipeLines, LP, visit
the Partnership's website at www.tcpipelineslp.com.
Cautionary Statement Regarding Forward-Looking Information
This news release may include "forward-looking statements"
regarding future events and the future financial performance of TC
PipeLines, LP. All statements other than statements of historical
fact included or incorporated herein may constitute forward-looking
statements. Words such as "anticipate," "believe," "continue,"
"estimate," "expect," "intend," "forecast," "project," "may,"
"plan," "strategy," and similar expressions identify
forward-looking statements. All forward-looking statements are
based on the Partnership's current beliefs as well as assumptions
made by and information currently available to the Partnership.
These statements reflect the Partnership's current views with
respect to future events and are not guarantees of performance.
Actual results may differ materially from those expressed or
implied in these forward-looking statements and are subject to a
number of risks and uncertainties. Important factors that could
cause actual results to materially differ from the Partnership's
current expectations include the demand for Great Lakes, Northern
Border and GTN transportation in the future; the risk of a
prolonged slowdown in growth or decline in the U.S. economy or the
risk of delay in growth recovery in the U.S. economy; regulatory
decisions, particularly those of the FERC; the ability of Great
Lakes, Northern Border and GTN to recontract their available
capacity on competitive terms; the Partnership's ability to
identify and/or consummate accretive growth opportunities from
TransCanada Corporation or others; the ability to access capital
and credit markets with competitive rates and terms; operational
decisions of the operator of our pipeline systems; the failure of a
shipper on any one of the Partnership's pipelines to perform its
contractual obligations; supply of natural gas in the Western
Canada Sedimentary Basin and in competing basins, such as the Rocky
Mountains; future demand for natural gas; overcapacity in the
industry; success of other pipelines competing with Northern
Border, Great Lakes and GTN by bringing competing U.S.-sourced gas
to Northern Border's, Great Lakes' and GTN's markets; and other
risks inherent in the transportation of natural gas as discussed in
the Partnership's filings with the Securities and Exchange
Commission (SEC), including its Annual Report on Form 10-K for the
most recently completed fiscal year and its subsequently filed
Quarterly Report on Form 10-Q. These filings are available to the
public over the Internet at the SEC's website (www.sec.gov) and via
the Partnership's website (www.tcpipelineslp.com). The Partnership
disclaims any intention or obligation to update publicly or revise
any such forward-looking statements, whether as a result of new
information, future events or otherwise, occurring after the date
hereof.
Contacts: TC PipeLines, LP Media Inquiries: Terry Cunha/Shawn
Howard 403.920.7859 or 800.608.7859 TC PipeLines, LP Unitholder and
Analyst Inquiries: Lee Evans 877.290.2772
investor_relations@tcpipelineslp.com www.tcpipelineslp.com
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