TC PipeLines, LP Increases Second Quarter Cash Distribution
20 Juillet 2011 - 12:27AM
Marketwired
TC PipeLines, LP (NASDAQ: TCLP) (the Partnership) today announced
the board of directors of TC PipeLines GP, Inc., its general
partner, declared an increase in the Partnership's second quarter
2011 cash distribution to $0.77 per common unit, or $3.08 per unit
on an annualized basis. This distribution represents a 5.5 per cent
increase from the $0.73 per common unit paid in second quarter 2010
and a 2.7 per cent increase from the $0.75 per common unit paid in
first quarter 2011.
"We are pleased to be able to raise the distribution to our
unitholders as a result of the strong cash flows from our portfolio
of six pipeline assets" said Steve Becker, President of TC
Pipelines, GP, Inc. "The overall amount of predictable cash flows
for the Partnership has increased due to the long term contracts
from the recently acquired 25 percent ownership interest in each of
Gas Transmission Northwest and Bison Pipeline. As we move forward,
we expect the Partnership to remain an attractive financing option
to TransCanada as they complete their significant capital
program."
This cash distribution is the 49th consecutive quarterly
distribution paid by the Partnership and is payable on August 12,
2011 to unitholders of record at the close of business on July 31,
2011.
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 per
cent ownership interest in each of Gas Transmission Northwest LLC,
and Bison Pipeline LLC. TC PipeLines, LP also has 100 per cent
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 Enquiries Terry Cunha/Shawn
Howard 403.920.7859 or 800.608.7859 TC PipeLines, LP Unitholder and
Analyst Enquiries Lee Evans 877.290.2772
investor_relations@tcpipelineslp.com www.tcpipelineslp.com
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