TC PipeLines Gets Offer From TransCanada For Remaining Stake In GTN Pipeline

(RTTNews) - TC PipeLines LP (TCP) (the Partnership) Wednesday received an offer from TransCanada Corp (TRP, TRP.TO) to purchase the remaining 30 percent interest in Gas Transmission Northwest LLC (GTN). The terms and structure of the proposed transaction are subject to satisfactory negotiation and approval by the Partnership's Conflicts Committee and Board of Directors.

"We are pleased that TransCanada is continuing with its program to drop down all of its remaining U.S. natural gas pipeline assets to the Partnership," said Steve Becker, President of TC PipeLines GP Inc., the Partnership's general partner. "GTN is a solid asset with excellent fundamentals which will further strengthen the partnership's cash flows and investment position leading to the potential for future distribution increases. We expect the transaction to be completed in the first quarter of 2015."

The GTN pipeline transports natural gas under long-term contracts from the Western Canada Sedimentary Basin and the Rocky Mountains to markets in Washington, Oregon and California. The Partnership currently owns 70 percent of the GTN pipeline.