By Sheri Kasprzak
New York, Feb. 21 - TC PipeLines, LP is gearing up to settle a $599,999,893 private placement of limited partnership units.
The company received agreements for a group of institutional investors led by Kayne Anderson Capital Advisors LP and Tortoise Capital Advisors for 17,356,086 units at $34.57 each.
TransCan Northern Ltd., a subsidiary of TransCanada Corp., will also participate in the offering.
The completion of the deal is contingent upon the closing of TC's proposed acquisition of a 46.45% general partner interest in Great Lakes Gas Transmission LP. The acquisition is expected to close by the end of the month.
Proceeds will be used to fund a portion of the $750 million acquisition. The rest of the acquisition will be funded with the company's $950 million senior revolving debt credit facility.
Calgary, Alta.-based TC acquires natural gas pipelines in the United States.
| Issuer: | TC PipeLines, LP
|
| Issue: | Limited partnership units
|
| Amount: | $599,999,893
|
| Units: | 17,356,086
|
| Price: | $34.57
|
| Warrants: | No
|
| Investors: | Kayne Anderson Capital Advisors LP and Tortoise Capital Advisors (lead); TransCan Northern Ltd.
|
| Announcement date: | Feb. 21
|
| Stock symbol: | Nasdaq: TCLP
|
| Stock price: | $36.12 at close Feb. 20
|
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