By Devika Patel
Knoxville, Tenn., July 1 - TC PipeLines, LP settled a $78.4 million private placement of units on July 1, according to an 8-K filed Tuesday with the Securities and Exchange Commission,
The company sold 2,609,680 common units at $30.042 each to TransCan Northern Ltd.
Proceeds were used to fund the company's acquisition of North Baja Pipeline, LLC, which also closed on July 1.
Calgary, Alta.-based TC acquires natural gas pipelines in the United States.
| Issuer: | TC PipeLines, LP
|
| Issue: | Common units
|
| Amount: | $78.4 million
|
| Units: | 2,609,680
|
| Price: | $30.042
|
| Warrants: | No
|
| Investor: | TransCan Northern Ltd.
|
| Settlement date: | July 1
|
| Stock symbol: | Nasdaq: TCLP
|
| Stock price: | $34.79 at close June 30
|
| Market capitalization: | $1.22 billion
|
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