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TransCanada to sell stakes in two U.S. Northeast pipelines

Mon 27th February, 2017 1:18pm
Feb 27 (Reuters) - TransCanada Corp  TRP.TO   TRP.N  said it 
has offered to sell stakes in two natural gas pipelines that 
serve the U.S. Northeast to TC PipeLines LP  TCP.N , U.S.-based 
master limited partnership in which it holds a 27 percent stake. 
    TransCanada said it would sell its 49.3 percent stake in the 
Iroquois gas transmission system and the remaining 11.8 percent 
stake it holds in the Portland natural gas transmission system. 
    Financial terms of the deal were not disclosed. 
    "This offer demonstrates the meaningful role that TC 
PipeLines, LP can fulfill in funding a portion of our C$23 
billion near-term capital program," said TransCanada Chief 
Executive Russ Girling said in a statement.*:nCCN2z8wQK 
    TransCanada had sold a 49.9 percent stake in the Portland 
pipeline to TC PipeLines in January 2016.*:nMKW9BlS3a 
    "... We believe this investment will further strengthen our 
cash flows and our ability to increase our quarterly 
distributions this year in line with recent increases," Brandon 
Anderson, president of TC PipeLines GP Inc, said in a statement.*:nMKWNpyqda 
    TC PipeLines said the offer was subject to approval by its 
board of directors. 
    The Iroquois pipeline is jointly operated by TransCanada and 
Dominion Resources Inc  D.N  and extends from the TransCanada 
Mainline system at the U.S. border near New York to markets in 
the U.S. Northeast.  
   The Portland pipeline connects with the TransQuebec and 
Maritimes pipelines at the Canadian border and shares facilities 
with the Maritimes and Northeast Pipeline from Westbrook, Maine 
to a connection with the Tennessee gas system near Boston. 
 (Reporting by John Benny in Bengaluru; Editing by Savio 
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