TC PipeLines (TCLP) Prices 5M Common Unit Offering at $38/Unit

TC PipeLines, LP (NASDAQ: TCLP) today announced that it has priced the public offering of 5,000,000 common units at $38.00 per unit. The offering, announced on November 12, 2009 is expected to close on November 18, 2009.

TC PipeLines, LP has granted a syndicate of underwriters led by Citigroup Global Markets Inc., BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank, who will act as joint book-running managers of the offering, a 30-day option to purchase up to an additional 750,000 common units to cover over-allotments, if any.

The Partnership expects to receive net proceeds of approximately $185.4 million or $213.3 million if the underwriters exercise their option to purchase an additional 750,000 common units from the offering. The net proceeds include a capital contribution from its general partner to maintain its two per cent interest in the Partnership. In addition, the net proceeds of the offering are expected to be used to reduce debt outstanding under the Partnership's revolving credit facility and for general Partnership purposes.


The offering is being made under the Partnership's existing shelf registration statement.