TransCanada Corporation has entered into an agreement to sell its remaining 30 per cent interest in Bison Pipeline LLC (Bison) to its master limited partnership, TC PipeLines, LP (the Partnership) for cash proceeds of US$215 million. The sale is expected to close on October 1, 2014.
"The Bison transaction advances our previously stated commitment to sell the remainder of TransCanada's U.S. natural gas pipeline assets to the Partnership," said Russ Girling, TransCanada's president and chief executive officer. "As TransCanada continues to progress our unprecedented $38 billion capital program, we intend to drop down the remainder of those assets on a more sizeable, frequent basis over the coming quarters and years. This will provide TransCanada with significant cash proceeds to help fund our capital program and enhance the size and diversity of the Partnership's asset base, positioning it with visible, high quality future growth."