TC Energy completes partial monetization and project financing transactions for Coastal GasLink
25 Mayo 2020 - 6:30AM
News Release — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or
the Company) announced today that it has completed the sale of a 65
per cent equity interest in the Coastal GasLink Pipeline Project
(Coastal GasLink or the Project). In addition, the Coastal GasLink
Pipeline Limited Partnership has executed a credit agreement with a
syndicate of banks extending non-recourse project-level financing
to fund the majority of the construction costs for the Project
which, with the closing of the equity sale, are available to be
drawn. Together, these transactions have resulted in the
Company realizing immediate proceeds of approximately $2.1 billion.
TC Energy remains committed to partnering with the 20 First Nations
who have executed agreements with Coastal GasLink and, as
previously announced, has provided an opportunity for them to
invest in the Project with an option to acquire a 10 per cent
equity interest in Coastal GasLink on similar terms as the 65 per
cent interest.The introduction of high-quality partners,
establishment of a dedicated project-level financing facility,
recovery of cash payments through construction for carrying charges
on costs incurred and remuneration for costs to date are expected
to substantially satisfy TC Energy’s Coastal GasLink funding
requirements through project completion, further solidifying the
Company’s financial flexibility.Coastal GasLink involves the
construction of 670 kilometres (416 miles) of pipeline and
associated facilities. Once completed, the pipeline will have an
initial capacity of 2.1 billion cubic feet per day and connect
abundant Western Canadian Sedimentary Basin natural gas supply from
the Dawson Creek, B.C. area to the LNG Canada liquefaction and
export facility being constructed in Kitimat, B.C. All necessary
regulatory permits have been received for the Project and
construction is underway. Coastal GasLink continues to engage with
Indigenous and local communities as we safely progress essential
construction activities across the route.
About TC Energy We are a vital part of everyday
life - delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens — we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our more than 7,300 people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATIONThis release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this document are intended to
provide TC Energy security holders and potential investors with
information regarding TC Energy and its subsidiaries, including
management's assessment of TC Energy's and its subsidiaries' future
plans and financial outlook. All forward-looking statements reflect
TC Energy's beliefs and assumptions based on information available
at the time the statements were made and as such are not guarantees
of future performance. As actual results could vary significantly
from the forward-looking information, you should not put undue
reliance on forward-looking information and should not use
future-oriented information or financial outlooks for anything
other than their intended purpose. We do not update our
forward-looking information due to new information or future
events, unless we are required to by law. For additional
information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders
dated April 30, 2020 and the 2019 Annual Report filed under TC
Energy's profile on SEDAR at www.sedar.com and with the
U.S. Securities and Exchange Commission
at www.sec.gov.
-30-
Media Inquiries:Jaimie Harding / Hejdi
Carlsen403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mau403-920-7911 or 800-361-6522
PDF
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