TransCanada To Sell 49.9% Interest In Portland Natural Gas - Quick Facts

(RTTNews) - TransCanada Corp. (TRP.TO, TRP) announced it has entered into an agreement to sell a 49.9 percent interest in Portland Natural Gas Limited Partnership to its master limited partnership, TC PipeLines, LP (TCP), for a purchase price of $223 million. The transaction is comprised of $188 million in cash together with the assumption of a proportionate share of Portland Natural Gas debt in the amount of $35 million. After completion of the transaction, TransCanada will continue to hold a direct 11.8 percent interest in PNGTS.

Portland Natural Gas Limited Partnership is a 295 mile high-capacity, high-pressure interstate natural gas pipeline which began serving New England's energy needs. The pipeline connects with the TransQuebec and Maritimes Pipeline at the Canadian border near East Hereford, Quebec and delivers natural gas to customers in the U.S. northeast.