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Share Name | Share Symbol | Market | Type |
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Columbia Pipeline Partners LP Common Units Representing Limited Partner Interests | NYSE:CPPL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 17.15 | 0.00 | 01:00:00 |
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Columbia Pipeline Partners, LP
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TransCanada Corporation
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News
Release
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Third quarter financial results
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Declared a quarterly dividend of
$0.565
per common share for the quarter ending December 31, 2016
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On July 1, 2016, we closed the US$13 billion acquisition of Columbia comprised of a purchase price of approximately US$10.3 billion and Columbia debt of approximately US$2.7 billion
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On July 4, 2016, 96.6 million subscription receipts were exchanged into the same number of common shares
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Announced the reinstatement of issuance of common shares from treasury at a two per cent discount under TransCanada's Dividend Reinvestment Plan commencing with the dividends declared on July 27, 2016
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Issued US$1.2 billion of junior subordinated notes in the United States that mature in 2076
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Announced that ANR filed a comprehensive settlement of its current Natural Gas Act Section 4 rate case with the Federal Energy Regulatory Commission (FERC)
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Launched an open season on the Canadian Mainline seeking binding commitments on a new long-term, fixed price tolling option
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On November 1, 2016, we announced the following strategic updates:
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An agreement to purchase all of the common units of Columbia Pipeline Partners LP (CPPL) for US$17.00 per common unit for a total amount of approximately US$915 million
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Acquisition of Columbia Pipeline Group:
On July 1, 2016, we closed the US$13 billion acquisition of Columbia comprised of a purchase price of approximately US$10.3 billion and Columbia debt of approximately US$2.7 billion. The acquisition was financed through proceeds of $4.4 billion from the sale of subscription receipts, senior unsecured asset bridge term loan credit facilities in the aggregate amount of US$6.9 billion and existing cash on hand. The sale of the subscription receipts was completed on April 1, 2016 through a public
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Monetization of U.S. Northeast Power business:
On November 1, 2016, we announced that we expect to realize approximately US$3.7 billion from the monetization of our the U.S. Northeast Power business. This includes the announced sale of Ravenswood, Ironwood, Ocean State Power and Kibby Wind to Helix Generation, LLC, an affiliate of LS Power Equity Advisors for US$2.2 billion and TC Hydro to Great River Hydro, LLC, an affiliate of ArcLight Capital Partners, LLC for US$1.065 billion, with the remainder attributed to the marketing business which is expected to be realized going forward. These two sale transactions are expected to close in the first half of 2017 subject to certain regulatory and other approvals and will include closing adjustments. These sales are expected to result in an approximate $1.1 billion after-tax net loss which is comprised of a $656 million after-tax goodwill impairment charge recorded at September 30, 2016, an approximate $863 million after-tax net loss on the sale of the thermal and wind package to be recorded in fourth quarter 2016 and an approximate $443 million after-tax gain on the sale of the hydro assets upon close of that transaction. Proceeds from these sales and future realization of value of the marketing business will be used to repay a portion of the US$6.9 billion senior unsecured asset bridge term loan credit facilities which were used to partially finance the Columbia acquisition earlier this year.
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Decision to maintain our current ownership interest in Mexican natural gas pipelines
: On November 1, 2016, we announced a decision to maintain our current ownership interest in a growing portfolio of natural gas pipeline assets in Mexico rather than sell a minority interest in six of these pipelines, which is consistent with maintaining a simple corporate structure. We currently own and operate the Tamazunchale and Guadalajara natural gas pipelines and are in the process of investing US$3.8 billion to develop and complete construction of four additional pipelines plus fund our interest in the Sur de Texas project, all of which will serve growing natural gas demand in Mexico. All projects are expected to be in-service by the end of 2018 and are underpinned by 25-year take-or-pay contracts with the Comisión Federal de Electricidad (CFE). Once completed, we expect our Mexican natural gas pipeline assets to be accretive to earnings per share and generate approximately US$575 million of annual EBITDA, up from US$181 million in 2015.
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Common Equity Offering:
On November 1, 2016, in conjunction with our decision to maintain our current ownership interest in a growing Mexican natural gas pipelines business, and concurrent with the release of these financial results, we also entered into an agreement with a group of underwriters to proceed with an offering of common shares. The common shares will be offered to the public in Canada and the United States through the underwriters or their representatives. The offering is subject to the receipt of all necessary regulatory and stock exchange approvals. Proceeds from the offering will be used to repay a portion of the US$6.9 billion senior unsecured asset bridge term loan credit facilities which were used to partially finance the acquisition of Columbia.
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Agreement to Acquire Columbia Pipeline Partners LP:
On November 1, 2016, we announced that we have entered into an agreement and plan of merger through which our wholly-owned subsidiary, Columbia Pipeline Group, Inc., has agreed to acquire, for cash, all of the outstanding publicly held common units of CPPL at a price of US$17.00 per common unit for an aggregate transaction value of approximately US$915 million. The transaction is expected to close in first quarter 2017 subject to receipt of CPPL unitholder approval and customary closing conditions and is expected to be accretive to earnings per share and simplify our corporate structure.
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Dividend Declaration:
Our Board of Directors declared a quarterly dividend of $0.565 per share for the quarter ending December 31, 2016 on TransCanada's outstanding common shares. The quarterly amount is equivalent to $2.26 per common share on an annualized basis.
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Dividend Reinvestment Plan:
Approximately $175 million or 39 per cent of dividends paid on October 31 were reinvested in TransCanada common shares through our Dividend Reinvestment Plan following the reinstatement of issuance from Treasury at a two per cent discount announced in July 2016.
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Other Financing Activities:
In August 2016, TransCanada Trust issued US$1.2 billion of 60-year junior subordinated trust notes to third party investors with a fixed interest rate of 5.875 per cent for the first ten years converting to a floating rate thereafter. The notes are callable at par beginning ten years following their issuance. All of the proceeds of the issuance by the Trust were loaned to us in US$1.2 billion junior subordinated notes at a rate of 6.125 per cent which includes a 0.25 per cent administration charge. On a subordinated basis, the obligations of the Trust are guaranteed by TransCanada.
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NGTL System
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On October 31, 2016, the Government of Canada approved our $1.3 billion NGTL 2017 Facilities Application. In addition, on October 6, 2016, the NEB recommended to the government approval of the $439 million Towerbirch Project. This project consists of a 55 km (34 miles) pipeline loop and a 32 km (20 miles) pipeline extension of the NGTL System in northwest Alberta and northeast B.C. The NEB approved NGTL’s continued use of its existing rolled-in toll methodology for this project. Of NGTL’s $5.4 billion near-term capital program, we have received approvals for $4.0 billion, while $0.5 billion has been filed and is awaiting approval. Approximately $0.9 billion is expected to be filed with regulators in the future.
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North Montney Mainline:
In March 2016, we filed a request with the NEB for a one year extension to the June 10, 2016 sunset clause in the North Montney Mainline project Certificate of Public Convenience and Necessity. On September 15, 2016, the NEB approved the sunset clause extension to June 10, 2017. The extension continues to be subject to the condition that construction shall not begin until a positive Final Investment Decision (FID) has been made on the Pacific Northwest LNG (PNW LNG) Project. NGTL continues to work with our customers and stakeholders to be ready to initiate construction of the North Montney facilities, however, the in-service date will be finalized once a FID has been made.
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Canadian Mainline Tolling Option:
On October 13, 2016, we launched an open season on the Canadian Mainline seeking binding commitments on a new long-term, fixed-price proposal to transport WCSB supply from the Empress receipt point in Alberta to the Dawn hub in Southern Ontario. The contract term for this service is ten years with tolls ranging from $0.75/GJ to $0.82/GJ depending on the shippers’ contract volume commitments. Early termination rights are provided and can be exercised following the initial five years of service upon payment of a premium fee. Subject to a successful Open Season that closes November 10, 2016 and to NEB regulatory approval, the new service is targeted to begin November 1, 2017.
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Columbia Capital Projects:
As part of the Columbia acquisition, we are progressing a US$7.4 billion capital expansion and modernization program across the Columbia system for facilities planned to be in-service from 2016 to 2020. We also expect to invest approximately US$0.3 billion to construct the Gibraltar Pipeline project, an approximate 1 MMDth/d dry gas header pipeline in southwest Pennsylvania.
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ANR Section 4 Rate Case Settlement:
On September 16, 2016, ANR filed with FERC an unopposed settlement agreement with its customers for approval. Effective August 1, 2016, transmission reservation rates increased by 34.8 percent with storage rates largely remaining unchanged. The settlement includes a moratorium on further rate changes until August 1, 2019. ANR may file for new rates after that date if it has spent more than US$0.8 billion in capital additions but must file for new rates with an effective date of no later than August 1, 2022.
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Topolobampo Pipeline:
In July, we began collecting revenue on the US$1 billion Topolobampo project under a force majeure provision in the 25-year contract with the Comisión Federal de Electricidad. The physical in-service date is expected to be delayed into 2017 due to right-of-way acquisition delays.
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Prince Rupert Gas Transmission:
On September 27, 2016, PNW LNG received an environmental certificate from the Government of Canada for a proposed LNG plant at Prince Rupert, B.C. PNW LNG has indicated they will conduct a total project review over the coming months prior to announcing next steps for the project.
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Coastal GasLink:
On July 11, 2016, the LNG Canada joint venture participants announced a delay to their FID for the proposed liquefied natural gas facility in Kitimat, BC. At this time a future FID date has not been determined. In light of this announcement we are working with LNG Canada to determine the appropriate pacing of the Coastal GasLink development schedule and work activities.
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Houston Lateral and Terminal
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In August 2016, the Houston Lateral pipeline and terminal, an extension from the Keystone Pipeline System to Houston, Texas went into service. The terminal has an initial storage capacity of 700,000 barrels of crude oil.
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Energy East Pipeline
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On August 8, 2016, the NEB commenced the first of a series of community panel sessions held along the pipeline route in New Brunswick. Panel sessions scheduled for the week of August 29, 2016 in Montréal, Québec were subsequently canceled as three NEB panelists announced their decision to recuse themselves from continuing to sit on the panel to review the project due to allegations of reasonable apprehension of bias. The Chair of the NEB and the Vice Chair, who is also a panel member, have recused themselves of any further duties related to the project. As a result, all hearings for the project were adjourned until further notice as we wait on the federal government to appoint new NEB members and then for the NEB to establish a new panel to hear our applications. The new panel members will then determine how the review process is to be re-initiated. As a result of these actions, we expect a delay in the NEB review process.
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Bécancour Tolling Agreement:
In August 2015, we executed an agreement with Hydro Québec (HQ) allowing HQ to dispatch up to 570 MW of peak winter capacity from our Bécancour facility for a term of 20 years commencing in December 2016. The regulator in Québec, Régie de l'énergie (the Régie), initially accepted this agreement for implementation but in July 2016, the Régie reversed its initial decision. HQ continues to advocate for the contract on its economic merit as part of their strategy to meet the winter peak capacity needs of the province and is pursuing regulatory options for our agreement to be reinstated. We expect the project need and potential timing will be reassessed in the recently released review of HQ's ten year supply plan.
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