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  • TC Energy successfully completes C$5;3 billion sale pf a 40 per cent non-controlling equity interest in Columbia Gas ans Columbia Gulf
    édité le 05/10/2023 - Plus de news de "TC Energy" - Voir la fiche entreprise de "TC Energy"

TC Energy successfully completes C$5;3 billion sale pf a 40 per cent non-controlling equity interest in Columbia Gas ans Columbia Gulf
TC Energy Corporation announced that it has successfully completed the sale of a 40 per cent non-controlling equity interest in its Columbia Gas Transmission, LLC (Columbia Gas) and Columbia Gulf Transmission, LLC (Columbia Gulf) systems to Global Infrastructure Partners (GIP) for total cash proceeds of $5.3 billion (US$3.9 billion).

"This sizable transaction is a tangible example of our team’s focus on achieving one of our key 2023 strategic priorities of significantly advancing our deleveraging goals, ahead of our year-end target," said François Poirier, TC Energy’s President and Chief Executive Officer. "GIP is a strong and reputable strategic and financial partner that will help unlock incremental value on our Columbia gas systems."

Clear path toward deleveraging

Delivering $5+ billion of cash proceeds in a single transaction is expected to reduce TC Energy’s year-end 2023 debt-to-EBITDAi leverage metric by over 0.4 times, a major step toward reaching its 2024 year-end objective of 4.75 times debt-to-EBITDA.

Demonstrated strong continued access to capital markets in August 2023, with Columbia Pipelines Holding Company LLC (CPHC) and Columbia Pipelines Operating Company LLC (CPOC) initially issuing in aggregate US$5.6 billion of senior unsecured notes. Additional indebtedness is expected to be incurred in 2024 to reach the intended run-rate capital structure. Prior to the closing of the offerings, all US$1.5 billion of existing Columbia Pipeline Group, Inc. (CPG) Senior Notes were assumed by CPOC.

The net proceeds from the offerings were used to repay existing intercompany indebtedness with TC Energy entities and will reduce the Company’s indebtedness or offset future debt issuance such that the offerings are expected to be leverage-neutral to TC Energy on a consolidated basis.
Continuing to evaluate an incremental $3 billion of capital rotation opportunities to achieve the Company’s desired debt-to-EBITDA target.
Limiting sanctioned capital spending, net of partner contributions, to $6 to $7 billion annually, post-2024.

Collectively, these actions are expected to enable TC Energy to continue strengthening its balance sheet and reinforce long-term, sustainable, annual dividend growth of three to five per cent.

TC Energy will continue to operate the systems, focusing on maximizing value through safe operations, reliability of service and operational excellence. Going forward, GIP will fund its 40 per cent share of Columbia Gas and Columbia Gulf’s gross capital expenditures. Total gross capital expenditures for these assets are expected to average more than $1.3 billion (US$1 billion) annually over the next three years.

Transaction details

Columbia Pipeline Group, Inc. (CPG) contributed all of its equity interests in its wholly-owned subsidiaries, Columbia Gas and Columbia Gulf, to a newly formed wholly-owned entity, Columbia Pipelines Operating Company, LLC (CPOC), which is directly held by a newly formed entity, Columbia Pipelines Holding Company, LLC (CPHC). CPHC is the entity through which TC Energy and GIP hold their equity interests.

About TC Energy

We’re a team of 7,000+ energy problem solvers working to move, generate and store the energy North America relies on. Today, we’re taking action to make that energy more sustainable and more secure. We’re innovating and modernizing to reduce emissions from our business. And, we’re delivering new energy solutions – from natural gas and renewables to carbon capture and hydrogen – to help other businesses and industries decarbonize too. Along the way, we invest in communities and partner with our neighbours, customers and governments to build the energy system of the future.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP.

About Global Infrastructure Partners

Global Infrastructure Partners (GIP) is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With decarbonization central to their investment thesis, they are well positioned to support the global energy transition. Headquartered in New York, GIP has offices in Brisbane, Dallas, Delhi, Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford and Sydney.

GIP has approximately $100 billion in assets under management. Their portfolio companies have combined annual revenues of approximately $80 billion and employ over 100,000 people. They believe that their focus on real infrastructure assets, combined with their deep proprietary origination network and comprehensive operational expertise, enables them to be responsible stewards of their investors' capital and to create positive economic impact for communities.

Origine : Communiqué TC Energy

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