UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
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November 1, 2019
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TC PipeLines, LP
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(Exact name of registrant as specified in its charter)
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Delaware
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001-35358
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52-2135448
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(State or other jurisdiction
of incorporation) |
(Commission File
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(IRS Employer
Identification No.) |
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700 Louisiana Street, Suite 700
Houston, TX
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77002-2761 |
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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(877) 290-2772
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(Former name or former address if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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1
Item 7.01 Regulation FD Disclosure.
On
November 1, 2019, TC PipeLines, LP (the "Partnership") issued a press release (“Press Release”) announcing that its Gas Transmission Northwest, LLC (GTN) interstate pipeline system will move forward with its GTN XPress project
for approximately $335 million. This project will both increase the reliability of existing transportation service and provide up to 250,000 Dth/d of additional firm transportation service on the full path of the GTN system from Kingsgate, Idaho
to Malin, Oregon.
Along with TC Energy Corporation’s system expansions
upstream, GTN XPress will enhance market access and reliability for growing Western Canadian Sedimentary Basin (WCSB) supplies and allow additional market penetration along GTN’s system in the Pacific Northwest. GTN XPress has been approved
by the Board of Directors of TC PipeLines GP, Inc., the Partnership’s general partner (the General Partner), and is expected to be completed through a multi-phase construction process by November 2023. A copy of the Press Release is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein
by reference.
Item 9.01 Financial Statements and
Exhibits .
(d) Exhibits
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Exhibit No.
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Description
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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TC PipeLines, LP
by: TC PipeLines GP, Inc.,
its general partner
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By: /s/ Jon Dobson
Jon Dobson
Secretary
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Dated: November 1, 2019
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EXHIBIT INDEX
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Exhibit No.
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Description
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4
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NewsRelease
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TC PipeLines, LP announces GTN XPress to enhance market access for growing WCSB supply and allow additional market
penetration along GTN’s system
HOUSTON, Texas – November 1, 2019 – News
Release – TC PipeLines, LP (NYSE: TCP) (TC
PipeLines or the Partnership) is pleased to announce that its Gas Transmission Northwest, LLC (GTN) interstate pipeline system will move forward with its GTN XPress project for approximately $335 million. This project will both increase the
reliability of existing transportation service and provide up to 250,000 Dth/d of additional firm transportation service on the full path of the GTN system from Kingsgate, Idaho to Malin, Oregon.
Along with TC Energy Corporation’s system expansions
upstream, GTN XPress will enhance market access and reliability for growing Western Canadian Sedimentary Basin (WCSB) supplies and allow additional market penetration along GTN’s system in the Pacific Northwest. GTN XPress has been approved by the
Board of Directors of TC PipeLines GP, Inc., the Partnership’s general partner (the General Partner), and is expected to be completed through a multi-phase construction process by November 2023.
“The successful open season for incremental capacity demonstrates the significant continued interest out of the WCSB to secure access to high
value downstream markets. Additionally, local distribution companies in the Pacific Northwest are looking at the WCSB to diversify their supply sources,” said Nathan Brown, President of the General Partner. “GTN XPress reflects TC PipeLines’ and
GTN’s commitment to providing customers timely and reliable access to these markets through appropriate facility replacements, expansions and services.”
GTN XPress reflects the optimal combination of horsepower replacements and other reliability work with incremental brownfield compression
facilities at stations along GTN’s existing system footprint. The project’s reliability and horsepower replacement work is anticipated to be in service by the end of 2021 and will account for more than three quarters of the total project cost.
These costs are expected to be recovered in recourse rates. The work associated with the incremental firm capacity is anticipated to be commercially phased into service through November 2023 and is fully underpinned by fixed negotiated rate
contracts with an average term in excess of 30 years beginning in 2022. The incremental capacity is expected to generate approximately $25 million in revenue annually when fully in service.
The project is subject to normal regulatory and permitting approvals, which we expect to be obtained in the normal course as the project
progresses.
Funding for the project will be accomplished using a combination of new term debt at GTN together with equity contributions to GTN from the
Partnership. TC PipeLines has existing capacity to fund these contributions utilizing a combination of its existing cash together with borrowings under its revolving credit facility.
About TC PipeLines, LP
TC PipeLines, LP is a Delaware master limited partnership with interests in eight federally regulated U.S. interstate natural gas pipelines
which serve markets in the Western, Midwestern and Northeastern United States. The Partnership is managed by its general partner, TC PipeLines GP, Inc., a subsidiary of TC Energy Corporation (NYSE: TRP). For more information about TC PipeLines, LP,
visit the Partnership’s website at www.tcpipelineslp.com.
Cautionary Statement
This news release includes certain statements concerning expectations for the future that are forward-looking statements as defined by federal
law. These forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond the Partnership’s, General Partner’s and management’s control.
An extensive list of factors that could affect future results are discussed in the TC PipeLines, LP Annual Report on Form 10-K and other reports and documents filed from time to time with the Securities and Exchange Commission. The Partnership and
its General Partner undertake no obligation to update or revise any forward-looking statement to reflect new information or events.
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Media Enquiries:
Hejdi Carlsen / Jaimie Harding
403.920.7859 or 800.608.7859
Unitholder and Analyst Enquiries:
Rhonda Amundson
877.290.2772
investor_relations@tcpipelineslp.com