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TC PipeLines, LP (TCP) has received a non-binding offer from TC Energy Corporation (TRP) to acquire all outstanding common units of TCP not owned by TC Energy. In exchange, TCP unitholders would receive 0.650 common shares of TC Energy for each TCP unit, totaling an implied value of $27.31 per unit, a 7.5% premium based on recent trading prices. The offer requires the review and approval of TCP's Conflicts Committee, Board, and majority unitholder support before moving forward with a definitive agreement. No assurance exists that the transaction will be finalized.
On September 15, 2020, TC PipeLines, LP (NYSE: TCP) announced the appointment of Peggy Heeg to its Board of Directors and Audit Committee. Ms. Heeg brings over 30 years of legal and corporate experience, primarily within the energy sector. Currently a partner at Reed Smith LLP, she has served in leadership roles at El Paso Corporation and has significant governance expertise. Her extensive background in risk management and regulatory matters is expected to enhance the Board’s insight. Heeg also holds degrees from the University of Louisville and is an active member of several legal associations.
TC PipeLines, LP (NYSE: TCP) announced a cash distribution of $0.65 per common unit for Q2 2020, consistent with Q1 2020. This marks the 85th consecutive quarterly distribution and is scheduled for payment on August 14, 2020 to unitholders recorded by August 3, 2020. The partnership operates eight federally regulated U.S. interstate natural gas pipelines serving various markets across the United States, managed by TC PipeLines GP, Inc., a subsidiary of TC Energy Corporation.
TC PipeLines, LP (NYSE: TCP) will announce its second quarter 2020 financial results on August 5, 2020, before the market opens. President Nathan Brown and management will hold a teleconference at 10 a.m. CDT to discuss the results and other developments. Investors can join by calling 1-800-806-5484, using pass code 4289103#. The call will also be webcast live on the company's website. A replay will be available two hours post-call until midnight EDT on August 12, 2020. TC PipeLines engages in owning interests in several natural gas pipelines across the U.S.
TC PipeLines, LP (TCP) reported a net income of $88 million and distributable cash flow of $88 million for Q1 2020. Despite challenges from the COVID-19 pandemic and a moderate winter limiting service sales, the company declared a cash distribution of $0.65 per common unit. The first quarter showed a decrease in net income attributable to controlling interests compared to 2019, primarily due to lower transmission revenues. The partnership continues to prioritize operational stability while pursuing growth opportunities in current projects.
