sale of Portland Natural Gas Transmission System T.TRP - Generates pre-tax cash equity proceeds of approximately $740 million (US$545 million) net to TC Energy
- Transaction implies a valuation multiple of approximately 11.0 times 2023 comparable EBITDA1
- Progresses toward $3 billion asset divestiture and 4.75 times debt-to-EBITDA2 targets in 2024
CALGARY, Alberta, March 04, 2024 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) and its partner Northern New England Investment Company, Inc., a subsidiary of nergir L.P. (nergir), have entered into a purchase and sale agreement to sell Portland Natural Gas Transmission System (PNGTS) to BlackRock, through a fund managed by its Diversified Infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners (the Buyer), for a gross purchase price of US$1.14 billion, which includes the assumption of US$250 million of outstanding Senior Notes held at PNGTS. This transaction implies a valuation of approximately 11.0 times reported 2023 comparable EBITDA.
TC Energy announces sale of Portland Natural Gas (globenewswire.com)