Canada's Indigenous Groups to Borrow $722 Million for TC Energy Pipeline Stake
(Reuters) — A consortium of Canada's Indigenous communities is preparing a C$1 billion ($721.66 million) bond offering to fund the purchase of a minority stake in TC Energy's natural gas pipeline system, Bloomberg News reported on Thursday, citing people familiar with the matter.
The bond deal may come to the market in the next several weeks, the report added.
Earlier this week, the pipeline operator said it has entered an agreement which will enable an Indigenous-owned investment partnership to purchase a 5.34% stake in the NGTL system and Foothills assets in western Canada.
The deal is backed by the Alberta Indigenous Opportunities Corporation, a provincial crown corporation, and was negotiated by a consortium committee representing 72 communities closest to the pipeline system in Alberta, British Columbia and Saskatchewan.
The transaction is expected to close in the third quarter.
($1 = 1.3857 Canadian dollars)
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- TC Energy Approves $900 Million Northwoods Pipeline Expansion for U.S. Midwest
- New Alternatives for Noise Reduction in Gas Pipelines
- EIG’s MidOcean Energy Acquires 20% Stake in Peru LNG, Including 254-Mile Pipeline
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
Comments