Fourth Quarter 2014 Conference Call February 25, 2015
TC PipeLines, LP Fourth Quarter 2014 Conference Call Steve Becker, President Stuart Kampel, VP and General Manager Nathan Brown, Controller and Principal Financial Officer Rhonda Amundson, Manager Investor Relations 2
Fourth Quarter 2014 Highlights Partnership cash flows of 57 million Net income attributable to controlling interests of 47 million Cash distributions paid of 54 million Declared cash distribution of 0.84 per common unit 63rd…
GTN Acquisition On February 25, 2015, announced the acquisition of the remaining 30 percent interest in GTN for 446 million Multiple of 10.4 times 2014 EBITDA of 43 million Comparable to previous transactions Equity…
GTN Acquisition Overview Transaction Structure TransCanada The Partnership has Cash and agreed to acquire the Class B Units remaining 30% interest TCP in GTN from 30% 70% (current) (current) TransCanada GTN 30% GTN…
GTN Acquisition Overview (contd) Pro Forma Cash Flows TCP Common LP & GP TransCanada Class B unit LP / GP Class B distributions linked Distributions Distributions TCP to GTN performance 100% Distributions GTN…
Class B Units TransCanadas equity participation Represent permanent equity capital of TC PipeLines Benefits: Issuance of Class B units decreases TCPs upfront cash requirement Reduces the need for TCP common equity issuance…
TCP Investment Portfolio Post GTN Closing Mid-West Pipelines Northern Border (50% interest) Great Lakes (46.45% interest) Bison (100% interest) West Coast Pipelines GTN (100% interest) Tuscarora (100% interest) North Baja (100%…
Partnership and Market Update Solid performance from our portfolio of assets Reflects our highly contracted status Asset update Great Lakes continued success with short-term contracting Northern Border substantially contracted…
Fourth Quarter 2014 Financial Results (unaudited, millions of dollars except per common unit amounts) Three months ended Dec 31 2014 2013 Partnership cash flows(a) 57 53 Cash distribution paid (54) (52) Cash distributions…
Fourth Quarter 2014 Financial Results (unaudited, millions of dollars) Three months ended Dec 31 2014 2013 Transmission revenues 87 88 Equity earnings from unconsolidated affiliates 22 19 Operating, maintenance and…
Strong Financial Position Liquidity under Senior Credit Facility (500 million) 170 million of available borrowing capacity as at December 31, 2014 Average interest rate was 1.41% in Q4 2014 Solid Capital Structure…
TC PipeLines Growth Strategy Dropdowns from TransCanada TransCanada has committed to drop down all of its U.S. natural gas pipeline assets into TCP over time as its capital program progresses Dropdown of remaining 30 percent of…
TCP Key Takeaways Asset Portfolio Six FERC-regulated, natural gas pipelines Long-term, ship-or-pay contracts Investment grade counterparties TransCanada Relationship Owns general partner and holds a 28% interest in TCP Large…
Fourth Quarter 2014 Conference Call February 25, 2015
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