TC Energy Corporation and its partner Northern New England Investment Company, a subsidiary of Énergir L.P have announced the successful completion of the sale of Portland Natural Gas Transmission System (PNGTS). The gross purchase price of US$1.14 billion (€1 billion) includes $250 million (€227 million) of outstanding Senior Notes held at PNGTS and consolidated on TC Energy’s balance sheet, assumed by the buyers.
François Poirier, TC Energy’s president and chief executive officer says: ‘Completing this transaction demonstrates continued progress towards delivering on $3 billion (€2.7 billion) in asset divestitures and enhancing our balance sheet strength. We remain focused on reaching our 4.75 times debt-to-EBITDA upper limit by year-end, and today’s announcement takes us one step closer to achieving this goal.’
