TC Energy’s new spinoff South Bow Corp. closed its notes offering that opened in June. (Source: Shutterstock)
Canada-based TC Energy’s (TRP) new spinoff company South Bow Corp. closed a CA$7.9 billion (US$5.8 billion) notes offering Aug. 28 to fund the spinoff transaction, TC announced.
“Establishing the independent, investment-grade debt capital structure was met with strong market interest and is one of the final milestones required to consummate the spinoff transaction,” the company said in a press release.
South Bow will be taking over Keystone, one of the largest crude pipelines in North America that can ship up to 622,000 bbl/d from Canada into the U.S.
The deal is expected to close in October and will shift billions in debt from TC Energy to the new South Bow Corp.
The notes, issued in Canadian and U.S. dollars, were issued by South Bow Canadian Infrastructure Holdings Ltd. and 6297782 LLC, which will become wholly-owned subsidiaries of South Bow once the spinoff is completed.
The notes offering was announced June 4 after shareholders approved the move, following a two-year strategic review conducted by TC Energy.
Recommended Reading
Morgan Stanley Backs Data Center Builder as AI Fervor Grows
2024-10-21 - Morgan Stanley Infrastructure Partners (MSIP) is backing data center developer Flexential as demand for AI and high-performance computing grows.
Adionics Unveils Lithium Extraction Technology For Recycled Batteries
2024-09-09 - The Paris-based company said its liquid-liquid process achieved lithium recoveries of up to 98% across a range of brine concentrations.
TGS Releases Illinois Basin Carbon Storage Assessment
2024-09-03 - TGS’ assessment is intended to help energy companies and environmental stakeholders make informed, data-driven decisions for carbon storage projects.
BP to Use Palantir Software to Improve AI in Operations
2024-09-09 - BP and Palantir have agreed to a five-year strategic relationship in which Palantir’s AIP software will use large language models to improve BP operations.
ZEMA Global to Acquire Morningstar’s Commodity Data Business
2024-09-23 - ZEMA Global Data Corp. is acquiring Morningstar Commodity Data to meet demand for data and analytics prompted by the global energy transition.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.