Tc Energy Corporation (TSE:TRP) has released an update.
TC Energy Corporation has struck a deal to sell the Portland Natural Gas Transmission System to a consortium led by BlackRock and Morgan Stanley Infrastructure Partners for US$1.14 billion, which is expected to close in mid-2024. The sale is part of TC Energy’s strategic plan to strengthen its balance sheet by divesting $3 billion in assets and reducing its debt-to-EBITDA ratio to 4.75 times by the end of 2024. This move will enable the company to focus on maximizing asset value, delivering its capital program, and enhancing financial flexibility without altering its financial guidance through 2026.
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