TC Energy announced that it has successfully completed the sale of a 40% non-controlling equity interest in its Columbia Gas Transmission, and Columbia Gulf Transmission, systems to Global Infrastructure Partners GIP for total cash proceeds of $5.3 B or $3.9B..”This sizable transaction is a tangible example of our team’s focus on achieving one of our key 2023 strategic priorities of significantly advancing our deleveraging goals, ahead of our year-end target,” said Francois Poirier, TC Energy’s President and Chief Executive Officer. “GIP is a strong and reputable strategic and financial partner that will help unlock incremental value on our Columbia gas systems.” Delivering $5+ billion of cash proceeds in a single transaction is expected to reduce TC Energy’s year-end 2023 debt-to-EBITDAi leverage metric by over 0.4 times, a major step toward reaching its 2024 year-end objective of 4.75 times debt-to-EBITDA…Columbia Pipeline Group, contributed all of its equity interests in its wholly-owned subsidiaries.
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