TRP - TC Energy On The Move: Asset Sale Paves Way For Debt Reduction | Benzinga
TC Energy Corp (NYSE:TRP) and its partner Northern New England Investment Company, Inc. (a subsidiary of Énergir L.P.) disclosed the sale of its Portland Natural Gas Transmission System (PNGTS) for a gross purchase price of $1.14 billion.
Notably, the companies penned a purchase and sale agreement with BlackRock through a fund managed by its Diversified Infrastructure business and investment funds managed by Morgan Stanley Infrastructure Partners.
The selling price comprises the assumption of $250 million of outstanding Senior Notes held at PNGTS, and the transaction implies a valuation of approximately 11.0x reported 2023 comparable EBITDA.
PNGTS is a 475-kilometer ...