TC PipeLines, LP Announces Acquisition Of Remaining Interest in Bison Pipeline

TC PipeLines, LP

(the Partnership) today will acquire the remaining 30 percent interest in Bison Pipeline LLC (Bison) from TransCanada Corporation

(TransCanada) for $215 million. The acquisition is expected to be immediately accretive to Partnership cash flows and earnings. "This transaction marks another in a series of expected dropdowns by TransCanada in order to assist in funding its large capital program," said Steve Becker, President of TC PipeLines GP, Inc., the Partnership's general partner. "The acquisition underscores our commitment to provide stability and long-term value to our unitholders and continues our strategy of owning long-lived infrastructure assets underpinned by long-term contracts." The Bison pipeline transports Rocky Mountain natural gas to Midwest markets through a connection with the Partnership's Northern Border pipeline system. The pipeline is supported by long-term ship-or-pay contracts that extend through 2020. The acquisition will improve the Partnership's long-term cash flow stability and predictability by increasing the percentage of total cash flows derived from long-term ship-or-pay contracts. The Partnership funded the acquisition from debt and from equity proceeds through its At-The-Market program. The transaction was approved by the Board of Directors of the general partner, based on approval and recommendation from the Board's conflicts committee which is comprised entirely of independent directors. The conflicts committee engaged Deutsche Bank to act as its financial advisor, Orrick, Herrington & Sutcliffe LLP as its legal counsel and Wood Mackenzie as its natural gas market outlook advisor. TC PipeLines, LP is a Delaware master limited partnership with interests in six federally regulated U.S. interstate natural gas pipelines which serve markets in Western and Midwestern United States. The Partnership is managed by its general partner, TC PipeLines GP, Inc., a subsidiary of TransCanada Corporation

. For more information about TC PipeLines, LP, visit the Partnership's website at www.TCPipeLinesLP.com.