HOUSTON, TEXAS--(Marketwire - Jan. 18, 2013) - TC PipeLines, LP (NYSE:TCP) (the Partnership) today announced the board of directors of TC PipeLines GP, Inc., its general partner, declared the Partnership's fourth quarter 2012 cash distribution of $0.78 per common unit. The distribution is unchanged from the third quarter 2012 distribution and represents a 1.3 percent increase from the $0.77 per common unit paid in fourth quarter 2011.
This cash distribution is the 55th consecutive quarterly distribution paid by the Partnership and is payable on February 14, 2013 to unitholders of record at the close of business on January 29, 2013.
TC PipeLines, LP is a Delaware master limited partnership with interests in 5,560 miles of federally regulated U.S. interstate natural gas pipelines which serve markets across the United States and Eastern Canada. This includes significant interests in Great Lakes Gas Transmission Limited Partnership and Northern Border Pipeline Company as well as 25 percent ownership interest in each of Gas Transmission Northwest LLC, and Bison Pipeline LLC. The Partnership also wholly owns North Baja Pipeline, LLC and Tuscarora Gas Transmission Company. The Partnership is managed by its general partner, TC PipeLines GP, Inc., an indirect wholly-owned subsidiary of the Partnership's sponsor, TransCanada Corporation (NYSE:TRP). TC PipeLines GP, Inc. also holds common units of TC PipeLines, LP. For more information about TC PipeLines, LP, visit the Partnership's website at www.tcpipelineslp.com.
This release contains certain "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning the timing of cash distributions and other events or developments that the Partnership expects or believes will or may occur in the future. These forward-looking statements are subject to a number of risks, uncertainties and other factors that are difficult to predict and beyond the Partnership's control. Factors that could cause future results to differ materially from those anticipated are discussed in the Partnership's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
This release serves as qualified notice to nominees under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of TC PipeLines, LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees are treated as the withholding agents responsible for withholding distributions received by them on behalf of foreign investors.