TC PipeLines, LP

TC PipeLines, LP

March 17, 2005 18:09 ET

TC PipeLines, LP Announces Pricing of Secondary Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TC PIPELINES, LP

NASDAQ SYMBOL: TCLP

MARCH 17, 2005 - 18:09 ET

TC PipeLines, LP Announces Pricing of Secondary
Offering

CALGARY, ALBERTA--(CCNMatthews - March 17, 2005) - TC PipeLines, LP
(NASDAQ:TCLP) (the Partnership) today announced the pricing of the
previously announced offering of 3,500,000 common units owned by its
general partner and an affiliate, both indirect subsidiaries of
TransCanada Corporation (TransCanada). TransCanada has priced the
3,500,000 common units at $37.04 US per unit based on the closing price
of the units on the Nasdaq National Market on March 17, 2005 resulting
in net proceeds to TransCanada of approximately $124 million US. The
Partnership will not receive any proceeds from the sale of the common
units offered.

The underwriters have the option to purchase up to 525,000 additional
units on the same terms and conditions to the extent more than 3,500,000
common units are sold in the offering.

The offering is being made under the Partnership's existing shelf
registration statement. After the offering, subsidiaries of TransCanada
will continue to own the Partnership's general partner interest as well
as approximately 12 per cent of the Partnership's limited partner
interest, assuming the underwriters' option to purchase additional units
is not exercised.

The offering is being led by Citigroup Global Markets Inc. and Lehman
Brothers Inc. and is expected to close March 23, 2005. In addition, UBS
Securities LLC, Goldman, Sachs & Co. and A.G. Edwards Inc. are
co-managing underwriters.

A copy of the final prospectus supplement and related base prospectus
for this offering can be obtained from Lehman Brothers Inc., c/o ADP
Financial Services, Integrated Distribution Services, 1155 Long Island
Avenue, Edgewood, NY 11717, email: monica_castillo@adp.com, or from
Citigroup Global Markets Inc., 140 58th Street, Brooklyn, NY 11220. Any
direct requests to Citigroup should be made to the Prospectus Dept by
telephone 718-765-6732 or by fax at 718-765-6734.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy the limited partnership interests described herein,
nor shall there be any sale of these limited partnership interests in
any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made only
by means of a prospectus and related prospectus supplement.

TC PipeLines, LP is a publicly held limited partnership. It owns a 30
per cent interest in Northern Border Pipeline Company, a Texas general
partnership, and a 49 per cent interest in Tuscarora Gas Transmission
Company, a Nevada general partnership. Northern Border Pipeline, which
is owned 70 per cent by Northern Border Partners, L.P., a publicly
traded master limited partnership controlled by affiliates of ONEOK,
Inc., owns a 1,249-mile United States interstate pipeline system that
transports natural gas from the Montana-Saskatchewan border to markets
in the midwestern United States. Tuscarora owns a 240-mile interstate
pipeline system that transports natural gas to Nevada from Oregon, where
it interconnects to TransCanada's GTN System. TC PipeLines, LP is
managed by its general partner, TC PipeLines GP, Inc., a wholly owned
subsidiary of TransCanada PipeLines Limited. Subsidiaries of TransCanada
also hold common units of the Partnership. Common units of TC PipeLines,
LP are quoted on the Nasdaq Stock Market and trade under the symbol
"TCLP." For more information about TC PipeLines, LP, visit the
Partnership's website at www.tcpipelineslp.com.

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