TC PipeLines, LP

TC PipeLines, LP

March 15, 2005 16:01 ET

TC PipeLines, LP Announces Secondary Offering of Common Units


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TC PIPELINES, LP

NASDAQ SYMBOL: TCLP

MARCH 15, 2005 - 16:01 ET

TC PipeLines, LP Announces Secondary Offering of
Common Units

CALGARY, ALBERTA--(CCNMatthews - March 15, 2005) - TC PipeLines, LP
(Nasdaq:TCLP) (the Partnership) today announced the commencement of an
offering of 3,500,000 common units owned by its general partner and an
affiliate, both indirect subsidiaries of TransCanada Corporation
(TransCanada). 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 Partnership will not offer any common units in the offering nor
receive any proceeds from the sale of the common units offered.

The offering will be made under the Partnership's existing shelf
registration statement and is expected to price later this week. 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 common units, assuming the underwriters'
option to purchase additional units is not exercised.

Citigroup Global Markets Inc. and Lehman Brothers Inc. are acting as
joint book-running managers of the offering. The remainder of the
underwriting group is comprised of Goldman, Sachs & Co., UBS Securities
LLC and A.G. Edwards & Sons, Inc.

A copy of the preliminary 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,
Attention: Prospectus Dept.

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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