TC Energy, Energir to Sell Portland Natural Gas Transmission System to BlackRock

By Robb M. Stewart

TC Energy expects to raise roughly $545 million with the sale of East Coast natural gas transporter Portland Natural Gas Transmission System to BlackRock as the Canadian pipeline operator works to bolster its balance sheet.

The Calgary, Alberta, company said it and partner Energir have agreed to sell Portland Natural Gas to BlackRock for a gross purchase price of $1.14 billion, including the assumption of $250 million of outstanding senior notes that are held at the gas transporter and consolidated on TC Energy's balance sheet.

The exit from Portland Natural Gas, which is 61.7% owned by TC Energy and the remainder by Quebec-based energy firm Energir, moves TC Energy forward in its goal of delivering about 3 billion Canadian dollars ($2.2 billion) in asset sales this year to strengthen its balance sheet.

Portland Natural Gas is a 295-mile regulated transporter of gas serving the upper New England and Atlantic Canada markets.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 04, 2024 07:23 ET (12:23 GMT)

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