TC PipeLines boasts ‘strong’ liquidity, ‘solid’ financial condition

By Devika Patel

Knoxville, Tenn., Nov. 6 – TC PipeLines, LP has financial flexibility with a “solid” financial condition and outlook, as well as a “strong” liquidity position, management reported.

“Our investment-grade credit ratings provide us with financial flexibility as we continue to grow,” principal financial officer Nathan Brown said on the company’s third quarter earnings conference call on Monday.

“We believe our ratings reflect our solid financial condition and outlook,” he said.

The company had $245 million of undrawn available borrowing capacity under its senior credit facility as of Nov. 1.

“We have a strong liquidity position,” Brown said.

EBITDA in the third quarter was $103 million, relatively the same as in the third quarter of 2016.

The company’s distributable cash flow was $65 million for the third quarter, a $4 million decrease from the third quarter of 2016.

TC PipeLines owns and operates natural gas pipelines. The Houston-based partnership is managed by general partner TC PipeLines GP, Inc., a subsidiary of TransCanada Corp.

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