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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14279)12/15/1998 3:08:00 PM
From: Kerm Yerman  Read Replies (13) of 15196
 
IN THE NEWS / TransCanada To Spin Off Stake In U.S. Pipeline

By CAROL HOWES
The Financial Post

TransCanada PipeLines Ltd. is preparing to spin off most of its interest in the Northern Border pipeline to the public.

TCPL has a 30% interest in the U.S. pipeline and is expected to transfer that stake into a limited partnership, putting 21% into a public offering early next year.

The move will net TCPL an after-tax gain of about $60 million, said one analyst.

The Calgary-based company is also expected to eventually spin off some of its other assets into the partnership, primarily its 50% interest in the Tuscarora pipeline, which connects with PG&E Gas Corp.'s pipeline system. That system transports gas from Oregon to California and Nevada.

The limited partnership will provide TCPL with a vehicle to access U.S. markets and free up some capital in order to avoid an equity issue in 1999, analysts said yesterday.

"It is a vehicle they intend to grow," said one analyst, who asked not to be named.

Northern Border is a 1,560-kilometre line that runs from the Saskatchewan-Montana border to Chicago. This week it will turn on a $839-million (US) expansion that will increase capacity by 700 million cubic feet per day to 2.4 billion cubic feet per day.
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