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Former unitholders of TC PipeLines, LP (TCP) can now access their 2021 Schedule K-3 tax information online. Following TC Energy's acquisition of TCP in March 2021, the unitholders may have tax obligations related to their ownership during the publicly traded period. The IRS Schedule K-3 requires detailed reporting of non-U.S. activities, which may apply particularly to foreign unitholders and certain corporate structures. Those needing this tax information are advised to consult with their tax advisors.
TC Energy Corporation has completed its merger with TC PipeLines, LP, making TCP an indirect, wholly owned subsidiary. Unitholders of TCP will receive 0.70 common shares of TC Energy for each unit held. This merger aims to streamline TC Energy's corporate structure and enhance its ownership of critical energy infrastructure. Effective immediately, TCP common units are no longer listed on the NYSE, while TC Energy's shares continue trading under the symbol TRP.
TC Pipelines, LP (NYSE:TCP) will be removed from the Tortoise MLP Index and Tortoise North American Pipeline Index following its merger with a subsidiary of TC Energy Corporation (NYSE:TRP). This change takes effect at the market open on March 3, 2021. TCP's removal from the Tortoise MLP Index is due to a special rebalancing triggered by the merger, while its removal from the Tortoise North American Pipeline Index does not require special rebalancing due to its current weight being below the threshold. The indices are managed by TortoiseEcofin, focusing on essential energy infrastructure.
On February 26, 2021, TC PipeLines (TCP) announced the approval of its merger with TC Energy, with approximately 70% of TCP unitholders voting in favor. This merger allows TC Energy to acquire all TCP common units, providing unitholders with 0.70 shares of TC Energy for each TCP unit. The merger is set to finalize on March 3, 2021, after all conditions and regulatory approvals were met. TCP common units will continue trading until close on March 2, when trading will cease.
TC PipeLines, LP (TCP) reported fourth quarter 2020 net income of $74 million and distributable cash flow of $76 million. For the full year, net income was $284 million with distributable cash flow at $255 million. The Partnership's performance remained stable amid the COVID-19 pandemic, with its assets deemed essential. The company progressed on capital projects and paid annual distributions totaling $2.60 per common unit. Additionally, TC Energy plans to acquire all outstanding common units of TCP, expected to close in late Q1 2021.
On February 23, 2021, Energy Income Partners (EIP), the largest non-affiliated unitholder of TC PipeLines (TCP), expressed strong objections to the proposed merger with TC Energy (TRP). EIP, owning over 10% of TCP, announced its intent to vote against the merger, citing serious concerns about the fairness of the merger terms and potential undervaluation of TCP's assets. EIP's analysis questions the adequacy of the Conflicts Committee's decision and urges the postponement of the merger vote for further review, emphasizing that TRP's offer significantly undervalues TCP's growth prospects.
TC PipeLines has reiterated its support for the proposed merger with TC Energy, offering a 20.8% premium based on the closing unit price on October 2, 2020. This merger aims to provide unitholders a more stable and diversified investment opportunity, tapping into TC Energy's increased capital access and growth potential. Regulatory challenges have hindered TC PipeLines' growth, making this merger strategically important. Both Institutional Shareholder Services and Glass Lewis recommend voting in favor. The unitholder vote is set for February 26, 2021.
Energy Income Partners (EIP) has informed TC PipeLines, LP's Board of Directors of its opposition to the proposed merger with TC Energy Corporation. EIP, the largest non-affiliated unitholder of TCP with over 10% ownership, argues that the merger consideration of 0.70 common shares of TRP per unit of TCP significantly undervalues TCP's assets and growth opportunities. EIP has maintained its position in TCP for nearly 15 years, highlighting concerns over the adequacy of the offer.
On February 19, 2021, Cushing Asset Management and Swank Capital announced a change in constituents for the Cushing MLP Market Cap Index. TC PipeLines, LP (NYSE: TCP) is set to merge with TC Energy Corporation (NYSE: TRP), leading to TCP ceasing public trades. A special unitholder meeting is scheduled for February 26, 2021, to vote on the merger. If approved, Black Stone Minerals, L.P. (NYSE: BSM) will replace TCP in the Index starting March 1, 2021. This change will not affect other constituents.
