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Cushing Asset Management and Swank Capital have announced an interim change to The Cushing 30 MLP Index. Following a merger agreement between TC PipeLines (TCP) and TC Energy Corporation (TRP), TCP common units will cease public trading, pending unitholder approval on February 26, 2021. Effective March 1, 2021, EnLink Midstream (ENLC) will replace TCP in the Index at TCP's current weight. The Index tracks 30 midstream energy infrastructure companies and is calculated by S&P Dow Jones Indices.
TC PipeLines, LP (NYSE: TCP) is set to release its 2020 fourth quarter and year-end financial results on February 24, 2021, pre-market. The Partnership will forego a conference call due to its proposed merger with TC Energy. Investors can access the Annual Report on Form 10-K for the year ended December 31, 2020 on their website. TC PipeLines, LP operates eight federally regulated U.S. interstate natural gas pipelines across various regions.
On January 26, 2021, TC PipeLines announced a special meeting for common unitholders on February 26, 2021, to vote on a proposed merger with TC Energy Corporation. The record date for voting is January 15, 2021, and the meeting will be conducted virtually due to the COVID-19 pandemic. Approval requires a majority vote from unitholders. If approved, TC PipeLines will become an indirect wholly owned subsidiary of TC Energy, ceasing to be publicly held. A definitive proxy statement has been filed with the SEC, and mailing is expected to commence on January 28, 2021.
TC PipeLines, LP (NYSE: TCP) has declared a fourth quarter 2020 cash distribution of $0.65 per common unit, consistent with the previous three quarters. This marks the 87th consecutive quarterly distribution and will be payable on February 12, 2021, to unitholders of record as of January 29, 2021.
TC PipeLines, LP, a Delaware master limited partnership, operates eight federally regulated U.S. interstate natural gas pipelines, serving various U.S. markets.
TC PipeLines, LP (TCP) has announced a merger agreement with TC Energy Corporation (TRP) to acquire all outstanding TCP common units not owned by TC Energy or its affiliates. TCP unitholders will receive 0.70 common shares of TC Energy for each publicly-held TCP unit, representing a 19.5% premium based on prior market prices. The transaction values TCP's publicly-held units at approximately $1.68 billion. Approval from a majority of TCP unitholders and regulatory bodies is required for completion, expected in early 2021. Post-merger, TCP will cease to be publicly-held.
KORR Acquisitions Group has sent a letter to the Board of Directors of TC Pipelines, LP (TCP) demanding a fair purchase price exceeding $40 per unit in relation to the proposed acquisition by TC Energy Corporation (TRP). KORR, a significant unit holder, is advocating for what it deems a more equitable valuation for shareholders. The full letter detailing KORR's position is publicly accessible. KORR focuses on investing in undervalued companies and seeks to enhance shareholder value.
TC PipeLines, LP reported third-quarter 2020 net income attributable to controlling interests of $65 million and distributable cash flow of $36 million. This was a 16% year-over-year increase in income, driven by new projects, despite notable declines in cash flow due to increased maintenance expenses. The Partnership declared a cash distribution of $0.65 per common unit and received a Creditwatch Positive outlook from S&P related to TC Energy's offer to acquire all outstanding common units. Ongoing projects are expected to enhance future profitability.
TC PipeLines, LP (NYSE: TCP) announced its third quarter 2020 cash distribution of $0.65 per common unit, consistent with the first two quarters of the year. This marks the 86th consecutive quarterly distribution and is scheduled for payment on November 13, 2020, to unitholders of record as of the close of business on November 2, 2020.
Managed by TC PipeLines GP, Inc., a subsidiary of TC Energy Corporation, TC PipeLines, LP holds interests in eight federally regulated interstate natural gas pipelines across the U.S.
TC PipeLines, LP (NYSE: TCP) will announce its third-quarter 2020 financial results on November 10, 2020, before the market opens. President Nathan Brown, along with management, will discuss the results during a teleconference at 9 a.m. CST. Participants can join by calling 1-800-319-4610 or through a live webcast on TCP's website. A replay will be available shortly after the call and until November 17, 2020. TC PipeLines, LP operates eight federally regulated U.S. interstate natural gas pipelines, serving various U.S. markets.
