SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2014
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22 SUBSEQUENT EVENTS Management of the Partnership has reviewed subsequent events through February 27, 2015, the date the financial statements were issued, and concluded there were no events or transactions during this period that would require recognition or disclosure in the consolidated financial statements other than what is disclosed here and/or those already disclosed in the preceding notes. On January 22, 2015, the board of directors of our General Partner declared the Partnership's fourth quarter 2014 cash distribution in the amount of $0.84 per common unit. The fourth quarter cash distribution, which was paid on February 13, 2015 to unitholders of record as of February 3, 2015, totaled $55 million and was paid in the following manner: $54 million to common unitholders (including $5 million to the General Partner as holder of 5,797,106 common units and $9 million to another subsidiary of TransCanada as holder of 11,287,725 common units) and $1 million to the General Partner in respect of its effective two percent general partner interest, which included IDRs of nil million. GTN declared its fourth quarter 2014 distribution of $31 million on January 8, 2015, of which the Partnership received its 70 percent share or $21 million. The distribution was paid on February 2, 2015. Northern Border declared its fourth quarter 2014 distribution of $43 million on January 12, 2015, of which the Partnership received its 50 percent share or $21 million. The distribution was paid on February 2, 2015. Great Lakes declared its fourth quarter 2014 distribution of $17 million on January 8, 2015, of which the Partnership received its 46.45 percent share or $8 million. The distribution was paid on February 2, 2015. On February 24, 2015, the Partnership entered into an agreement to acquire the remaining 30 percent interest in GTN from TransCanada for $446 million comprised of $253 million in cash, the assumption of $98 million in proportional GTN debt and the issuance of $95 million of new Class B units to TransCanada. The Partnership plans to fund the cash portion of the transaction through a combination of debt and common equity. The Class B units will be entitled to distribution based on 30 percent of GTN's annual distributions as follows: i) for the first five years, 100 percent of distributions above $20 million; and ii) for subsequent years, 25 percent of distributions above $20 million. The transaction is expected to close on April 1, 2015. The transaction was approved by the Board of Directors of the General Partner, based on approval and recommendation from the Board's conflicts committee which is comprised entirely of independent directors.

NOTE 22 SUBSEQUENT EVENTS

Management of the Partnership has reviewed subsequent events through February 27, 2015, the date the financial statements were issued, and concluded there were no events or transactions during this period that would require recognition or disclosure in the consolidated financial statements other than what is disclosed here and/or those already disclosed in the preceding notes.

On January 22, 2015, the board of directors of our General Partner declared the Partnership's fourth quarter 2014 cash distribution in the amount of $0.84 per common unit. The fourth quarter cash distribution, which was paid on February 13, 2015 to unitholders of record as of February 3, 2015, totaled $55 million and was paid in the following manner: $54 million to common unitholders (including $5 million to the General Partner as holder of 5,797,106 common units and $9 million to another subsidiary of TransCanada as holder of 11,287,725 common units) and $1 million to the General Partner in respect of its effective two percent general partner interest, which included IDRs of nil million.

GTN declared its fourth quarter 2014 distribution of $31 million on January 8, 2015, of which the Partnership received its 70 percent share or $21 million. The distribution was paid on February 2, 2015.

Northern Border declared its fourth quarter 2014 distribution of $43 million on January 12, 2015, of which the Partnership received its 50 percent share or $21 million. The distribution was paid on February 2, 2015.

Great Lakes declared its fourth quarter 2014 distribution of $17 million on January 8, 2015, of which the Partnership received its 46.45 percent share or $8 million. The distribution was paid on February 2, 2015.

On February 24, 2015, the Partnership entered into an agreement to acquire the remaining 30 percent interest in GTN from TransCanada for $446 million comprised of $253 million in cash, the assumption of $98 million in proportional GTN debt and the issuance of $95 million of new Class B units to TransCanada. The Partnership plans to fund the cash portion of the transaction through a combination of debt and common equity. The Class B units will be entitled to distribution based on 30 percent of GTN's annual distributions as follows: i) for the first five years, 100 percent of distributions above $20 million; and ii) for subsequent years, 25 percent of distributions above $20 million. The transaction is expected to close on April 1, 2015.

The transaction was approved by the Board of Directors of the General Partner, based on approval and recommendation from the Board's conflicts committee which is comprised entirely of independent directors.