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PARTNERS' EQUITY
6 Months Ended
Jun. 30, 2013
PARTNERS' EQUITY  
PARTNERS' EQUITY

NOTE 6                         PARTNERS’ EQUITY

 

On May 22, 2013, the Partnership closed a public offering of 8,855,000 common units, including 1,155,000 common units purchased pursuant to the exercise of the underwriters’ option to purchase additional common units, at a price to the public of $43.85 per common unit for gross proceeds of $388 million and net proceeds of $373 million after unit issuance costs. TC PipeLines, GP Inc. (General Partner) maintained its effective two percent general partner interest in the Partnership by contributing $8 million to the Partnership in connection with the offering.

 

At June 30, 2013, Partners’ Equity included 62,327,766 common units (December 31, 2012 - 53,472,766 common units), representing an aggregate 98 percent limited partner interest in the Partnership (including 5,797,106 common units held by the General Partner and an additional 11,287,725 common units held indirectly by TransCanada), and an aggregate two percent general partner interest. In aggregate, the General Partner’s interests represent an effective 11.1 percent ownership in the Partnership at June 30, 2013 (December 31, 2012 – 12.6 percent).