SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2014

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 11      SUBSEQUENT EVENTS

On April 25, 2014, the board of directors of our General Partner declared the Partnership’s first quarter 2014 cash distribution in the amount of $0.81 per common unit payable on May 15, 2014 to unitholders of record as of May 5, 2014.

GTN declared its first quarter 2014 distribution of $36 million on April 7, 2014, of which the Partnership will receive its 70 percent share or $25 million on May 1, 2014.

Northern Border declared its first quarter 2014 distribution of $52 million on April 16, 2014, of which the Partnership will receive its 50 percent share or $26 million on May 1, 2014.

Bison declared its first quarter 2014 distribution of $16 million on April 7, 2014, of which the Partnership will receive its 70 percent share or $11 million on May 1, 2014.

Great Lakes declared its first quarter 2014 distribution of $29 million on April 7, 2014, of which the Partnership will receive its 46.45 percent share or $13 million on May 1, 2014.

On April 11, 2014, the Partnership made a $25 million payment to a subsidiary of TransCanada in accordance with the 2013 Acquisition with respect to the Carty Lateral. It was financed by cash on hand and a draw on the Senior Credit Facility (refer to note 8).