SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 13SUBSEQUENT EVENTS Management of the Partnership has reviewed subsequent events through May 8, 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 April 1, 2015, the Partnership acquired the remaining 30 percent interest in GTN from a subsidiary of TransCanada for $446 million plus purchase price adjustments of $10 million. The purchase price consisted of $263 million in cash (including preliminary purchase price adjustments of $10 million), the assumption of $98 million in proportional GTN debt and the issuance of $95 million of new Class B units to TransCanada. The Partnership funded the cash portion of the transaction using a portion of the proceeds received on our March 13, 2015 debt offering. 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 2015 GTN Acquisition, which resulted in GTN being wholly-owned by the Partnership, will continue to be accounted for as a transaction between entities under common control, similar to pooling of interests, whereby the acquired interest will be recorded at TransCanada’s carrying value and the total excess purchase price paid will be recorded as a reduction in Partners’ Equity. On April 23, 2015, the board of directors of our General Partner declared the Partnership’s first quarter 2015 cash distribution in the amount of $0.84 per common unit payable on May 15, 2015 to unitholders of record as of May 5, 2015. GTN declared its first quarter 2015 distribution of $37 million on April 21, 2015. The Partnership will receive its 100 percent share on May 1, 2015. Northern Border declared its first quarter 2015 distribution of $52 million on April 21, 2015, of which the Partnership will receive its 50 percent share or $26 million on May 1, 2015. Great Lakes declared its first quarter 2015 distribution of $30 million on April 21, 2015, of which the Partnership will receive its 46.45 percent share or $14 million on May 1, 2015. On April 23, 2015, GTN filed a rate settlement with FERC to satisfy GTN’s obligations from its 2011 rate settlement for new rates to be in effect on January 1, 2016. The 2015 settlement, if approved, will reduce rates on the mainline by 3 percent on July 1, 2015. In January, 2016, GTN’s rates will decrease a further 10 percent through December 31, 2019. Unless superseded by a subsequent rate case or settlement, GTN’s rates will decrease an additional 8 percent for the period January 1, 2020 through December 31, 2021 when GTN will be required to establish new rates. We expect that GTN’s near term results will not be materially affected due to increased contracting and other revenue opportunities on the system.

NOTE 13SUBSEQUENT EVENTS

Management of the Partnership has reviewed subsequent events through May 8, 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 April 1, 2015, the Partnership acquired the remaining 30 percent interest in GTN from a subsidiary of TransCanada for $446 million plus purchase price adjustments of $10 million. The purchase price consisted of $263 million in cash (including preliminary purchase price adjustments of $10 million), the assumption of $98 million in proportional GTN debt and the issuance of $95 million of new Class B units to TransCanada.

The Partnership funded the cash portion of the transaction using a portion of the proceeds received on our March 13, 2015 debt offering. 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 2015 GTN Acquisition, which resulted in GTN being wholly-owned by the Partnership, will continue to be accounted for as a transaction between entities under common control, similar to pooling of interests, whereby the acquired interest will be recorded at TransCanada’s carrying value and the total excess purchase price paid will be recorded as a reduction in Partners’ Equity.

On April 23, 2015, the board of directors of our General Partner declared the Partnership’s first quarter 2015 cash distribution in the amount of $0.84 per common unit payable on May 15, 2015 to unitholders of record as of May 5, 2015.

GTN declared its first quarter 2015 distribution of $37 million on April 21, 2015. The Partnership will receive its 100 percent share on May 1, 2015.

Northern Border declared its first quarter 2015 distribution of $52 million on April 21, 2015, of which the Partnership will receive its 50 percent share or $26 million on May 1, 2015.

Great Lakes declared its first quarter 2015 distribution of $30 million on April 21, 2015, of which the Partnership will receive its 46.45 percent share or $14 million on May 1, 2015.

On April 23, 2015, GTN filed a rate settlement with FERC to satisfy GTN’s obligations from its 2011 rate settlement for new rates to be in effect on January 1, 2016. The 2015 settlement, if approved, will reduce rates on the mainline by 3 percent on July 1, 2015. In January, 2016, GTN’s rates will decrease a further 10 percent through December 31, 2019. Unless superseded by a subsequent rate case or settlement, GTN’s rates will decrease an additional 8 percent for the period January 1, 2020 through December 31, 2021 when GTN will be required to establish new rates. We expect that GTN’s near term results will not be materially affected due to increased contracting and other revenue opportunities on the system.