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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2016
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

 

NOTE 18SUBSEQUENT EVENTS

 

Management of the Partnership has reviewed subsequent events through May 5, 2016, 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 21, 2016, the board of directors of our General Partner declared the Partnership’s first quarter 2016 cash distribution in the amount of $0.89 per common unit payable on May 13, 2016 to unitholders of record as of May 2, 2016.

 

Northern Border declared its first quarter 2016 distribution of $45 million on April 19, 2016, of which the Partnership will receive its 50 percent share or $23 million on May 2, 2016.

 

Great Lakes declared its first quarter 2016 distribution of $36 million on April 19, 2016, of which the Partnership will receive its 46.45 percent share or $17 million on May 2, 2016.

 

On April 29, 2016, Tuscarora entered into a $9.5 million unsecured variable rate term loan facility which requires yearly principal payments until its maturity on April 29, 2019. The variable interest is based on LIBOR plus an applicable margin.