SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 14                      SUBSEQUENT EVENTS

On July 13, 2011, the Partnership closed an amendment to its Senior Credit Facility increasing the revolving credit facility to $500.0 million with a LIBOR-based interest rate plus a margin, and extending the maturity date of the senior revolving credit facility to July 2016. The Partnership’s $300.0 million senior term loan continues to mature in December 2011.

On July 19, 2011, the board of directors of our General Partner declared the Partnership’s second quarter 2011 cash distribution in the amount of $0.77 per common unit, payable on August 12, 2011 to unitholders of record as of July 31, 2011.

On July 27, 2011, the Partnership made an equity contribution to Northern Border of $49.8 million. This amount represents the Partnership’s 50.0 percent share of a $99.6 million cash call from Northern Border in order for them to meet minimum equity to total capitalization requirements.

Great Lakes declared and paid its second quarter distribution of $39.1 million on August 1, 2011, of which the Partnership received its 46.45 percent share or $18.2 million.

Northern Border declared and paid its second quarter distribution of $41.6 million on August 1, 2011, of which the Partnership received its 50 percent share or $20.8 million.