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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2019
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 17     SUBSEQUENT EVENTS

Management of the Partnership has reviewed subsequent events through August 1, 2019, the date the consolidated 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 July 23, 2019, the board of directors of the General Partner declared the Partnership’s second quarter 2019 cash distribution in the amount of $0.65 per common unit payable on August 14, 2019 to unitholders of record as of August 2, 2019. The declared distribution totaled $47 million and is payable in the following manner: $46 million to common unitholders (including $4 million to the General Partner as a holder of 5,797,106 common units and $7 million to another subsidiary of TC Energy as holder of 11,287,725 common units) and $1 million to the General Partner for its two percent general partner interest. The General Partner did not receive any distributions in respect of its IDRs for the second quarter of 2019.

Northern Border declared its June 2019 distribution of $15 million on July 8, 2019, of which the Partnership received its 50 percent share or $7 million on July 31, 2019.

Great Lakes declared its second quarter 2019 distribution of $20 million on July 16, 2019, of which the Partnership received its 46.45 percent share or $9 million on August 1, 2019.

Iroquois declared its second quarter 2019 distribution of $28 million on July 24, 2019, of which the Partnership received its 49.34 percent share or $14 million on August 1, 2019. The $14 million includes our proportionate share of Iroquois’ unrestricted cash amounting to $2.6 million (Refer to Note 5).

PNGTS declared its second quarter 2019 distribution of $7 million on July 12, 2019, of which $3 million was paid to its non-controlling interest owner on August 1, 2019.