SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Management of the Partnership has reviewed subsequent events through May 6, 2020, 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 April 21, 2020, the board of directors of the General Partner declared the Partnership’s first quarter 2020 cash distribution in the amount of $0.65 per common unit payable on May 12, 2020 to unitholders of record as of May 1, 2020. 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 first quarter of 2020.

Northern Border declared its March 2020 distribution of $16 million on April 7, 2020, of which the Partnership received its 50 percent share or $8 million on April 30, 2020.

Great Lakes declared its first quarter 2020 distribution of $46 million on April 15, 2020, of which the Partnership received its 46.45 percent share or $21 million on April 30, 2020.

Iroquois declared its first quarter 2020 distribution of $21 million on May 1, 2020, of which the Partnership will receive its 49.34 percent share or $11 million on June 29, 2020.

PNGTS declared its first quarter 2020 distribution of $16 million on April 7, 2020, of which $6 million was paid to its non-controlling interest owner on April 30, 2020.