Coastal GasLink completes $7.15B bond offering, largest in corporate Canadian history
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 13/06/2024 (574 days ago), so information in it may no longer be current.
Calgary-based TC Energy Corp., the company behind the Coastal GasLink pipeline, says it has completed the largest corporate bond offering in Canadian history.
The company says it has concluded a $7.15-billion refinancing of its existing construction loan that helped pay the capital costs of building the Coastal GasLink pipeline.
That $14.4-billion, 670-kilometre project was completed last fall and was one of the largest energy infrastructure projects in recent Canadian history.
TC Energy says the refinancing was completed through a bond offering which was oversubscribed by approximately 3.6 times, a level of interest it says is “unprecedented” for the energy infrastructure industry.
The Coastal GasLink project ran into numerous construction-related hurdles and cost overruns, and TC Energy has been under pressure from investors and credit rating agencies to reduce its level of debt in the wake of the project’s completion.
But the company says restructuring construction loans with bond proceeds is a standard post-construction activity for major projects.
This report by The Canadian Press was first published June 13, 2024.
Companies in this story: (TSX:TRP)