SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22 SUBSEQUENT EVENTS Management of the Partnership has reviewed subsequent events through February 26, 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 January 21, 2016, the board of directors of our General Partner declared the Partnership's fourth quarter 2015 cash distribution in the amount of $0.89 per common unit. The fourth quarter cash distribution, which was paid on February 12, 2016 to unitholders of record as of February 2, 2016, totaled $59 million and was paid in the following manner: $57 million to common unitholders (including $5 million to the General Partner as holder of 5,797,106 common units and $10 million to another subsidiary of TransCanada as holder of 11,287,725 common units) and $2 million to the General Partner in respect of its effective two percent general partner interest, which included IDRs of $1 million. On January 21, 2016, the board of directors of our General Partner declared distributions to Class B unitholders in the amount of $12 million and was paid on February 12, 2016. The Class B distribution represents an amount based upon 30 percent of GTN's distributable cash flow during the nine months ended December 31, 2015 less $15 million. Northern Border declared its fourth quarter 2015 distribution of $44 million on January 11, 2016, of which the Partnership received its 50 percent share or $22 million. The distribution was paid on February 1, 2016. Great Lakes declared its fourth quarter 2015 distribution of $42 million on January 11, 2016, of which the Partnership received its 46.45 percent share or $20 million. The distribution was paid on February 1, 2016. On January 1, 2016, the Partnership acquired a 49.9 percent interest in PNGTS from a subsidiary of TransCanada (PNGTS Acquisition). The total purchase price of the PNGTS Acquisition was $223 million plus preliminary purchase price adjustments of $3 million. The purchase price consisted of $191 million in cash (including the preliminary purchase price adjustment of $3 million) and the assumption of $35 million in proportional PNGTS debt. The Partnership funded the cash portion of the transaction using proceeds received from our ATM program and additional borrowings under our Senior Credit Facility. The purchase agreement provides for additional payments to TransCanada ranging from $5 million up to a total of $50 million if pipeline capacity is expanded to various thresholds during the fifteen year period following the date of closing. The Partnership will account for this acquisition as a transaction between entities under common control (refer to Note 2 – Significant accounting policies) PNGTS is a high-capacity, high-pressure interstate natural gas pipeline which began serving New England's energy needs in March, 1999. The pipeline connects with the TQM at the Canadian border and shares facilities with the Maritimes and Northeast Pipeline from Westbrook, Maine to a connection with the Tennessee Gas Pipeline System near Boston, Massachusetts. On January 25, 2016, the Partnership hedged interest payments on the remaining $350 million of the $500 million variable-rate 2013 Term Loan Facility with interest rate swaps from January 27, 2016 through July 1, 2018, where the weighted average fixed rate paid is 2.10 percent. The interest rate swaps are structured such that the cash flows of the derivative instruments match those of the variable rate of interest on the 2013 Term Loan Facility.

NOTE 22 SUBSEQUENT EVENTS

Management of the Partnership has reviewed subsequent events through February 26, 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 January 21, 2016, the board of directors of our General Partner declared the Partnership's fourth quarter 2015 cash distribution in the amount of $0.89 per common unit. The fourth quarter cash distribution, which was paid on February 12, 2016 to unitholders of record as of February 2, 2016, totaled $59 million and was paid in the following manner: $57 million to common unitholders (including $5 million to the General Partner as holder of 5,797,106 common units and $10 million to another subsidiary of TransCanada as holder of 11,287,725 common units) and $2 million to the General Partner in respect of its effective two percent general partner interest, which included IDRs of $1 million.

On January 21, 2016, the board of directors of our General Partner declared distributions to Class B unitholders in the amount of $12 million and was paid on February 12, 2016. The Class B distribution represents an amount based upon 30 percent of GTN's distributable cash flow during the nine months ended December 31, 2015 less $15 million.

Northern Border declared its fourth quarter 2015 distribution of $44 million on January 11, 2016, of which the Partnership received its 50 percent share or $22 million. The distribution was paid on February 1, 2016.

Great Lakes declared its fourth quarter 2015 distribution of $42 million on January 11, 2016, of which the Partnership received its 46.45 percent share or $20 million. The distribution was paid on February 1, 2016.

On January 1, 2016, the Partnership acquired a 49.9 percent interest in PNGTS from a subsidiary of TransCanada (PNGTS Acquisition). The total purchase price of the PNGTS Acquisition was $223 million plus preliminary purchase price adjustments of $3 million. The purchase price consisted of $191 million in cash (including the preliminary purchase price adjustment of $3 million) and the assumption of $35 million in proportional PNGTS debt. The Partnership funded the cash portion of the transaction using proceeds received from our ATM program and additional borrowings under our Senior Credit Facility. The purchase agreement provides for additional payments to TransCanada ranging from $5 million up to a total of $50 million if pipeline capacity is expanded to various thresholds during the fifteen year period following the date of closing. The Partnership will account for this acquisition as a transaction between entities under common control (refer to Note 2 – Significant accounting policies)

PNGTS is a high-capacity, high-pressure interstate natural gas pipeline which began serving New England's energy needs in March, 1999. The pipeline connects with the TQM at the Canadian border and shares facilities with the Maritimes and Northeast Pipeline from Westbrook, Maine to a connection with the Tennessee Gas Pipeline System near Boston, Massachusetts.

On January 25, 2016, the Partnership hedged interest payments on the remaining $350 million of the $500 million variable-rate 2013 Term Loan Facility with interest rate swaps from January 27, 2016 through July 1, 2018, where the weighted average fixed rate paid is 2.10 percent. The interest rate swaps are structured such that the cash flows of the derivative instruments match those of the variable rate of interest on the 2013 Term Loan Facility.