SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 19 SUBSEQUENT EVENTS

Management of the Partnership has reviewed subsequent events through November 6, 2017, 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 October 24, 2017, the board of directors of the General Partner declared the Partnership’s third quarter 2017 cash distribution in the amount of $1.00 per common unit payable on November 14, 2017 to unitholders of record as of November 3, 2017. The declared distribution totaled $75 million and is payable in the following manner: $70 million to common unitholders (including $6 million to the General Partner as a holder of 5,797,106 common units and $11 million to another subsidiary of TransCanada as holder of 11,287,725 common units) and $5 million to the General Partner, which included $2 million for its effective two percent general partner interest and $3 million in respect of its IDRs.

Northern Border declared its September 2017 distribution of $14 million on October 9, 2017, of which the Partnership will receive its 50 percent share or $7 million on October 31, 2017.

Great Lakes declared its third quarter 2017 distribution of $2 million on October 19, 2017, of which the Partnership will receive its 46.45 percent share or $1 million on November 1, 2017.

Iroquois declared its third quarter 2017 distribution of $28 million on October 23, 2017, of which the Partnership received its 49.34 percent share or $14 million on November 1, 2017. The distribution includes our 49.34 percent share of the Iroquois unrestricted cash distribution amounting to approximately $2.6 million (Refer to Note 6).