Columbia Pipeline Partners Announces Change in General Partner and Appointment of New Directors and Officers
General Partner Undertakes MLP Strategy Review
(firmenpresse) - HOUSTON, TEXAS -- (Marketwired) -- 07/01/16 -- News Release - Columbia Pipeline Partners LP (NYSE: CPPL) (the Partnership) today announced that, effective July 1, 2016, the Partnership''s general partner became an indirect, wholly-owned subsidiary of TransCanada Corporation (NYSE: TRP) (TransCanada or the Company). As a result, the Partnership is now effectively managed by TransCanada.
In conjunction with this change, the Partnership is also announcing the following director and officer changes which take effect today:
At the same time, the Partnership has been advised that TransCanada has retained a financial advisor to assist in developing the Company''s master limited partnership (MLP) strategy. A decision on the MLP strategy is expected to be communicated by the end of 2016. In the interim, Management expects to recommend to the board of directors an increase to the Partnership''s quarterly distribution consistent with historical guidance.
CPPL also announced that it has repaid and terminated its $500 million credit facility and has replaced it with a $50 million intercompany credit facility to assist with liquidity.
Columbia Pipeline Partners LP is a Delaware master limited partnership with interests in three regulated U.S. natural gas pipelines which serve markets extending from New York to the Gulf of Mexico, as well as storage and related midstream assets. The Partnership''s general partner became an indirect, wholly-owned subsidiary of TransCanada Corporation (NYSE: TRP) on July 1, 2016, and as a result, the Partnership is effectively managed by TransCanada. For more information about Columbia Pipeline Partners LP, visit the Partnership''s website at . Additional information can be found at .
Forward-Looking Statements
Certain non-historical statements in this release relating to future plans, projections, events or conditions are intended to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on current expectations and, therefore, subject to a variety of risks and uncertainties that could cause actual results to differ materially from the projections, anticipated results or other expectations expressed or implied in such statements, including, without limitation, risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the merger of Columbia Pipeline Group with TransCanada, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to Columbia Pipeline Group''s merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPPL''s Annual Report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2015, as amended, and CPPL''s other filings with the SEC, which are available at . All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPPL expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Contacts:
Media Inquiries:
Mark Cooper / Terry Cunha / Shawn Howard
800.608.7859
James Yardley
713.386.3366
Unitholder and Analyst Inquiries:
844-656-1374
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Datum: 01.07.2016 - 06:31 Uhr
Sprache: Deutsch
News-ID 1444904
Anzahl Zeichen: 3409
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HOUSTON, TEXAS
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Kategorie:
Oil & Gas
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