TransCanada Closes Sale of Cancarb Limited
April 15 2014 - 5:23PM
Marketwired
TransCanada Closes Sale of Cancarb Limited
CALGARY, ALBERTA--(Marketwired - Apr 15, 2014) - TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) has closed the sale
of Cancarb Limited (Cancarb) and its related power generation
facility to Tokai Carbon Co., Ltd. for aggregate gross proceeds of
$190 million plus customary post-closing adjustments. The agreement
to sell Cancarb was initially announced on January 20, 2014.
TransCanada expects to realize a gain of approximately $95 million
net of tax in its second quarter 2014 results.
Proceeds from the sale of Cancarb will help fund TransCanada's
capital growth plan, which includes $38 billion in commercially
secured projects expected to be completed by the end of the decade.
These projects are supported by strong market fundamentals and
underpinned by long-term contracts or the revenue stability of
cost-of-service regulation.
For more information about Cancarb, visit the company's website:
http://www.cancarb.com/index.html
Tokai Carbon Co., Ltd., headquartered in Tokyo, Japan, is an
established international supplier of furnace carbon black and
other carbon ceramic-related products. The company is listed on the
Tokyo Stock Exchange and has affiliates in China, Korea, Thailand,
the United States, Germany, Italy, Sweden and the United Kingdom.
The company operates five plants in three countries (Japan, China
and Thailand) that produce furnace carbon black, with combined
annual capacity over 500,000 metric tonnes.
About TransCanada
With more than 60 years' experience, TransCanada is a leader in
the responsible development and reliable operation of North
American energy infrastructure including natural gas and oil
pipelines, power generation and gas storage facilities. TransCanada
operates a network of natural gas pipelines that extends more than
68,500 kilometres (42,500 miles), tapping into virtually all major
gas supply basins in North America. TransCanada is one of the
continent's largest providers of gas storage and related services
with more than 400 billion cubic feet of storage capacity. A
growing independent power producer, TransCanada owns or has
interests in over 11,800 megawatts of power generation in Canada
and the United States. TransCanada is developing one of North
America's largest oil delivery systems. TransCanada's common shares
trade on the Toronto and New York stock exchanges under the symbol
TRP. For more information visit: www.transcanada.com or check us
out on Twitter @TransCanada or http://blog.transcanada.com.
FORWARD LOOKING INFORMATION
This publication contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as
"anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this document are intended to provide TransCanada
security holders and potential investors with information regarding
TransCanada and its subsidiaries, including management's assessment
of TransCanada's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TransCanada's
beliefs and assumptions based on information available at the time
the statements were made and as such are not guarantees of future
performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it
is expressed in this news release, and not to use future-oriented
information or financial outlooks for anything other than their
intended purpose. TransCanada undertakes no obligation to update or
revise any forward-looking information except as required by law.
For additional information on the assumptions made, and the risks
and uncertainties which could cause actual results to differ from
the anticipated results, refer to TransCanada's 2013 Annual Report
dated February 19, 2014 available on our website at
www.transcanada.com or filed under TransCanada's profile on SEDAR
at www.sedar.com and with the U.S. Securities and Exchange
Commission at www.sec.gov.
TransCanada Media Enquiries:Shawn Howard/Davis
Sheremata403.920.7859 or 800.608.7859TransCanada Investor &
Analyst Enquiries:David Moneta/Lee Evans403.920.7911 or
800.361.6522www.transcanada.com
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