Northern Courier Pipeline Limited Partnership completes $1B financing for sale of interests

Northern Courier Pipeline Limited Partnership (Northern Courier) issued $1 billion of 3.365% senior notes (Senior Notes) with RBC Capital Markets (RBCCM) acting as sole bookrunner and global lead agent in respect of the offering of senior notes (the Offering), and TD Securities acted as co-manager. The proceeds of the Offering were paid by Northern Courier to TC Energy Corporation in connection with the indirect sale by TC Energy Corporation of an 85% equity interest in the Northern Courier Pipeline to Alberta Investment Management Corporation for additional gross proceeds of $144 million. The Senior Notes were assigned a rating of "A (low)" (stable trend) by DBRS Limited. 

Northern Courier owns the Northern Courier Pipeline System, which is comprised of a 90-kilometre insulated bitumen pipeline connecting the Fort Hills oilsands mine in the Athabasca region of Alberta (the Fort Hills Project) to a bitumen and diluent storage, blending and cooling facility located approximately 30 kilometres to the north of Fort McMurray, Alta. (the East Tank Farm), together with a parallel pipeline that delivers diluent and diesel from the East Tank Farm to the Fort Hills Project and associated bitumen and diluent storage facilities and ancillary facilities. An affiliate of TC Energy Corporation continues to be the operator of the Northern Courier Pipeline System. 

Norton Rose Fulbright Canada advised RBCCM with a team that included Rick Borden, Jennifer Kennedy, Matthew Longstaff, Kirsty Sklar, Darren Hueppelsheuser, Peter Wiazowski, Kassy Corothers, Christine Dowling, Elisabeth Trotter, Joe Mooney, Mitchell Ng, John Ebbels and Amy Yang.