TransCanada PipeLines Limited Closes Offering of Formosa Bonds in Taiwan

On March 31, 2015, TransCanada PipeLines Limited (TransCanada) closed its offering of Senior Notes Due 2045 for aggregate gross proceeds of US$750,000,000. The notes are listed on the Taipei Exchange and were sold to investors in the Republic of China (the ROC).  J.P. Morgan Securities LLC acted as structuring agent in connection with the transaction, and E. Sun Commercial Bank, Ltd. acted as manager. The net proceeds of the offering will be used for general corporate purposes and to reduce short term indebtedness of TransCanada and its subsidiaries and affiliates.

TransCanada was represented by its in-house counsel Lisa Grams and Kelly Galloway and assisted, with respect to Canadian matters, by a team at Blake, Cassels & Graydon LLP, which included Ross Bentley, Jeff Bakker and Trevor Rowles (corporate/securities) and Carrie Aiken and Corinne MacCarthy (tax), with respect to US matters, by a team at Mayer Brown LLP, which included Michael Hermsen, James Lisak and Yasmin Carlos (corporate/securities) and James Barry (tax), and, with respect to ROC matters, by a team at Lee and Li, Attorneys-at-Law, which included Patricia Lin, Kuanling Liu and Maggie Chang.

The structuring agent and the manager were represented by a team at Paul, Weiss, Rifkind, Wharton & Garrison LLP including Christopher Cummings, Stephen Centa and Ronnie Ollo (corporate/securities) and David Mayo (tax).