Funds from the offering, which is expected to close on November 18th, will be used to reduce debt outstanding under the company’s revolving credit facility and for other general corporate purposes.
Shares of TC PipeLines fell five percent to $37.85 in morning trading, with the stock ranging from $18.11 to $41.54 over the past year.
Underwriters headed by Citigroup Global Markets Inc., BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank will also act as joint book-running managers of the offering.
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