Milbank LLP represented certain financing sources in connection with the financing of the acquisition of a 40% equity interest in Columbia Gas Pipeline Systems, a newly formed joint venture holding the Columbia Gas Transmission, LLC (“Columbia Gas”) and Columbia Gulf Transmission, LLC (“Columbia Gulf”) systems. The JV stake was sold by TC Energy Corporation (TSX; NYSE: TRP) (“TC Energy”), by Global Infrastructure Partners. The acquisition agreement, which was announced on July 24, 2023, results in proceeds of US$3.9 billion in cash subject to certain customary adjustments.
The Columbia Gas and Columbia Gulf pipelines span more than 15,000 miles across the North American natural gas network. These assets deliver a substantial portion of daily US natural gas demand, including approximately 20 per cent of US liquified natural gas (LNG) export supply.
The Milbank team was led by New York-based Global Leveraged Finance partners Marcus Dougherty and Benjamin Sayagh along with associates George Miller, Jeffrey Turben and James Wang.
