Northern Border Partners, L.P. Completes Acquisition of Viking Gas Transmission Company and One-Third Interest in Guardian Pipel

abarrelfull wrote on 21 Sep 2012 05:34
Tags:

Latest News

• Want a weekly review of refining news?

• This Week in Refining
• RSS Feed

Northern Border Partners, L.P. (NYSE:NBP) today announced that it completed its previously announced acquisition of Viking Gas Transmission Company including a one-third interest in Guardian Pipeline from Xcel Energy.

The Partnership has indicated that the acquisition is expected to be immediately accretive to earnings and cash flow per unit, adding at least $0.10 in additional cash flow per unit in 2003 and 2004, depending on the timing of permanent financing.

The Viking system is a 671-mile interstate natural gas pipeline extending from the U.S.-Canadian border near Emerson, Manitoba to Marshfield, Wis. Viking connects to other major pipeline systems including TransCanada, Northern Natural Gas, Great Lakes and ANR to provide service to markets in Minnesota, Wisconsin and North Dakota.

Guardian Pipeline is a 141-mile interstate natural gas pipeline system that went into service on Dec. 7, 2002. This system transports natural gas from Joliet, Ill., to a point west of Milwaukee, Wis. Subsidiaries of CMS Energy and Wisconsin Energy Corporation hold the remaining interests in this system.

"These pipeline systems strongly complement our existing businesses," said Bill Cordes, chairman and chief executive officer of Northern Border Partners. "They offer operating and commercial synergies with our Northern Border and Midwestern Gas Transmission pipelines and their stable cash flows are excellent investments for our Partnership."

• Northern Border Partners, L.P. Completes Acquisition of Viking Gas Transmission Company and One-Third Interest in Guardian Pipeline

---