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Coastal GasLink completes largest corporate bond offering in Canadian history

Press Release

Jun 13, 2024

Today, TC Energy shared that Coastal GasLink successfully completed a $7.15 billion refinancing of its existing construction credit facility through a Canadian private bond offering of First Lien Senior Secured Notes. The offering was oversubscribed by approximately 3.6 times, representing unprecedented demand for energy infrastructure that is part of Canada’s largest private sector investment. For context, refinancing construction credit facilities with bond proceeds is a standard post-construction activity for major projects.

“The completion of the largest corporate bond offering in Canadian history for Coastal GasLink and the strong interest we received from the market speaks to the nation-building importance of this critical energy infrastructure and growing global demand for secure, affordable and sustainable energy. Coastal GasLink will unlock the first direct path for Canadian natural gas to reach global LNG markets, moving some of the most responsibly produced natural gas in the world,” said Sean O’Donnell, Executive Vice-President and Chief Financial Officer, TC Energy.

Together with LNG Canada, Coastal GasLink will unlock decades of benefits for Indigenous communities, all Canadians, and our allies abroad.

Construction of the Coastal GasLink pipeline system was safely completed last year with the support of all 20 out of 20 elected Indigenous groups across our entire 670-kilometre project route. 17 of those groups through their entities have also signed equity option agreements to become part owners in this critical infrastructure.

Coastal GasLink is a Limited Partnership owned by affiliates of TC Energy, KKR and Alberta Investment Management Corporation (on behalf of certain of its clients).

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