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GREAT LAKES GAS COMPLETES $200 MILLION PLACEMENT

 GREAT LAKES GAS COMPLETES $200 MILLION PLACEMENT
 DETROIT, Dec. 4 /PRNewswire/ -- Great Lakes Gas Transmission Limited


Partnership (Great Lakes) has successfully completed the private placement of $200 million of Senior Notes. The notes were issued in two series. Series A, $100 million, matures in 2011 with an average life of 15 years and a coupon rate of 8.74 percent. Series B, $100 million, matures in 2021 with an average life of 25 years and a coupon rate of 9.09 percent. Great Lakes utilized Goldman, Sachs & Co. as its agent in placing the notes.
 John K. Archambault, president and chief executive officer of Great Lakes, said proceeds from the offering will be used to re-finance existing short-term debt incurred in connection with its recently completed pipeline expansion project. The project increased Great Lakes' firm capacity by 417.5 million cubic feet per day to provide additional natural gas transportation service to TransCanada PipeLines Limited.
 The expansion project involved installation of 460 miles of 36-inch- diameter pipe parallel to the existing Great Lakes pipeline. The project was completed in three phases at a cost of approximately $525 million.
 Great Lakes Gas Transmission Limited Partnership is a Detroit-based natural gas pipeline that transports Canadian natural gas through a 1,960-mile pipeline for delivery to customers in the United States and eastern Canada. It is co-owned by subsidiaries of The Coastal Corporation (NYSE: CGP), a Houston-based energy holding company, and TransCanada PipeLines Limited of Calgary, Alberta.
 -0- 12/4/91
 /CONTACT: Joe Martucci of Great Lakes Gas Transmission Company, 313-496-5079/
 (CGP) CO: Great Lakes Gas Transmission Limited Partnership; The Coastal
 Corporation; TransCanada PipeLines Limited ST: Michigan, Alberta IN: OIL SU: OFR


SM -- DE019 -- 9183 12/04/91 12:03 EST
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Publication:PR Newswire
Date:Dec 4, 1991
Words:288
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