| Deal Description | Lakehead Pipe Line Company, Inc., applied the net proceeds from this transaction to the cost of its 1967 construction program, including the repayment of bank loans incurred since August 30, 1967, in connection therewith. The balance of the proceeds was added to Lakehead's general funds in anticipation of its 1968 construction program. The construction program included 101 miles of additional 34" pipe paralleling Lakehead's existing lines from the International Boundary crossing near Neche, North Dakota, to Superior, Wisconsin, and the remainder was for additional pumping equipment, remote control equipment for existing pumping stations, and modifications to the tank farm at Superior. Interprovincial Pipe Line Company's construction program included 312 miles of additional 34" pipe paralleling its existing lines between Edmonton, Alberta, and such International Boundary crossing, and 57 miles of additional 20" pipe paralleling the line between Sarnia and Port Credit, Ontario. The balance was used for additional pumping equipment, remote control equipment for existing pumping stations, and improvements to tank farms. |
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