Westcoast Energy announces sale-leaseback of gas processing plants

Westcoast Energy Inc., Vancouver, Friday said its subsidiary, Westcoast Gas Services Inc., has sold three gas processing plants and gathering lines to JJH Equipment Trust for $201 million and entered into an operating lease agreement. Westcoast Gas Services Inc. can reacquire the equipment on certain dates or at the end of the lease agreement.

May 25th, 2001


By an OGJ Online Staff

HOUSTON, May 25 -- Westcoast Energy Inc., Vancouver, Friday said its subsidiary, Westcoast Gas Services Inc., has sold three gas processing plants and gathering lines to JJH Equipment Trust for $201 million and entered into an operating lease agreement.

The lease provides operating control of the Equipment to Westcoast Gas Services, which can reacquire the equipment on certain dates or at the end of the lease agreement. Proceeds from the transaction will be used to retire existing debt.

Westcoast Energy's interests include gas gathering, processing, transmission, storage and distribution, power generation, international energy businesses, information technology, and energy services businesses.

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