Enterprise Announces Interim Results of Exchange Offers & Consent Solicitations, & Amends Exchange Price to TEPPCO Note Holde...
07 Octobre 2009 - 2:00PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”)
today announced interim results from the offers to exchange all
properly tendered and accepted notes of the series listed in the
table immediately following this paragraph (which were previously
issued by TEPPCO Partners, L.P. (“TEPPCO”)) and the related
solicitations of consents to the proposed amendments to the
indentures governing such notes, all as conducted by Enterprise’s
principal operating subsidiary, Enterprise Products Operating LLC
(“EPO”). As of 5:00 p.m., New York City time, on October 6, 2009
(the “Early Consent Date”), and as indicated in the table below,
approximately $1.92 billion aggregate principal amount of TEPPCO
notes had been validly tendered for exchange (and not validly
withdrawn), such that the requisite consents for each series of
TEPPCO notes have been received (such consents being irrevocable
after the Early Consent Date by the terms and conditions of the
exchange offers and consent solicitations as described in the
corresponding prospectus). In light of having received the
requisite consents, the proposed amendments to the TEPPCO
indentures governing the TEPPCO notes will be adopted, assuming all
other conditions of the exchange offers and consent solicitations
are satisfied or waived, as applicable. Also as a result of having
received the requisite consents as of the Early Consent Date,
effective as of October 7, 2009, EPO has amended the exchange
offers to provide that the exchange price for each TEPPCO note
validly tendered (and not validly withdrawn) after the Early
Consent Date and prior to 9:00 a.m., New York City time, on October
26, 2009, unless extended (the “expiration date”), will be 100% of
its principal amount (rather than 97% as previously offered). The
following table shows the principal amount of each such series
tendered by the Early Consent Date.
TEPPCO Notes CUSIP No.
AggregatePrincipalAmount
OutstandingPrincipal
AmountTenderedas of EarlyConsent Date
Percentage
ofOutstandingPrincipal AmountTendered as of
EarlyConsent Date
7.625% Senior Notes due 2012 872384AA0 $500,000,000
$476,405,000 95.28% 6.125% Senior Notes due 2013 872384AB8
$200,000,000 $182,487,000 91.24% 5.90% Senior Notes due 2013
872384AD4 $250,000,000 $237,422,000 94.97% 6.65% Senior Notes due
2018 872384AE2 $350,000,000 $342,380,000 97.82% 7.55% Senior Notes
due 2038 872384AF9 $400,000,000 $398,514,000 99.63%
7.00% Junior
Fixed/FloatingSubordinated Notes due 2067
872384AC6 $300,000,000 $285,001,000 95.00% $2,000,000,000
$1,922,209,000 96.11%
The exchange offers and consent solicitations are made under
terms and subject to the conditions set forth in the prospectus
contained in the registration statement on Form S-4 filed by
Enterprise and EPO with the Securities and Exchange Commission
(Registration Statement No. 333-162091), as amended on October 7,
2009 (including to reflect the extended offer terms set forth
above), and a related letter of transmittal and consent that
contains a more complete description of the terms and conditions of
the exchange offers and consent solicitations.
A holder who validly tenders its TEPPCO notes for exchange will
be deemed to have delivered its consent to the proposed amendments
to the applicable TEPPCO indenture under which those notes were
issued. Tenders of TEPPCO notes may be withdrawn any time prior to
the expiration date; however, consents to the proposed amendments
may no longer be revoked after the Early Consent Date. Tenders of
TEPPCO notes may not be validly withdrawn after the expiration
date, unless EPO changes the exchange price for the TEPPCO notes or
is required by law to permit withdrawal.
Enterprise’s obligation to complete the exchange offers and
consent solicitations are conditioned upon, among other things,
completion of the proposed merger of TEPPCO with a wholly owned
subsidiary of Enterprise and receipt of valid consents sufficient
to affect all of the proposed amendments to the TEPPCO indentures.
The merger and related transactions are not conditioned upon the
commencement or completion of the exchange offers or consent
solicitations.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The exchange offers and
consent solicitations are being made only by means of a prospectus
that is part of a registration statement, and such exchanges shall
not be made until the registration statement has been declared
effective by the SEC.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and is a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil and petrochemicals. Enterprise transports
natural gas, NGLs, crude oil and petrochemical products through
approximately 36,000 miles of onshore and offshore pipelines.
Services include natural gas transportation, gathering, processing,
and storage; NGL fractionation (or separation), transportation,
storage and import and export terminaling; crude oil transportation
and offshore production platform; and petrochemical transportation
and storage services. For more information, visit Enterprise on the
web at www.epplp.com.
Enterprise Products Partners L.P. is managed by its general
partner, Enterprise Products GP, LLC, which is wholly owned by
Enterprise GP Holdings L.P. (NYSE:EPE). For more information on
Enterprise GP Holdings L.P., visit its website at www.enterprisegp.com.
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