Attached files
file | filename |
---|---|
8-K - FORM 8-K - ENTERPRISE PRODUCTS PARTNERS L.P. | h68298e8vk.htm |
EX-4.9 - EX-4.9 - ENTERPRISE PRODUCTS PARTNERS L.P. | h68298exv4w9.htm |
EX-4.2 - EX-4.2 - ENTERPRISE PRODUCTS PARTNERS L.P. | h68298exv4w2.htm |
EX-4.1 - EX-4.1 - ENTERPRISE PRODUCTS PARTNERS L.P. | h68298exv4w1.htm |
EX-3.1 - EX-3.1 - ENTERPRISE PRODUCTS PARTNERS L.P. | h68298exv3w1.htm |
Exhibit 99.1
Enterprise and TEPPCO Complete Merger; Announce
Results of Exchange Offer for TEPPCO Notes
Results of Exchange Offer for TEPPCO Notes
Houston, Texas (October 26, 2009) Enterprise Products Partners L.P. (NYSE: EPD)
(Enterprise) and TEPPCO Partners, L.P. (TEPPCO) today announced that the merger of the two
partnerships has been completed. The merger agreement was previously approved by TEPPCO
unitholders at a special meeting held October 23, 2009 in Houston. With an enterprise value of
approximately $30 billion, 48,000 miles of pipelines and market capitalization of $18 billion,
Enterprise is now the nations largest publicly traded partnership.
This strategic combination opens up new avenues of growth for Enterprise by diversifying our
asset portfolio, strengthening our presence in key geographic regions, and offering new service
options, which will give us the opportunity to extend our successful integrated energy value chain
business model, said Enterprise President and Chief Executive Officer Michael A. Creel. In
addition to Enterprises well-established infrastructure that serves producers and consumers of
natural gas, natural gas liquids, crude oil and petrochemicals, we now offer access to one of the
nations largest transportation and storage networks for refined products and crude oil.
With the completion of the merger TEPPCO has become a wholly owned subsidiary of Enterprise.
The common units of Enterprise will continue to be traded on the New York Stock Exchange under the
ticker symbol EPD. TEPPCOs units, which had been trading on the NYSE under the ticker symbol TPP,
will be delisted and no longer publicly traded. Enterprise expects that the combined
administrative services agreement the two partnerships have been operating under since 2005 will
help facilitate a smooth transition for customers and investors.
2
As previously announced, Enterprise is offering to exchange TEPPCO senior and subordinated
notes validly tendered for exchange, and not validly withdrawn, prior to their expiration date for
Enterprise notes. Enterprises 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 effect all
of the proposed amendments to the TEPPCO indentures. The merger and related transactions were not
conditioned upon the commencement or completion of the exchange offers or consent solicitations.
As of 9 a.m. New York City time today (the expiration date) approximately $1.95 billion of the $2
billion aggregate principal amount of TEPPCO notes had been tendered for exchange. The following
amounts of TEPPCO notes had been tendered for exchange:
Outstanding | Percentage of | |||||||||||||||
Principal Amount | Outstanding | |||||||||||||||
Aggregate | Tendered | Principal Amount | ||||||||||||||
Principal | as of Early | Tendered as of | ||||||||||||||
TEPPCO Notes | CUSIP No. | Amount | Consent Date | Early Consent Date | ||||||||||||
7.625% Senior Notes due 2012 |
872384AA0 | $ | 500,000,000 | $ | 490,467,000 | 98.09 | % | |||||||||
6.125% Senior Notes due 2013 |
872384AB8 | $ | 200,000,000 | $ | 182,560,000 | 91.28 | % | |||||||||
5.90% Senior Notes due 2013 |
872384AD4 | $ | 250,000,000 | $ | 237,600,000 | 95.04 | % | |||||||||
6.65% Senior Notes due 2018 |
872384AE2 | $ | 350,000,000 | $ | 349,690,000 | 99.91 | % | |||||||||
7.55% Senior Notes due 2038 |
872384AF9 | $ | 400,000,000 | $ | 399,575,000 | 99.89 | % | |||||||||
7.00% Junior Fixed/Floating
Subordinated Notes due 2067 |
872384AC6 | $ | 300,000,000 | $ | 287,759,000 | 95.25 | % | |||||||||
$ | 2,000,000,000 | $ | 1,945,651,000 | 97.28 | % |
The exchange is scheduled to be completed at the close of business on October 27, 2009.
Enterprise Products Partners L.P. is the largest publicly traded partnership and a leading
North American provider of midstream energy services to producers and consumers of natural gas,
NGLs, crude oil, refined products and petrochemicals. The partnerships assets include: more than
48,000 miles of onshore and offshore pipelines; approximately 200 million barrels of storage
capacity for NGLs, refined products and crude oil; and 27 billion cubic feet of natural gas storage
capacity. Services include: natural gas transportation, gathering, processing and storage; NGL
fractionation (or separation), transportation, storage, and import and export terminaling; crude
oil and refined products storage, transportation and terminaling; offshore production platform;
3
petrochemical transportation and storage; and a marine transportation business that operates
primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico.
For additional information visit 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 www.enterprisegp.com.
Contacts: Randy Burkhalter, Investor Relations (713) 381-6812 or (866) 230-0745
Rick Rainey, Media Relations (713) 381-3635
Rick Rainey, Media Relations (713) 381-3635