News Column

Tallgrass Energy Partners Announces Pricing of Follow-On Public Offering of Common Units

August 8, 2014



By a News Reporter-Staff News Editor at Energy Weekly News -- Tallgrass Energy Partners, LP (NYSE: TEP) ("TEP" or the "Partnership") announced the pricing of 7,000,000 common units representing limited partner interests at $41.07 per common unit. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 common units.

TEP intends to use the net proceeds from the offering to fund a portion of the consideration for the potential acquisition from a subsidiary of Tallgrass Development of a 33.3% interest in Tallgrass Pony Express Pipeline, LLC ("Pony Express"), which owns an oil pipeline being developed by Tallgrass Development that is expected to be placed in service during the third quarter of 2014. No definitive transaction agreement for the potential acquisition of an interest in Pony Express has been executed at this time and the proposed transaction remains subject to final review, negotiations and approval by the conflicts committee and the board of directors of TEP's general partner. Pending the use of proceeds for such purpose, TEP intends to use the net proceeds to repay borrowings under TEP's revolving credit facility with any excess to be used for general partnership purposes.

Keywords for this news article include: Tallgrass Energy Partners LP.

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Source: Energy Weekly News


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