Energy Transfer Partners, L.P. Announces Tender Offer to Purchase Common Units of PennTex Midstream Partners, LP for $20.00 P...
May 18 2017 - 5:02PM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP”)
today announced its tender offer to purchase all of the outstanding
common units representing limited partner interests in PennTex
Midstream Partners, LP (NASDAQ: PTXP) (“PennTex”) not currently
owned by ETP for $20.00 per common unit in cash. ETP currently owns
approximately 32.4% of the outstanding PennTex common units. The
tender offer will expire on June 19, 2017, unless the offer is
extended in accordance with its terms.
There can be no assurance that the tender offer will be
completed. The tender offer is conditioned upon, among other
things, there being validly tendered and not withdrawn sufficient
PennTex common units such that, following the closing of the tender
offer, ETP and its affiliates own over 80% of the outstanding
PennTex common units (the “minimum tender condition”), unless such
condition is waived by ETP. If the minimum tender condition is
waived by ETP it shall remain a non-waivable condition that a
majority of the PennTex common units held by unitholders that are
not affiliates of ETP are validly tendered and not withdrawn. The
tender offer is also subject to other customary conditions, as
specified in the offer documents. The tender offer is not subject
to a financing condition. ETP expects to pay the offer
consideration from cash on hand and/or borrowings under ETP’s
credit facilities.
Following the purchase by ETP of PennTex common units in the
tender offer that would provide ETP and its affiliates with greater
than 80% of the outstanding PennTex common units, ETP will exercise
its limited call right provided for in the PennTex partnership
agreement, which will result in the acquisition by ETP of all
outstanding PennTex common units. If the limited call right is
exercised, the remaining holders of PennTex common units will
receive at least the same cash price per common unit as paid in the
tender offer. If ETP waives the minimum tender condition and ETP
accepts for purchase PennTex common units upon completion of the
offer but ETP and its affiliates do not own more than 80% of the
then outstanding PennTex common units, ETP cannot exercise the
limited call right provided for in the PennTex partnership
agreement.
The offer to purchase, letter of transmittal and related
documents will be mailed to unitholders of record of PennTex and
will also be made available for distribution to beneficial owners
of PennTex common units.
Important Information
This press release is for informational purposes only, and is
neither an offer to purchase nor a solicitation of an offer to sell
securities. The solicitation of tenders of PennTex common units
will only be made pursuant to the offer to purchase and related
materials that ETP will be mailing to holders of PennTex common
units. Unitholders should read those materials carefully because
they contain important information, including the various terms and
conditions of the offer. Unitholders can obtain copies of the offer
to purchase, letter of transmittal and related materials filed by
ETP as part of the statement on Schedule TO with the U.S.
Securities Exchange Commission (the “SEC”) on May 18, 2017 through
the SEC’s website at www.sec.gov without charge. Unitholders may
also obtain copies of the offer to purchase and related materials,
when and as filed with the SEC, without charge from ETP or by
written or oral request directed to MacKenzie Partners, Inc., at
(800) 322-2885.
Energy Transfer Partners, L.P. (NYSE:
ETP) is a master limited partnership that owns and
operates one of the largest and most diversified portfolios of
energy assets in the United States. Strategically positioned
in all of the major U.S. production basins, ETP owns and operates a
geographically diverse portfolio of complementary natural gas
midstream, intrastate and interstate transportation and storage
assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and
various acquisition and marketing assets. ETP’s general partner is
owned by Energy Transfer Equity, L.P. (NYSE: ETE). For
more information, visit the Energy Transfer Partners,
L.P. website at www.energytransfer.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170518006463/en/
Energy TransferInvestor Relations:Helen Ryoo,
Lyndsay Hannah, Brent Ratliff, 214-981-0795orMedia
Relations:Vicki Granado, 214-840-5820
Sunoco Logistics Partners L.P. (NYSE:ETP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sunoco Logistics Partners L.P. (NYSE:ETP)
Historical Stock Chart
From Sep 2023 to Sep 2024