Colorado Interstate Gas Company Announces Expiration and Final Results of Its Cash Tender Offer to Purchase Up to $100 Million o
June 23 2008 - 9:50AM
Marketwired
HOUSTON, TX , a majority owned subsidiary of El Paso Corporation
(NYSE: EP), announced the expiration and final results of its
previously announced cash tender offer to purchase up to $100
million aggregate principal amount (the Tender Cap) of its 5.95%
Senior Notes due March 15, 2015 (CUSIP No. 196522AH9) (the 5.95%
Notes) and its 6.80% Senior Notes due November 15, 2015 (CUSIP No.
196522AK2) (the 6.80% Notes). The tender offer expired at 12
midnight, Eastern Time, on June 20, 2008. $40,015,000 in aggregate
principal amount of 5.95% Notes and $201,773,000 in aggregate
principal amount of 6.80% Notes were validly tendered in the tender
offer. Because the aggregate principal amount of 6.80% Notes
tendered exceeded the amount of the Tender Cap remaining available
for application to such series, the amount of 6.80% Notes accepted
for purchase was prorated among tendering holders in accordance
with the terms of the Offer to Purchase dated May 23, 2008. The
proration factor applied was approximately 29.7-percent (rounded
down to the nearest $1,000 of principal amount for each tendering
holder). CIG expects final settlement of the tender offer to occur
today.
Merrill Lynch & Co. and J.P. Morgan Securities Inc. served
as the dealer managers for the tender offer and Global Bondholders
Services Corporation served as the depositary and information agent
for the tender offer.
CIG is a Delaware general partnership, originally formed as a
corporation in 1927. CIG is owned 90 percent by a wholly owned
subsidiary of El Paso Corporation (El Paso) and 10 percent by a
wholly owned subsidiary of El Paso Pipeline Partners, L.P. (NYSE:
EPB). CIG's primary business consists of the interstate
transportation, storage and processing of natural gas. CIG conducts
its business activities through its Colorado Interstate Gas system,
its 50% equity interest in WYCO Development LLC, and gas storage
and processing facilities.
El Paso Corporation provides natural gas and related energy
products in a safe, efficient, dependable manner. El Paso
Corporation owns North America's largest interstate natural gas
pipeline system and one of North America's largest independent
natural gas producers. For more information, visit
http://www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All forward-looking statements are based on assumptions that CIG
believes to be reasonable. However, actual results almost always
vary from assumed facts and the differences can be material,
depending upon the circumstances. As a result, you should not place
undue reliance on such forward-looking statements. The words
"believe," "expect," "estimate," "anticipate" and similar
expressions will generally identify forward-looking statements. All
of CIG's forward-looking statements, whether written or oral, are
expressly qualified by these cautionary statements and any other
cautionary statements that may accompany such forward-looking
statements. In addition, CIG disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this release.
With this in mind, you should consider the risks discussed in
the Offer to Purchase, under the caption "Risk Factors" in CIG's
Annual and Quarterly Reports on Forms 10-K and 10-Q and in the
other documents CIG files with the SEC from time to time, which
could cause actual results to differ materially from those
expressed in any forward-looking statement made by CIG or on CIG's
behalf.
Contacts Investor and Public Relations Bruce L. Connery Vice
President Office: (713) 420-5855 Media Relations Bill Baerg Manager
Office: (713) 420-2906
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