Tennessee Gas Pipeline Company and El Paso Tennessee Pipeline Co. Announce Expiration and Final Results of Consent Solicitations
July 21 2008 - 10:21AM
Marketwired
HOUSTON, TX and El Paso Tennessee Pipeline Co. (EPTP), each a
wholly owned subsidiary of El Paso Corporation (NYSE: EP),
announced today the expiration and final results of their
previously announced consent solicitations from holders of the
debentures identified below. TGP's consent solicitation related to
its 6 percent Debentures due 2011 (the TGP Debentures). EPTP's
consent solicitation related to its 9 percent Debentures due 2012
and 7 1/4 percent Debentures due 2025 (the EPTP Debentures). The
consent solicitations were made on the terms and conditions set
forth in consent solicitation statements of TGP and EPTP, each
dated July 9, 2008 (the Statements). The consent solicitations
expired at 5:00 p.m., Eastern Time, on July 18, 2008 (the
Expiration Date).
$85,792,000 in aggregate principal amount of the TGP Indentures,
$1,149,000 in aggregate principal amount of the 9 percent EPTP
Debentures and $23,206,000 in aggregate principal amount of the 7
1/4 EPTP Debentures were outstanding as of the Expiration Date.
As of the Expiration Date, TGP had received consents of holders
of 84.39 percent in aggregate principal amount of the outstanding
TGP Debentures, a percentage sufficient to amend the indenture as
described in TGP's Statement.
As of the Expiration Date, EPTP had not received the requisite
consents to amend the indenture, and the consent solicitation will
not be extended. As such, the terms of the indenture governing the
EPTP Debentures will not be amended, and no consent fee will be
paid to holders who delivered consents in respect of the EPTP
Debentures.
TGP will pay each holder of TGP Debentures who delivered a valid
consent prior to the Expiration Date a cash consent fee of $2.50
for each $1,000 in principal amount of TGP Debentures in respect of
which such consent was delivered.
The amendments to the TGP indenture governing the TGP Debentures
will become effective upon execution of the supplemental indenture
incorporating the amendments, which is expected to occur
promptly.
Merrill Lynch & Co. and JPMorgan acted as Solicitation
Agents for the consent solicitations. Global Bondholder Services
Corporation acted as the Information Agent and Tabulation
Agent.
TGP is a Delaware corporation incorporated in 1947, and an
indirect wholly owned subsidiary of El Paso Corporation. Its
primary business consists of the interstate transportation and
storage of natural gas. TGP conducts its business activities
through its natural gas pipeline system and storage facilities.
EPTP is a Delaware corporation and a wholly owned subsidiary of
El Paso Corporation. EPTP serves as the holding company for the
following businesses of El Paso: 1) TGP, 2) El Paso's Marketing
business segment, which markets and manages the price risks
associated with El Paso's natural gas and oil production as well as
El Paso's remaining legacy trading portfolio, and 3) El Paso's
Power business segment, which manages the risks associated with El
Paso's remaining international power assets, primarily in Brazil,
Asia and Central America.
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 TGP
and EPTP believe 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 TGP's and EPTP'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, TGP and EPTP disclaim 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 under
the caption "Risk Factors" in TGP's and El Paso Corporation's
Annual and Quarterly Reports on Forms 10-K and 10-Q and in the
other documents TGP and El Paso Corporation file 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 TGP
or EPTP or on TGP's or EPTP's behalf.
Contacts Investor and Media Relations Bruce L. Connery Vice
President Office: (713) 420-5855 Media Relations Bill Baerg Manager
Office: (713) 420-2906
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