Tennessee Gas Pipeline Company Announces Pricing of $250 Million Private Placement of 8.000% Notes Due 2016
January 22 2009 - 5:47PM
Marketwired
Tennessee Gas Pipeline Company (TGP), a wholly owned subsidiary of
El Paso Corporation (NYSE: EP), announced today that it has priced
an offering of $250 million of notes due February 1, 2016 with a
coupon of 8.000%, issued at a discount generating a yield of
9.000%. This offering was done in a Rule 144A and Regulation S
offering with registration rights. TGP expects closing to occur on
January 27, 2009, and will use note proceeds to fund its 2009
capital program.
Upon issuance, the notes will be senior unsecured obligations of
TGP and will rank equally in right of payment with other existing
and future unsecured senior indebtedness of TGP. The notes will not
be guaranteed by El Paso Corporation or any of its affiliates.
The notes will be offered to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933 and to
non-U.S. persons outside the United States in accordance with
Regulation S under the Securities Act. The notes will not be and
have not been registered under the Securities Act and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or a solicitation of
any offer to buy such securities and is issued pursuant to Rule
135c under the Securities Act.
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.
El Paso provides natural gas and related energy products in a
safe, efficient, and dependable manner. El Paso owns North
America's largest interstate natural gas pipeline system and one of
North America's largest independent natural gas producers.
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
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 TGP'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 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 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 on TGP'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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