Energy Transfer Partners, L.P. Announces Approximately 12,360,503 Common Units of PennTex Midstream Partners, LP Have Been Ac...
June 20 2017 - 8:00AM
Business Wire
ETP Now Owns More than 80% of Outstanding
Common Units, Allowing Exercise of Limited Call Right for Remaining
Common Units Not Tendered
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP”) today
announced that as of 5:00 p.m. Eastern Time on June 19, 2017,
approximately 12,360,503 common units representing limited partner
interests (the “Common Units”) in PennTex Midstream Partners, LP
(NASDAQ: PTXP) (“PennTex”), including those Common Units delivered
through notices of guaranteed delivery, were validly tendered and
accepted for purchase in the tender offer by ETP (the “Offer”). ETP
has made payment to American Stock Transfer & Trust Company,
LLC, which is acting as the Depositary in connection with the
Offer, for the accepted Common Units.
The number of Common Units validly tendered in the offering
period satisfies the non-waivable condition that not less than a
majority of the PennTex Common Units held by unitholders that are
not affiliates of ETP be validly tendered, and satisfies the
condition that, following the closing of the Offer, ETP and its
affiliates own at least 16,571,405 Common Units, representing
greater than 80% of the outstanding PennTex Common Units. Pursuant
to Section 15.1 of the First Amended and Restated Agreement of
Limited Partnership of the Partnership (the “Partnership
Agreement”), ETP intends to exercise the right, assigned to it by
the general partner of PennTex, to purchase all of the remaining
Common Units that were not tendered in the Offer and remain
outstanding on June 30, 2017 (the “Limited Call Right”). A notice
of election to purchase such Common Units, pursuant to Section
15.1(b) of the Partnership Agreement, will be mailed to each
unitholder of record who did not tender its Common Units in the
Offer, and such holder will receive, for each Common Unit, $20.00
in cash, which represents the price paid by ETP for the Common
Units in the Offer.
Upon the exercise of the Limited Call Right, ETP will own all of
the economic interests of the Partnership and will be entitled to
all of the benefits resulting from those interests. In addition,
the Common Units will cease to be listed on the NASDAQ Global
Select Market or publicly traded.
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. Holders of Common Units are advised to read the
combined Tender Offer Statement on Schedule TO and Transaction
Statement on Schedule 13E-3, as amended, the Offer to Purchase,
PennTex’s Solicitation/Recommendation Statement on Schedule 14D-9
and other documents relating to the tender offer that have been or
will be filed with the SEC because they contain important
information. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170620005581/en/
Energy Transfer Partners, L.P.Investor Relations:Helen Ryoo,
Lyndsay Hannah, Brent Ratliff, 214-981-0795orMedia Relations:Vicki
Granado, 214-840-5820
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