SOURCE: El Paso Pipeline Partners

El Paso Pipeline Partners

September 20, 2010 09:08 ET

El Paso Pipeline Partners Announces Exercise of Underwriters' Option to Purchase Additional Common Units

HOUSTON, TX--(Marketwire - September 20, 2010) -  El Paso Pipeline Partners, L.P. (NYSE: EPB) announced that the underwriters of its common unit offering exercised in full their option to purchase 1,725,000 additional common units at a public offering price of $31.95 per unit. The option was granted in connection with the partnership's public offering of 11,500,000 common units. The closing of the base offering and over-allotment option is expected to occur today. Total net proceeds from the offering of the 13,225,000 common units, including the general partner's proportionate capital contribution, are approximately $415.4 million and will be used by El Paso Pipeline Partners for general partnership purposes, including potential future acquisitions and growth capital expenditures. Pending the use of the proceeds for other purposes, the partnership may apply some or all of the net proceeds to reduce outstanding borrowings under its revolving credit facility. 

Morgan Stanley, BofA Merrill Lynch, Credit Suisse, Goldman Sachs & Co., UBS Investment Bank, and Wells Fargo Securities acted as joint book-running managers of the offering. Barclays Capital, Deutsche Bank Securities, J.P. Morgan, and RBC Capital Markets acted as co-managing underwriters of the offering. A copy of the final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from any of the underwriters, including:

Morgan Stanley
Attn: Prospectus Department
180 Varick Street, 2nd floor
New York, NY 10014
Email: prospectus@morganstanley.com
Phone: 866-718-1649

BofA Merrill Lynch
Attn: Prospectus Department
4 World Financial Center
New York, NY 10080
Email Prospectus: dg.prospectus_requests@baml.com

Credit Suisse Securities (USA) LLC
Attn: Prospectus Dept.
One Madison Avenue
New York, NY 10010
Phone: 800-221-1037

Goldman, Sachs & Co.
Prospectus Department
200 West Street
New York, NY 10282
Facsimile: 212-902-9316
Email: prospectus-ny@ny.email.gs.com
Phone: 866-471-2526

UBS Investment Bank
Prospectus Dept. 
299 Park Ave. 
New York, NY 10171 
Phone: 888-827-7275 

Wells Fargo Securities 
Attention: Equity Syndicate Dept. 
375 Park Ave. 
New York, NY 10152 
Email: equity.syndicate@wellsfargo.com
Phone: 800-326-5897 

You may also obtain these documents for free when they are available by the Securities and Exchange Commission's Web site at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

El Paso Pipeline Partners, L.P. is a Delaware limited partnership formed by El Paso Corporation to own and operate natural gas transportation pipelines and storage assets. El Paso Corporation owns an approximate 57 percent limited partner interest and the 2 percent general partner interest in the partnership, prior to giving effect to the impact of the base offering and over-allotment option issuances. El Paso Pipeline Partners, L.P. owns Wyoming Interstate Company, L.L.C., an interstate pipeline system serving the Rocky Mountain region; a 58 percent interest in Colorado Interstate Gas Company, which operates in the Rocky Mountain region; a 51 percent interest in Southern LNG Company, L.L.C., which owns the Elba Island LNG storage and regasification terminal near Savannah, Georgia; a 51 percent interest in El Paso Elba Express Company, L.L.C.; and a 45 percent interest in Southern Natural Gas Company. Both El Paso Elba Express Company, L.L.C. and Southern Natural Gas Company are interstate pipeline systems serving the southeastern region of the United States.

Cautionary Statement Regarding Forward-Looking Statements

Statements about the offering may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of El Paso Pipeline Partners, and a variety of risks that could cause results to differ materially from those expected by the management of El Paso Pipeline Partners. El Paso Pipeline Partners undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact Information

  • Contact:
    Investor-Media Relations
    Bruce Connery
    Vice President
    (713) 420-5855

    Investor-Media Relations
    Bill Baerg
    Manager
    (713) 420-2906