TEPPCO Partners, L.P. (TPP) Announces Pricing of 8M Units
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TEPPCO Partners, L.P. (NYSE: TPP) announced that it has priced a public offering of 8,000,000 units representing limited partner interests. TEPPCO has also granted the underwriters an option to purchase up to an additional 1,200,000 units to cover overallotments.
TEPPCO intends to use the net proceeds from these sales of units to reduce borrowings outstanding under its revolving credit facility and expects to use some of the increased availability under the facility to finance capital expenditures and other growth projects.
TEPPCO Partners, L.P., a publicly traded partnership with an enterprise value of approximately $5 billion, is a diversified energy logistics company with operations that span much of the continental United States.
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