El Paso Pipeline Partners (EPB) Prices 11M Shares at $17.50/Unit
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El Paso Pipeline Partners, L.P. (NYSE: EPB) today announced it has priced a public offering of 11,000,000 common units representing limited partner interests at $17.50 per common unit.
Net proceeds from the offering, including the general partner's proportionate capital contribution, 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. The offering is scheduled to close June 15, 2009. El Paso Pipeline Partners also granted the underwriters a 30-day option to purchase up to an aggregate of 1,650,000 additional common units.
Morgan Stanley & Co. Incorporated, Barclays Capital Inc., Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint book-running managers of the offering. Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and Raymond James & Associates, Inc. are acting as co-managing underwriters of the offering.
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