NGPL PipeCo LLC Commences Tender Offer for Any and All of its Outstanding 7.119% Senior Notes due 2017
HOUSTON, July 25, 2017 /PRNewswire/ -- NGPL PipeCo LLC ("NGPL") today announced the commencement of a cash tender offer to purchase any and all of its 7.119% Senior Notes due 2017 (the "Notes"). As of July 25, 2017, $1,250,000,000 aggregate principal amount of the Notes were outstanding. The tender offer is being made pursuant to an offer to purchase, dated as of July 25, 2017, and the related letter of transmittal and notice of guaranteed delivery. The tender offer will expire at 8:00 a.m., Eastern Time, on August 1, 2017, unless extended or earlier terminated by NGPL (the "Expiration Time").
Holders of Notes that are validly tendered at or prior to the Expiration Time and accepted by NGPL for purchase will receive total cash consideration equal to the sum of $1,020.64 per $1,000 principal amount of Notes, plus an amount equal to accrued and unpaid interest, if any, thereon from the last interest payment date up to, but not including, the settlement date.
Subject to the terms and conditions to the Offer, NGPL expects to accept for purchase all of the Notes validly tendered and not validly withdrawn prior to the Expiration Time. NGPL expects that the time of such acceptance will be promptly following the Expiration Time and that such time will occur on the same business day as the Expiration Time. In respect of Notes that are accepted for purchase at the acceptance time, NGPL expects that settlement of the tender offer will occur at or promptly following the acceptance date.
The tender offer is contingent upon, among other things, NGPL's completion of one or more capital markets transactions, in an amount sufficient to fund the purchase of validly tendered Notes accepted for purchase in the tender offer and pay all fees and expenses associated with the foregoing financing and tender offer. The tender offer is not conditioned on any minimum amount of the Notes being tendered. NGPL may amend, extend or terminate the tender offer in its sole discretion.
Tendered notes may be withdrawn at any time prior to the Expiration Time. This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The tender offer is being made solely pursuant to the terms and conditions contained in the offer to purchase and related letter of transmittal and notice of guaranteed delivery, copies of which may be obtained from Global Bondholder Services Corporation, the information agent and tender agent for the tender offer, by telephone at (866) 470‑4300 (toll-free) or for banks and brokers, at (212) 430‑3774 (Banks and Brokers Only) or in writing at Global Bondholder Services Corporation, 65 Broadway, Suite 404, New York, New York 10006, Attention: Corporate Actions. Persons with questions regarding the tender offer should contact the dealer manager, RBC Capital Markets, LLC, by telephone at (877) 381‑2099 (U.S. toll-free) or (212) 618‑7822 (Banks and Brokers Call Collect).
Copies of the offer to purchase and related letter of transmittal and notice of guaranteed delivery are also available at the following web address: www.gbsc-usa.com/NGPL/
About NGPL
NGPL, through its subsidiaries, owns one of the largest interstate pipeline systems in the country with approximately 9,100 miles of pipeline, more than one million horsepower of compressor facilities and approximately 288 billion cubic feet of working gas storage. NGPL is jointly owned by Kinder Morgan, Inc. and Brookfield Infrastructure Partners L.P., and a subsidiary of Kinder Morgan, Inc. operates the system.
Forward-looking Information
This release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Generally the words "expects," "believes," "anticipates," "plans," "will," "shall," "estimates," and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although NGPL believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Actual results may vary materially. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, NGPL undertakes no obligation to update or revise any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
SOURCE NGPL PipeCo LLC
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