HOUSTON, Aug. 1, 2017 /PRNewswire/ -- NGPL PipeCo LLC ("NGPL") announced today the expiration and final results of its previously announced offer to purchase (the "Tender Offer") for cash any and all of its outstanding 7.119% Senior Notes due 2017 (the "Notes").
The Tender Offer expired at 8:00 a.m. Eastern Time on August 1, 2017. As of the expiration of the Tender Offer, $1,115,997,000 aggregate principal amount of the Notes, representing approximately 89.28% of the outstanding Notes, were validly tendered and not validly withdrawn, pursuant to the Tender Offer. NGPL has accepted for purchase all Notes that were validly tendered and not validly withdrawn pursuant to the Tender Offer at the expiration of the Tender Offer at a purchase price equal to $1,020.64 per $1,000 principal amount of Notes, plus a cash amount equal to accrued and unpaid interest on such Notes from the last interest payment date up to but not including the settlement date. NGPL expects to settle the Tender Offer on August 1, 2017 and to pay an aggregate consideration for the tendered Notes of approximately $1,149,182,844.88.
After such settlement, approximately $134,003,000 aggregate principal amount of the Notes will remain outstanding. NGPL intends to redeem all of the Notes that remain outstanding after the settlement of the Tender Offer pursuant to the terms of the indenture governing the Notes.
Included in the aggregate principal amount of Notes that will remain outstanding are $13,676,000 aggregate principal amount which have been delivered pursuant to the guaranteed delivery procedures under the Tender Offer, for which settlement is expected to occur on August 4, 2017.
RBC Capital Markets, LLC acted as dealer manager for the Tender Offer, and Global Bondholder Services Corporation served as the information agent and the depositary for the Tender Offer.
This press release shall not constitute an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities.
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 Kinder Morgan, Inc. operates the system.
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