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LEAWOOD, Kan.--(BUSINESS WIRE)-- Tallgrass Energy Partners, LP (“TEP”) announced today that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding senior notes (the “Notes”) listed in the following table upon the terms and conditions described in TEP’s Offer to Purchase, dated December 15, 2020 (the “Offer to Purchase”).

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(1) Tallgrass Energy Finance Corp., a wholly owned subsidiary of TEP, is a co-issuer of these securities.
(2) Holders whose Notes are purchased will also receive accrued and unpaid interest thereon from the last interest payment date up to, but not including, the initial settlement date.

The Tender Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery, copies of which may be obtained from Global Bondholder Services Corporation, the tender agent and information agent for the Tender Offer, by calling (866) 794-2200 (toll free) or, for banks and brokers, (212) 430-3774. Copies of the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery are also available at the following web address: https://www.gbsc-usa.com/tallgrass/.

The Tender Offer will expire at 5:00 p.m., New York City time, on December 21, 2020 unless extended or earlier terminated (such time and date, as the same may be extended, the “Expiration Time”). Tendered Notes may be withdrawn at any time before the Expiration Time. Holders of Notes must validly tender and not validly withdraw their Notes (or comply with the procedures for guaranteed delivery) before the Expiration Time to be eligible to receive the consideration for their Notes.

Settlement for Notes tendered prior to the Expiration Time and accepted for purchase will occur promptly after the Expiration Time, which is expected to be December 22, 2020, assuming that the Tender Offer is not extended or earlier terminated. The settlement date for any Notes tendered pursuant to a Notice of Guaranteed Delivery is expected to be on December 24, 2020, subject to the same assumption.

To the extent the Tender Offer is not subscribed in full, TEP intends to exercise its right to redeem any Notes that are not tendered in the Tender Offer. The redemption date is expected to be on or about January 21, 2021. The redemption price for the Notes will be 102.375% of the aggregate principal amount being redeemed, plus accrued and unpaid interest on the Notes redeemed to, but not including, the redemption date. The Tender Offer and the redemption are conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous notes offering (the “Notes Offering”) by TEP on terms and conditions (including, but not limited to, the amount of proceeds raised in such Notes Offering) satisfactory to TEP. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered. The Tender Offer may be amended, extended, terminated or withdrawn. TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund the Tender Offer and to redeem any 2023 Notes outstanding after completion of the Tender Offer.

TEP has retained Wells Fargo Securities, LLC to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to Wells Fargo Securities, LLC at (toll free) (866) 309-6316 or (collect) (704) 410-4756.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offer. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Tallgrass Energy

Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201215005636/en/

Investor and Financial Inquiries
Andrea Attel, (913) 928-6012
investor.relations@tallgrassenergylp.com
or
Media and Trade Inquiries
Phyllis Hammond, (303) 763-3568
media.relations@tallgrassenergylp.com

Source: Tallgrass Energy Partners, LP