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Tallgrass Energy Partners, LP Announces Tender Offer for Its 5.50% Senior Notes due 2024

Aug 11, 2021 08:42 AM Mountain Standard Time

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 August 11, 2021 (the “Offer to Purchase”).

Issuer (1)

 

Title of Security

 

CUSIP
Number

 

Principal
Amount
Outstanding

 

Purchase
Price per
$1,000 of
Notes (2)

Tallgrass Energy
Partners, LP

5.50% Senior Notes due 2024

 

87470LAA9/ U8302LAA6

 

$489,285,000

 

$1,016.50

(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 August 17, 2021 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 Tendered Notes may be withdrawn at any time before the Expiration Time.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 August 18, 2021, 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 August 20, 2021, 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 September 17, 2021. The redemption price for the Notes will be 101.375% 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 2024 Notes outstanding after completion of the Tender Offer.

TEP has retained MUFG Securities Americas Inc. to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to MUFG Securities Americas Inc. at (212) 405-7440 (phone) or (646) 434-3455 (fax).

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.

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