News Release
Feb. 14, 2002

TEPPCO PARTNERS, L.P. PRICES SENIOR NOTE OFFERING

HOUSTON – TEPPCO Partners, L.P. (NYSE: TPP) today priced an offering for $500 million of 7-5/8 percent senior notes due Feb. 15, 2012. The notes are unconditionally guaranteed by TEPPCO’s principal operating partnerships. The offering is being managed by UBS Warburg LLC, as book runner. Co-managing underwriters are SunTrust Robinson Humphrey, Wachovia Securities, Banc One Capital Markets, Inc., BNY Capital Markets, Inc., Credit Lyonnais Securities and RBC Capital Markets.

 

The net proceeds from the offering will be used to reduce the outstanding balance of $200 million on a term loan incurred in connection with the acquisition of Jonah Gas Gathering Company, a portion of the debt outstanding under a revolving credit facility, and for general corporate purposes. The offering is scheduled to close on Feb. 20, 2002.

 

TEPPCO Partners, L.P. is a publicly traded master limited partnership, which conducts business through various subsidiary operating companies. TEPPCO owns and operates one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States; owns and operates petrochemical and natural gas liquid pipelines; is engaged in crude oil transportation, storage, gathering and marketing; owns and operates a natural gas gathering system; and owns a 50-percent interest in Seaway Crude Pipeline Company, an interest in Centennial Pipeline LLC and an undivided ownership interest in the Rancho and Basin Pipelines. Texas Eastern Products Pipeline Company, LLC, an indirect wholly owned subsidiary of Duke Energy Field Services, LLC, is the general partner of TEPPCO Partners, L.P.

 

This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities 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. Copies of the final prospectus relating to this offering may be obtained from UBS Warburg LLC, New York, NY, by calling (212) 821-3976.

Contact: Brenda J. Peters -- Investor Relations
Phone: 713/759-3954
24 Hour Phone: n/a
Email: bpeters@TEPPCO.com
Contact: Kathleen A. Sauve -- Media Relations
Phone: 713/759-3635
24 Hour Phone: 704/382-8333
Email: ksauve@TEPPCO.com