News Release
April 08, 2003

TEPPCO PARTNERS, L.P. CLOSES UNIT OFFERING INCLUDING SALE OF ADDITIONAL 513,750 UNITS; RETIRES ALL CLASS B UNITS

HOUSTON – TEPPCO Partners, L.P. (NYSE: TPP) announced that its previously declared offering of common units closed today. The closing included the issuance and sale of an aggregate of 3,938,750 common units, which included an additional 513,750 common units issued upon the exercise of the underwriter’s option to cover over-allotments. The sale was at the initial price to the public of $30.35 per unit, less underwriting discount.

 

TEPPCO immediately applied substantially all of the net proceeds of the offering to repurchase and retire all 3,916,547 outstanding Class B Units held by Duke Energy Transport and Trading Company, LLC. The sale and repurchase brings the total number of common units outstanding to 57.8 million.

 

Citigroup Global Markets Inc. (formerly Salomon Smith Barney) as lead manager, and A.G. Edwards & Sons, Lehman Brothers, UBS Warburg and, Goldman Sachs & Co. acted as underwriters for the offering. A copy of the final prospectus supplement and related prospectus can be obtained from any of the underwriters, including Citigroup at 388 Greenwich Street, New York, N.Y., 10013.

 

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 natural gas gathering systems; and owns a 50-percent interest in Seaway Crude Pipeline Company, a 50-percent interest in Centennial Pipeline LLC, and an undivided ownership interest in the Basin Pipeline. 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 press release does not constitute an offer to sell or a solicitation of an offer to buy the limited partnership interests described herein, nor shall there be any sale of these limited partnership interests in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

 

Contact: Brenda J. Peters -- Investor Relations
Phone: 713/759-3954, toll-free: 800/659-0059
24 Hour Phone: n/a
Email: bjpeters@teppco.com
Contact: Kathleen A. Sauve -- Media Relations
Phone: 713/759-3635
24 Hour Phone: 704/382-8333
Email: kasauve@teppco.com