TEPPCO PARTNERS, L.P. ANNOUNCES PRICING OF UNITS
The net proceeds from the offering of approximately $166 million will be used to fund approximately $86.9 million of capital expenditures during the remainder of 2003 for revenue generating and system upgrade projects, to fund approximately $30 million or more of potential acquisitions, to reduce amounts outstanding under its bank revolving credit facility and for general partnership purposes.
TEPPCO has also granted the underwriters an option to purchase up to an additional 750,000 units to cover over-allotments at the initial price to the public less the underwriting discount. The offering brings the total number of common units outstanding to 62.8 million.
Copies of the final prospectus relating to this offering may be obtained from UBS Securities LLC, 1285 Avenue of the
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-per 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.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P. filings with the Securities and Exchange Commission.