Tallgrass Energy Partners Announces Expiration and Results of Its Tender Offer for Its 4.75% Senior Notes Due 2023

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LEAWOOD, Kan.--(BUSINESS WIRE)-- Tallgrass Energy Partners, LP (“TEP”) announced today that the tender offer (the “Tender Offer”) commenced on December 15, 2020 to purchase any and all of the outstanding 4.75% Senior Notes due 2023 (the “Notes”), co-issued by TEP and Tallgrass Energy Finance Corp., a wholly owned subsidiary of TEP (together with TEP, the “Issuers”), expired at 5:00 p.m. New York City Time on December 21, 2020 (the “Expiration Time”).

According to Global Bondholder Services Corporation, the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.

Title of Security




Percentage of

4.75% Senior Notes due 2023





TEP expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today. The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be December 24, 2020.

TEP will use a portion of the proceeds from the issuance of $750 million aggregate principal amount of the Issuers’ 6.00% Senior Notes due 2030 (the “New Notes”), which is expected to close today, for the payment of all Notes to be purchased in the Tender Offer. TEP’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”). Subject to the completion of the Notes Offering, TEP intends to exercise its right to redeem any Notes that were 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 was 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, 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:

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. This press release does not constitute a notice of redemption under the indenture governing the Notes.

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.

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Source: Tallgrass Energy