Tallgrass Energy Partners Prices Upsized Offering of $750 Million of 6.000% Senior Notes Due 2030

Company Release - 12/15/2020 06:02:00

LEAWOOD, Kan.--(BUSINESS WIRE)-- Tallgrass Energy Partners, LP (“TEP”) announced today that it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, priced an upsized offering of $750 million in aggregate principal amount of 6.000% senior unsecured notes due 2030 at an offering price equal to 100% of par (the “Notes Offering”).

The Notes Offering is expected to close December 22, 2020, subject to satisfaction of customary closing conditions. TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund a concurrent cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 4.75% Senior Notes due 2023 (the “2023 Notes”), to redeem the 2023 Notes that remain outstanding following the consummation of the Tender Offer, and to redeem $250 million principal amount of its outstanding 5.50% Senior Notes due 2024. The Tender Offer is being made pursuant to an Offer to Purchase dated December 15, 2020.

The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.

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 Partners, LP