Monday, October 26, 2009

Enterprise and TEPPCO complete merger, announce changes

HOUSTON - Enterprise Products Partners L.P. and TEPPCO Partners, L.P. on Oct. 26 announced that the merger of the two partnerships has been completed. The merger agreement was approved by TEPPCO unitholders at a special meeting held Oct. 23 in Houston.
With an enterprise value of approximately $30 billion, 48,000 miles of pipelines and market capitalization of $18 billion, Enterprise is now the nation`s largest publicly traded partnership.
Some 97 percent of the TEPPCO units that voted were cast in favor of the merger and represented about 71 percent of TEPPCO`s total outstanding units. In addition, approximately 96 percent of the votes cast by Unaffiliated TEPPCO Unitholders approved the merger of the two partnerships.
Under the terms of the merger agreement, TEPPCO unitholders will receive 1.24 Enterprise common units for each TEPPCO unit owned at the effective time of the merger, which is expected to be completed Oct. 26, 2009.
As previously announced, Enterprise is offering to exchange TEPPCO senior and subordinated notes validly tendered for exchange, and not validly withdrawn, prior to their expiration date, for Enterprise notes. The exchange is scheduled to be completed at the close of business on Oct. 27. As of Oct. 23, $1.94 billion of the $2 billion aggregate principal amount of TEPPCO notes had been tendered for exchange.

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