Deal Description: May 5, 2015 ‒ Tallgrass Energy GP, LP (“Tallgrass”) announced that it raised $1.2 billion by offering 41.5 million shares at $29, above the range of $24 to $27. The Class A shares are listed on the New York Stock Exchange under the symbol “TEGP.” Tallgrass has granted the underwriters an option to purchase up to an additional 6,225,000 Class A shares from Tallgrass at the initial public offering price. The offering is expected to close on May 12, 2015, subject to customary closing conditions.
After the offering, TEGP will own membership interests in Tallgrass Equity, LLC, which will own a 100% membership interest in Tallgrass MLP GP, LLC ( “TEP GP”) and 20 million common units of Tallgrass Energy Partners, LP (“TEP”). TEP GP currently owns all of the incentive distribution rights and a 1.37% general partner interest in TEP. TEP is a publicly traded, growth-oriented limited partnership formed to own, operate, acquire and develop midstream energy assets in North America.
Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers, and Baird, Scotia Howard Weil, Stifel, Tudor, Pickering, Holt & Co. and U.S. Capital Advisors are acting as co-managers for the initial public offering.
Baker Botts represented Tallgrass Energy GP, LP in connection with the offering.
Baker Botts Lawyers/Office Involved:
- Corporate (Securities): Mollie Duckworth (Partner, Austin); Josh Davidson (Partner, Houston); Courtney Fore (Associate, Austin); Chris Janisch (Associate, Austin)
- Corporate (Restructure): Mike Bengtson (Partner, Austin); Robert Montgomery (Associate, Austin)
- Tax: Mike Bresson (Partner, Houston); Jon Nelsen (Partner, Austin); Zack Pullin (Senior Associate, Houston); Michael Telford (Associate, Houston); Kathryn McEvilly (Associate, Houston)
- Regulatory: Emil Barth (Senior Associate, Washington)
- Environmental: Aileen Hooks (Partner, Austin); Nick Graham (Associate, Austin)
- Employee Benefits: Mark Bodron (Partner, Houston); Stephanie Jeane (Associate, Houston)
- Investment Company Act: Terence Rozier-Byrd (Special Counsel, New York)
- Finance: Rachael Lichman (Senior Associate, Houston)
- Antitrust: Michael Bodosky (Special Counsel, Washington)
For more information, please see Tallgrass Energy GP, LP’s news release by clicking here.
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