Deal Description: On August 11, 2021, Tallgrass Energy Partners, LP (“TEP”) announced that it, along with Tallgrass Energy Finance Corp., a wholly-owned subsidiary of TEP, priced an offering (the “Notes Offering”) of $500 million in aggregate principal amount of 6.000% senior unsecured notes due 2031 at an offering price equal to 100% of par.
The Notes Offering is expected to close August 18, 2021, 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 5.50% Senior Notes due 2024 (the 2024 Notes”), and to redeem the 2024 Notes that remain outstanding following the consummation of the Tender Offer. The Tender Offer is being made pursuant to an Offer to Purchase dated August 11, 2021.
Baker Botts L.L.P. represented TEP in the Notes Offering and the Tender Offer.
Baker Botts Lawyers/Office Involved:
- Corporate: Mollie Duckworth (Partner, Austin); Justin Hoffman (Partner, Houston); Grace Matthews (Senior Associate, Austin); Dillon Sebasco (Associate, Austin); Jenna Kabrich (Associate, Austin); Brian Golde (Associate, Austin)
- Tax: Michael Bresson (Partner, Houston), Chuck Campbell (Special Counsel, Houston)
For more information on the Notes Offering, please see Tallgrass’s news release by clicking here.
For more information on the Tender Offer, please see Tallgrass’s news release by clicking here.
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