Tallgrass Energy Partners, LP (“TEP”) announced today that the tender offer (the “Tender Offer”) commenced on January 16, 2024 to purchase any and all of the outstanding 7.50% Senior Notes due 2025 (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 January 22, 2024 (the “Expiration Time”).
TEP expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today.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 January 25, 2024.
TEP will use a portion of the proceeds from the issuance of $800 million aggregate principal amount of the Issuers’ 7.375% Senior Notes due 2029 (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, but is not obligated, to deposit funds with the trustee sufficient to satisfy and discharge the indenture governing the Notes and any Notes that were not tendered in the Tender Offer until redeemed on October 1, 2024 with the funds deposited with the trustee, subject to the satisfaction of certain conditions, including the completion of the Notes Offering.
The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase and Notice of Guaranteed Delivery, copies of which may be obtained from Global Bondholder Services Corporation, by calling (855) 654-2014 (toll free) or, for banks and brokers, (212) 430-3774. Copies of the Offer to Purchase and Notice of Guaranteed Delivery are also available at the following web address: https://www.gbsc-usa.com/tallgrass/.
TEP has retained BofA Securities, Inc. to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or debt_advisory@bofa.com.
