El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
28-Dec-2007
Southern Natural Gas Company Announces Expiration and Final Results of Its Cash Tender Offer to Purchase Its 6.125-percent Notes Due September 15, 2008 HOUSTON, Dec. 28 /PRNewswire-FirstCall/ -- Southern Natural Gas Company
(SNG), a majority owned subsidiary of El Paso Corporation (NYSE: EP),
announced the expiration and final results of its previously announced cash
tender offer to purchase any and all of its outstanding 6.125-percent Notes
due September 15, 2008 (CUSIP No. 843452AX1). The tender offer expired at
12:00 midnight, New York City time, on December 27, 2007. $66,015,000 in
aggregate principal amount of notes were validly tendered and accepted for
purchase by SNG on the initial settlement date, and no additional notes were
tendered prior to the expiration date.
Merrill Lynch & Co. and J.P. Morgan Securities Inc. served as the dealer
managers for the tender offer and Global Bondholders Services Corporation
served as the depositary and information agent for the tender offer.
SNG is a Delaware general partnership, originally formed as a corporation
in 1935, and a majority owned subsidiary of El Paso Corporation. Its primary
business consists of the interstate transportation and storage of natural gas.
SNG conducts its business activities through its Southern Natural Gas pipeline
system and related storage facilities.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, dependable manner. El Paso Corporation owns North America's
largest interstate natural gas pipeline system and one of North America's
largest independent natural gas producers. For more information, visit
http://www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All forward-looking
statements are based on assumptions that SNG believes to be reasonable.
However, actual results almost always vary from assumed facts and the
differences can be material, depending upon the circumstances. As a result,
you should not place undue reliance on such forward-looking statements. The
words "believe," "expect," "estimate," "anticipate" and similar expressions
will generally identify forward-looking statements. All of SNG's
forward-looking statements, whether written or oral, are expressly qualified
by these cautionary statements and any other cautionary statements that may
accompany such forward-looking statements. In addition, SNG disclaims any
obligation to update any forward-looking statements to reflect events or
circumstances after the date of this release.
With this in mind, you should consider the risks discussed in the Offer to
Purchase, under the caption "Risk Factors" in SNG's Annual and Quarterly
Reports on Forms 10-K and 10-Q and in the other documents SNG files with the
SEC from time to time, which could cause actual results to differ materially
from those expressed in any forward-looking statement made by SNG or on SNG's
behalf.
SOURCE: El Paso Corporation, 12/28/2007
CONTACT:
Investor-Media Relations
Bruce L. Connery, Vice President
+1-713-420-5855, Fax, +1-713-420-4417
or Media Relations
Bill Baerg, Manager
+1-713-420-2906, Fax, +1-713-420-4417, both of El Paso Corporation/
Web site: http://www.elpaso.com
(EP)
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