El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
Tennessee Gas Pipeline Company Announces Pricing of $250 Million Private Placement of 8.000% Notes Due 2016
HOUSTON, TX, Jan 22, 2009 (MARKET WIRE via COMTEX) -- Tennessee Gas Pipeline Company (TGP), a wholly owned subsidiary of
El Paso Corporation (NYSE: EP), announced today that it has priced an
offering of $250 million of notes due February 1, 2016 with a coupon
of 8.000%, issued at a discount generating a yield of 9.000%. This
offering was done in a Rule 144A and Regulation S offering with
registration rights. TGP expects closing to occur on January 27,
2009, and will use note proceeds to fund its 2009 capital program.
Upon issuance, the notes will be senior unsecured obligations of TGP
and will rank equally in right of payment with other existing and
future unsecured senior indebtedness of TGP. The notes will not be
guaranteed by El Paso Corporation or any of its affiliates.
The notes will be offered to qualified institutional buyers pursuant
to Rule 144A under the Securities Act of 1933 and to non-U.S. persons
outside the United States in accordance with Regulation S under the
Securities Act. The notes will not be and have not been registered
under the Securities Act and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or a solicitation of any offer to buy such
securities and is issued pursuant to Rule 135c under the Securities
TGP is a Delaware corporation incorporated in 1947, and an indirect
wholly owned subsidiary of El Paso Corporation. Its primary business
consists of the interstate transportation and storage of natural gas.
TGP conducts its business activities through its natural gas
pipeline system and storage facilities.
El Paso provides natural gas and related energy products in a safe,
efficient, and dependable manner. El Paso owns North America's
largest interstate natural gas pipeline system and one of North
America's largest independent natural gas producers.
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 TGP 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 TGP'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, TGP
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 under the
caption "Risk Factors" in TGP's and El Paso Corporation's Annual and
Quarterly Reports on Forms 10-K and 10-Q and in the other documents
TGP and El Paso Corporation file 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 TGP or on TGP's
Investor and Media Relations
Bruce L. Connery
Office: (713) 420-5855
Office: (713) 420-2906