|TEPPCO Partners, L.P. Announces Public Offering of Units|
HOUSTON--(BUSINESS WIRE)--Sept. 3, 2008--TEPPCO Partners, L.P. (NYSE:TPP) today announced the commencement of a public offering of 7,100,000 units representing limited partner interests. TEPPCO has also granted the underwriters an option to purchase up to an additional 1,065,000 units if they sell more than 7,100,000 units in the offering. In connection with the offering, TEPPCO is also selling approximately 220,000 additional units to an affiliate of EPCO, Inc., which along with TEPPCO, is under the common control of Dan L. Duncan. TEPPCO intends to use the net proceeds from the offering to reduce borrowings outstanding under its revolving credit facility and expects to use some of the increased availability under the facility to finance capital expenditures and other growth projects.
Lehman Brothers, UBS Investment Bank, and Wachovia Securities are joint book-running managers for the offering. A copy of the preliminary prospectus supplement and related base prospectus can be obtained from the underwriters as follows:
UBS Investment Lehman Brothers Bank Wachovia Securities Attn: Prospectus c/o Broadridge, Integrated Dept Equity Syndicate Dept 299 Park Distribution Services Avenue 375 Park Avenue New York, 1155 Long Island Avenue NY 10171 New York, NY 10152 Tel: 888- Email: Edgewood, NY, 11717 827-7275 firstname.lastname@example.org Email: Giana.email@example.com Tel: 800-326-5897 Fax: 631-254-7140
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units described herein, nor shall there be any sale of these units in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.
TEPPCO Partners, L.P., a publicly traded partnership with an enterprise value of approximately $5 billion, is a diversified energy logistics company with operations that span much of the continental United States. TEPPCO owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products. The partnership's pipeline network is comprised of approximately 12,500 miles of pipelines that gather and transport refined petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, including one of the largest common carrier pipelines for refined petroleum products and LPGs in the United States. Including joint venture ownership, TEPPCO's storage assets include approximately 27 million barrels of capacity for refined petroleum products and LPGs and about 14 million barrels of capacity for crude oil. TEPPCO also owns a marine business that transports refined petroleum products, crude oil, asphalt, condensate, heavy fuel oil and other heated oil products via tow boats and tank barges. For more information, visit TEPPCO's website. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings L.P. (NYSE:EPE).
CONTACT: TEPPCO Partners, L.P., Houston