|TEPPCO Partners, L.P. Announces Amendment to Revolving Credit Facility|
HOUSTON--(BUSINESS WIRE)--Dec. 13, 2005--TEPPCO Partners, L.P. (NYSE:TPP) announced today that it has completed an amendment to its multi-year revolving credit facility. The significant terms of the amendment are described below.
"We are pleased to complete this amendment and with the increased level of support we received from our lenders," said Barry R. Pearl, president and chief executive officer of the general partner of TEPPCO. "This amendment provides our Partnership with additional financial flexibility and reduces our short-term cost of borrowing."
The administrative agent for the credit facility is SunTrust Bank. The syndication agent is Wachovia Bank, National Association and the co-documentation agents are BNP Paribas, JPMorgan Chase Bank, N.A., and KeyBank, N.A. The joint lead arrangers are SunTrust Capital Markets, Inc. and Wachovia Capital Markets, LLC.
TEPPCO Partners, L.P. is a publicly traded partnership, which conducts business through various subsidiary operating companies. TEPPCO owns and operates one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States; owns and operates petrochemical and natural gas liquid pipelines; is engaged in crude oil transportation, storage, gathering and marketing; owns and operates natural gas gathering systems; and owns 50-percent interests in Seaway Crude Pipeline Company, Centennial Pipeline LLC and Mont Belvieu Storage Partners, L.P., and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, a wholly owned subsidiary of DFI GP Holdings L.P. (a privately owned partnership indirectly controlled by Dan L. Duncan), is the general partner of TEPPCO Partners, L.P. For more information, visit TEPPCO's Web site at www.teppco.com.
CONTACT: TEPPCO Partners, L.P., Houston
SOURCE: TEPPCO Partners, L.P.