|TE Products Pipeline Company, LLC Exercises Its Call Option to Redeem Its 7.51% Senior Notes, Due 2028|
HOUSTON--(BUSINESS WIRE)--Dec. 26, 2007--TEPPCO Partners, L.P. (NYSE:TPP) and one of its operating subsidiaries, TE Products Pipeline Company, LLC ("TE Products"), today announced that TE Products will exercise its right to redeem the $175 million principal balance of its 7.51% senior notes that are due January 2028. This redemption represents the entire outstanding principal balance of this series of notes and will occur on January 28, 2008. Under the terms of these notes, the call premium to be paid is 103.755% of the principal amount redeemed, plus any accrued interest due on the notes at the date of redemption.
TEPPCO Partners, L.P. is a publicly traded partnership with an enterprise value of approximately $5 billion, which conducts business through various subsidiary operating companies, including TE Products. 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 transportation, storage, gathering and marketing of crude oil; owns and operates natural gas gathering systems; and has ownership interests in Jonah Gas Gathering Company, Seaway Crude Pipeline Company, Centennial Pipeline LLC and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings L.P. (NYSE:EPE). Additional information about Enterprise GP Holdings is available at www.enterprisegp.com.
CONTACT: TEPPCO Partners, L.P., Houston Investor Relations Mark G. Stockard, 713-381-4707 Toll Free: 800-659-0059 or Media Relations Rick Rainey, 713-381-3635 SOURCE: TEPPCO Partners, L.P.