Tallgrass Energy Partners, LP - Tender Offer (US) - Expiration and Results

Tallgrass Energy Announces Expiration and Results of Its Tender Offer for Its 7.50% Senior Notes Due 2025

23 JANUARY 2024

Full announcement including disclaimers and offer restrictions available via Businesswire

"LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that the tender offer (the “Tender Offer”) commenced on January 16, 2024 to purchase any and all of the outstanding 7.50% Senior Notes due 2025 (the “Notes”), co-issued by TEP and Tallgrass Energy Finance Corp., a wholly owned subsidiary of TEP (together with TEP, the “Issuers”), expired at 5:00 p.m. New York City Time on January 22, 2024 (the “Expiration Time”).

According to Global Bondholder Services Corporation, the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.

TEP expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today. The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be January 25, 2024.

TEP will use a portion of the proceeds from the issuance of $800 million aggregate principal amount of the Issuers’ 7.375% Senior Notes due 2029 (the “New Notes”), which is expected to close today, for the payment of all Notes to be purchased in the Tender Offer. TEP’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”). Subject to the completion of the Notes Offering, TEP intends, but is not obligated, to deposit funds with the trustee sufficient to satisfy and discharge the indenture governing the Notes and any Notes that were not tendered in the Tender Offer until redeemed on October 1, 2024 with the funds deposited with the trustee, subject to the satisfaction of certain conditions, including the completion of the Notes Offering."

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Tallgrass Energy Prices Upsized Offering of $800 Million of 7.375% Senior Notes Due 2029

16 JANUARY 2024

Full announcement including disclaimers and offer restrictions available via Businesswire

LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, priced an offering of $800 million in aggregate principal amount of 7.375% senior unsecured notes due 2029 at an offering price equal to 100% of par (the “Notes Offering”). The size of the offering was increased from the previously announced $700 million to $800 million.

The Notes Offering is expected to close January 23, 2024, subject to satisfaction of customary closing conditions. TEP intends to use the net proceeds of the Notes Offering to fund the purchase of its outstanding 7.50% Senior Notes Due 2025 (the “2025 Notes”) in the concurrent cash tender offer (the “Tender Offer”), to deposit funds with the trustee sufficient to satisfy and discharge the indenture and any 2025 Notes outstanding after completion of the Tender Offer until redeemed on October 1, 2024 with the funds deposited with the trustee and to repay a portion of the outstanding balance of its revolving credit facility, with any excess to be used for general partnership purposes. The Tender Offer is being made pursuant to an Offer to Purchase dated January 16, 2024.

The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act."

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Tallgrass Energy Announces Tender Offer for Its 7.50% Senior Notes due 2025

16 JANUARY 2024

Full announcement including disclaimers and offer restrictions available via Businesswire

LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding senior notes (the “Notes”) listed in the following table upon the terms and conditions described in TEP’s Offer to Purchase, dated January 16, 2024 (the “Offer to Purchase”).

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