El Paso Pipeline Partners Announces $750 Million Senior Notes Offering (USA)


El Paso Pipeline Partners Operating, L.L.C., a wholly owned operating subsidiary of El Paso Pipeline Partners, L.P. , today announced that it plans to issue $750 million of senior notes of varying maturities pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC).

The partnership intends to use the net proceeds from the offering as partial consideration for the previously announced acquisition of the remaining 49-percent member interests in both Southern LNG Company, L.L.C. (SLNG) and El Paso Elba Express Company, L.L.C. (Elba Express) and an additional 15-percent interest in Southern Natural Gas Company (SNG) from El Paso Corporation, to repay the Elba Express project financing term loan, and to reduce outstanding borrowings under its revolving credit facility.

Following the acquisition, El Paso Pipeline Partners will own 100-percent of SLNG and Elba Express and a 60-percent interest in SNG.

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Source: El Paso Pipeline Partners, November 17, 2010

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