Tallgrass Energy receives tenders for 46.68% of 5½% notes due 2024

Chicago, Aug. 18 – Tallgrass Energy Partners, LP announced the results of its tender offer to purchase any and all of its $489,285,000 outstanding 5½% senior notes due 2024 (Cusips: 87470LAA9, U8302LAA6), according to a press release.

As of the 5 p.m. ET Aug. 17 expiration time, the company received valid tenders for $228,409,000, or 46.68%, of the notes. That amount excludes $2,057,000 of notes tendered via guaranteed delivery procedures.

The company will accept all notes tendered and expects to make payment later on Wednesday.

Notes tendered by guaranteed delivery procedures will be settled on Aug. 20.

Tallgrass will use a portion of the proceeds from its new offering of $500 million of 6% senior notes due 2031 to pay for the notes. The new notes offering is expected to settle later in the day on Wednesday.

The issuer intends to redeem in full any notes not tendered at 101.375 plus accrued interest on Sept. 17.

Tallgrass Energy Finance Corp., a wholly owned subsidiary, is a co-issuer of the tendered notes.

MUFG Securities Americas Inc. (212 405-7440) is the dealer manager.

The tender agent and information agent is Global Bondholder Services Corp. (866 794-2200 or 212 430-3774).

Tallgrass is a Leawood, Kan.-based energy and infrastructure company serving crude oil and natural gas basins.

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