El Paso Pipeline Partners Prices IPO
El Paso Pipeline Partners has priced its initial public offering of 25 million common units at $20.00 per unit, and the units will begin trading on the New York Stock Exchange Friday, November 16, under the symbol "EPB." The underwriters will be granted a 30-day over-allotment option to purchase up to 3,750,000 additional common units.
The common units offered to the public will represent 28.9 percent of the outstanding equity of El Paso Pipeline Partners, L.P., or 33.2 percent if the underwriters exercise, in full, their over-allotment option. El Paso Corporation will indirectly own the remaining equity interests in El Paso Pipeline Partners, L.P., including common units, subordinated units, and a 2-percent general partner interest.
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