El Paso Pipeline Partners Launches IPO

El Paso Pipeline Partners, L.P. has commenced an initial public offering of 25,000,000 of its common units representing limited partnership interests pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission. The underwriters will be granted a 30-day over-allotment option to purchase up to 3,750,000 additional common units. The common units will be listed on the New York Stock Exchange and traded under the symbol "EPB."

El Paso Pipeline Partners, L.P. is a Delaware limited partnership recently formed by El Paso Corporation to own and operate natural gas transportation pipelines, storage, and other midstream assets. Initially, El Paso Pipeline Partners, L.P. will own Wyoming Interstate Company, a pipeline system serving the Rocky Mountain region, and a 10 percent interest in each of the Colorado Interstate Gas Company (CIG) and Southern Natural Gas Company (SNG) pipelines, which operate in the Rocky Mountain and Southeastern regions of the United States, respectively. El Paso Corporation will continue to own the other 90 percent of CIG and SNG.

The common units offered to the public will represent 28.9 percent of the outstanding equity of El Paso Pipeline Partners, 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.

At or prior to the closing of the offering, SNG will transfer to El Paso Corporation its equity investment in Citrus Corp. and its wholly-owned subsidiaries Southern LNG Inc. and Elba Express Company, LLC. These assets will not become part of El Paso Pipeline Partners.