TEPPCO Partners Sets Date for Enterprise Merger Vote
TEPPCO Partners, L.P. on Monday announced it will hold a special meeting of unitholders at 1 p.m. CDT on October 23, 2009. The meeting will be held at the Hyatt Regency Hotel, 1200 Louisiana Street, Houston, TX 77002 for unitholders of record as of August 31, 2009.
At the special meeting, TEPPCO unitholders will be asked to vote upon the proposed merger with Enterprise Products Partners L.P. (NYSE:EPD - News). As described in a June 29, 2009 announcement, the two partnerships have entered into a definitive merger agreement under which TEPPCO unitholders, except for a certain affiliate of EPCO, Inc., would receive 1.24 Enterprise common units for each TEPPCO unit. TEPPCO Partners, L.P., is a publicly traded energy logistics partnership with operations that span much of the continental United States. TEPPCO owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products. The partnership's midstream network is comprised of approximately 12,500 miles of pipelines that gather and transport refined petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, and includes one of the largest common carrier pipelines for refined petroleum products and LPGs in the United States. TEPPCO's storage assets include approximately 27 million barrels of capacity for refined petroleum products and LPGs and about 14 million barrels of capacity for crude oil. TEPPCO also owns a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems, and in the Gulf of Mexico. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings L.P.