El Paso: Option to Purchase Additional Units Exercised
El Paso Pipeline Partners announced that the underwriters of its common unit offering exercised their option to purchase 1,112,500 additional common units at a public offering price of $24.48 per unit. The option was granted in connection with the partnership's public offering of 8,750,000 common units, which was completed on January 19, 2010. The closing of the over-allotment option is expected to occur on January 22, 2010. Total net proceeds from the offering of the 9,862,500 common units, including the general partner's proportionate capital contribution, are approximately $236.1 million and will be used by El Paso Pipeline Partners for general partnership purposes, including potential future acquisitions and growth capital expenditures.
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