Pipeline operator seeks new investors

 

Kansas City-based pipeline operator Tallgrass Energy Partners, LP is looking for more investors as it announced an offering of $750 million in senior unsecured notes for sale.

Tallgrass and its subsidiary, Tallgrass Energy Finance Corporation made the offering of 6.000% notes due 2030 at an offering price equal to 100% of par.

The offering is expected to close on Dec. 22, 2020. TEP said it will use the net proceeds along with borrowings under its existing senior secured revolving credit facility to fund a concurrent cash tend offer to purchase any outstanding 4.75% senior notes due 2023 and to redeem $250 million of its outstanding 5.50% senior notes due 2024.

Source: BusinessWire

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