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NGPL PipeCo gets tenders for 89.28% of 7.119% notes in one-week offer
By Susanna Moon
Chicago, Aug. 1 – NGPL PipeCo LLC said investors had tendered $1,115,997,000 principal amount, or 89.28%, of its $1.25 billion of 7.119% senior notes due 2017 in the offer that ran until 8 a.m. ET on Aug. 1.
NGPL expects to pay about $1,149,182,844.88 to settle the tender offer on Tuesday, according to a company press release.
As announced July 25, NGPL was offering to pay $1,020.64 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date.
After settlement, there will be $134,003,000 principal amount of the notes left outstanding.
Included in the outstanding amount is $13,676,000 of notes delivered under guaranteed delivery procedures with settlement expected to occur Aug. 4.
NGPL plans to redeem the notes that remain outstanding after the offer.
The tender is contingent upon NGPL closing one or more capital markets transactions with enough proceeds to fund the offer.
The offer is not conditioned on any minimum amount of notes being tendered.
Global Bondholder Services Corp. (866 470-4300 or 212 430-3774) is the information agent and tender agent. RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) is the dealer manager.
NGPL is a Houston-based natural gas transportation and storage company.
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