El Paso Pipeline Partners acquires additional interests
El Paso Pipeline Partners, L.P. has announced that it has agreed to acquire the remaining 49% interests in both Southern LNG Company, L.L.C. (SLNG) and El Paso Elba Express Company, L.L.C. (Elba Express) as well as an additional 15% interest in Southern Natural Gas Company (SNG) from El Paso Corporation for US$ 1.133 billion. Following the acquisition, El Paso Pipeline Partners will own 100% of SLNG and Elba Express and a 60% interest in SNG.
"We are excited to announce our third drop-down transaction this year, which brings our total acquisitions to more than US$ 2.4 billion in 2010," said Jim Yardley, president and chief executive officer of El Paso Pipeline Partners.
El Paso Pipeline Partners expects to finance the acquisition in a manner consistent with its current and target capital structure, including US$ 415 million of cash proceeds from the partnership's September equity issuance and may include the issuance of public securities and the issuance of a promissory note to El Paso Corporation. The acquisition is expected to close by the end of November 2010.
Read the article online at: https://www.worldpipelines.com/business-news/15112010/el_paso_pipeline_partners_acquires_additional_interests/
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