Energy firms set date for vote on Kinder Morgan merger transactions

Kinder Morgan, Inc. (KMI), Kinder Morgan Energy Partners, L.P. (KMP), Kinder Morgan Management, LLC (KMR) and El Paso Pipeline Partners, L.P. (EPB) have announced that KMI’s Registration Statement on Form S-4 has been declared effective by the Securities and Exchange Commission (SEC), and that each company has filed a proxy statement or proxy statement/prospectus, as applicable, with the SEC. Each company has set 20 November 2014 as the date of its special meeting to vote on the proposals related to the merger transactions previously announced on 10 August 2014. Each company has commenced mailing of its proxy materials to its shareholders or unitholders on 22 October 2014. Unitholders and shareholders of record at the close of business on 20 October 2014 will be entitled to vote at the applicable special meeting.

Chairman and CEO Richard D. Kinder said, “We are delighted that the special meeting date of 20 November has been set for shareholders and unitholders of the Kinder Morgan companies to vote on this transaction, which we anticipate will close by Thanksgiving. We believe merging the companies benefits our shareholders and unitholders, simplifies the Kinder Morgan story by transitioning to one security and paves the way for superior growth at KMI for years to come. KMI projects a dividend of US$ 2.00 per share for 2015, a 16% increase over the budgeted 2014 KMI dividend target of US$ 1.72 per share, and the company expects to grow the dividend by approximately 10% each year from 2015 through 2020 while producing excess coverage of over US$ 2 billion.”

The combined Kinder Morgan entities own an interest in or operate approximately 80 000 miles of pipelines and 180 terminals. Kinder Morgan’s pipelines transport natural gas, gasoline, crude oil, CO₂ and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. Kinder Morgan, Inc. owns the general partner interests of Kinder Morgan Energy Partners, L.P. and El Paso Pipeline Partners, L.P., along with limited partner interests in KMP and EPB and shares in Kinder Morgan Management, LLC.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/23102014/energy-firms-set-date-for-vote-on-kinder-morgan-merger-transactions-947/