Tallgrass Energy Partners’ $750 Senior Notes Million Offering


Baker Botts LLP advised Tallgrass Energy Partners on the deal.

Tallgrass Energy Partners, LP (“TEP”) announced that it, along with Tallgrass Energy Finance Corp., a wholly-owned subsidiary of TEP, priced an upsized offering (the “Notes Offering”) of $750 million in aggregate principal amount of 6.000% senior unsecured notes due 2030 at an offering price equal to 100% of par.

TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund a concurrent cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 4.75% Senior Notes due 2023 (the 2023 Notes”), to redeem the 2023 Notes that remain outstanding following the consummation of the Tender Offer, and to redeem $250 million principal amount of its outstanding 5.50% Senior Notes due 2024. The Tender Offer is being made pursuant to an Offer to Purchase dated December 15, 2020.

The Baker Botts team included Mollie Duckworth (Picture), Dan Tristan, Justin Hoffman, Allison Lancaster, Dillon Sebasco, Chad Davis, Sean Aguirre, Jon Nelsen and Leah Patrick.

Involved fees earner: Sean Aguirre – Baker Botts; Chad Davis – Baker Botts; Mollie Duckworth – Baker Botts; Justin Hoffman – Baker Botts; Allison Lancaster – Baker Botts; Jon Nelsen – Baker Botts; Leah Patrick – Baker Botts; Dillon Sebasco – Baker Botts; Daniel Tristan – Baker Botts;

Law Firms: Baker Botts;

Clients: Tallgrass Energy Partners, LP ;

Author: Ambrogio Visconti