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Slide #25. Tallgrass Energy Partners, LP — Trailblazer Pipeline Company LLC
Tallgrass Energy Partners, LP (TEP)
Trailblazer Pipeline Company LLC
Tallgrass Energy Partners, LP (NYSE:TEP) ("TEP" or the "Partnership") today announced that it has closed on the acquisition of Trailblazer Pipeline Company LLC ("Trailblazer") from a wholly owned subsidiary of Tallgrass Development, LP for total consideration valued at approximately $164 million. In addition, the Partnership declared a quarterly cash distribution to unitholders of $0.3250 per common unit for the first quarter of 2014, or $1.30 on an annualized basis. This represents an amount that is 13% over the minimum quarterly distribution of $0.2875 and a 3.2% sequential increase from the fourth quarter 2013 distribution of $0.3150. "We are pleased to announce the completion of our first dropdown transaction at TEP and the third consecutive increase in our quarterly distribution. We expect the acquisition of Trailblazer to be immediately accretive to our unitholders, and as a result of this acquisition, we plan to recommend to our Board of Directors an increase in our annualized distribution of at least $0.20 beginning with the second quarter of 2014," said Tallgrass' President and CEO, David G. Dehaemers Jr.
Tallgrass Energy Partners owns, operates, acquires and develops midstream energy assets in North America. Co.'s segments are: Crude Oil Transportation and Logistics, which include the ownership and operation of a crude oil pipeline system and crude oil storage and terminalling facilities; Natural Gas Transportation and Logistics, which include the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; and Processing and Logistics, which include the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services, and the transportation of natural gas liquids.
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Buy (2.89 out of 4)
(ranked lower than approx. 90% of all stocks covered)
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