HOUSTON - (Business Wire) TEPPCO Partners, L.P. (NYSE:TPP) today announced that total borrowing capacity under its revolving credit facility has been increased from $700 million to $950 million, effective July 17, 2008. The increased borrowing capability will provide TEPPCO additional financial flexibility in supporting its growth capital expenditure program.
“We are very pleased with the additional $250 million of credit commitments from new and existing lenders,” said Jerry Thompson, president and chief executive officer of TEPPCO’s general partner. “These commitments will provide TEPPCO with added flexibility to execute our growth initiatives designed to increase our distributable cash flow and build long-term value for our investors. We believe it is a testament both to the support of our strong bank group and TEPPCO’s reputation for financial discipline and stability that the partnership was able to increase its credit capacity on favorable terms during the current challenging state of the capital markets.”
Total borrowings under the credit facility on July 17, 2008 were $537.5 million. The facility matures in December 2012.
TEPPCO Partners, L.P., a publicly traded partnership with an enterprise value of approximately $5 billion, is a diversified energy logistics company with operations that span much of the continental United States. TEPPCO owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products. The partnership’s midstream network is comprised of approximately 12,500 miles of pipelines that gather and transport refined petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, including one of the largest common carrier pipelines for refined petroleum products and LPGs in the United States. TEPPCO’s storage assets include approximately 27 million barrels of capacity for refined petroleum products and LPGs and about 15 million barrels of capacity for crude oil. TEPPCO also owns a marine business that transports refined petroleum products, crude oil and lube products via tow boats and tank barges that operate primarily on the United States inland and Intracoastal Waterway systems, and in the Gulf of Mexico. For more information, visit TEPPCO’s website. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings (NYSE:EPE).
This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding future results. These risks and uncertainties include, among other things, insufficient cash from operations, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P.'s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.
TEPPCO Partners, L.P., Houston
Investor Relations
Mark G. Stockard, 713-381-4707
Toll Free: 800-659-0059
or
Media Relations
Rick Rainey, 713-381-3635
