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Energy

TEPPCO’s Multi-Year Lows on Increased Offering (TPP)

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By Douglas A. McIntyre Updated Published
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Oil_gas_pipeline_picTEPPCO Partners, L.P. (NYSE:TPP) is under a bit of pressure after the energy logistics company has priced a secondary offering of 8,000,000 units.  Last night this was listed as a pricing of 7.1 million units, but that number has been increased this morning.  As far as a use of funds, TEPPCO intends to use the net proceeds from these sales of units to reduce debt under its revolving credit facility, and it expects to use some of the increased availability under the facility to finance capital expenditures and other growth projects.

TEPPCO also agreed to sell approximately 240,000 additional units atthe same public offering price to TEPPCO Unit L.P., an affiliate ofEPCO, Inc. EPCO, Inc., along with TEPPCO, is under the common controlof Dan L. Duncan.

Lehman Brothers, UBS, and Wachovia are listed as the joint book-runningmanagers for the offering. TEPPCO has granted the underwriters anoption to purchase up to an additional 1,200,000 units to coverover-allotments.

Shares are down 3.8% at $28.88 right before the open.  Its 52-week trading range was $29.89 to $40.81.

Jon C. Ogg
September 4, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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