El Paso Pipeline Partners LP - 2010-11-16


Plans to issue $750 million of senior notes for net proceeds to partially fund the acquisition of the remaining 49% member interests in both Southern LNG Co. LLC (SLNG) and El Paso Elba Express Co. LLC (Elba Express) and an additional 15% interest in Southern Natural Gas Co. (SNG) from El Paso Corp. (NYSE: EP); to pay the Elba Express project financing term loan; and to reduce outstanding borrowings under its revolving credit facility. Following the acquisition, El Paso Pipeline Partners will own 100% of SLNG and Elba Express and a 60% interest in SNG. RBS, BNP PARIBAS, Deutsche Bank, and J.P. Morgan are joint book-running managers.

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