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HOUSTON, Aug. 6 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE:EP) is progressing towards a fourth quarter 2007 initial public offering of a pipeline master limited partnership and intends to file a registration statement with the Securities and Exchange Commission for the offer and sale of approximately $500 million of common units, representing limited partner interest in its subsidiary, El Paso Pipeline Partners, L.P. (the MLP). The expected offering is larger than announced at El Paso's February 2007 analyst meeting.
El Paso Corporation will own the general partner of the MLP and a substantial number of its common and subordinated units. El Paso Pipeline Partners initially will own interests in several interstate natural gas pipelines that are currently owned by El Paso Corporation.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations of offers to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom. This announcement is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933.
El Paso Corporation provides natural gas and related energy products in a safe, efficient, dependable manner. The company owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit http://www.elpaso.com/.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, due to the fact that our business plans may change as circumstances warrant, the master limited partnership may not ultimately be formed or offered, we may not be able to raise the planned amount of capital even if the offering of securities is completed, the planned assets of the master limited partnership may materially change and we may not be able to complete the proposed actions on the timetable indicated. No assurance can be given as to the value of the master limited partnership, the price at which its securities may trade, or whether a liquid market for its securities will develop or be maintained. In addition, the company and the master limited partnership will be subject to the other risk factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.
Source: El Paso Corporation
Web site: http://www.elpaso.com
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