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Kinder Morgan Energy Partners, L.P. Message Board

  • mboustead mboustead Aug 2, 2002 7:30 AM Flag

    50% of new income to GP?--Wulff

    From prospectus for KMR Offering- Is this helpful?

    USE OF PROCEEDS

    KINDER MORGAN MANAGEMENT, LLC

    We expect that we will receive net proceeds of approximately $315.9 million
    from the sale of the 12,000,000 shares we are offering, based on the closing
    price of the shares on the New York Stock Exchange on July 31, 2002 of $27.50
    and after deducting underwriting discounts and estimated offering expenses
    payable by us. If the underwriters exercise their over-allotment option in full,
    we will receive net proceeds of approximately $363.6 million. We will use all of
    the $315.9 million of net proceeds of this offering to purchase a number of
    i-units from Kinder Morgan Energy Partners, L.P. equal to the number of shares
    we sell in this offering.

    KINDER MORGAN ENERGY PARTNERS, L.P.

    Kinder Morgan Energy Partners, L.P. will use all of the proceeds it
    receives to reduce commercial paper debt incurred principally to finance the
    Tejas acquisition and other acquisitions completed since the middle of 2001.
    Kinder Morgan Energy Partners, L.P.'s total debt prior to this offering is
    approximately $3.8 billion. This total debt will be reduced to approximately
    $3.5 billion following the close of this offering. As of July 31, 2002, the
    weighted average interest rate of the debt to be retired was approximately
    2.15%.

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