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El Paso Pipeline Partners, L.P. Message Board

  • naomifrances naomifrances Oct 17, 2011 9:30 PM Flag

    including the debt outstanding ...

    suprised this corp isn't up -- with KMI assuming ALL of EPBs debt outstanding AND offering EBP "attractive prices" to purchase EPs pipeline assets.

    just using yahoo: EBP's debt oustanding (in 000s dec 2010) is:

    Current Liabilities
    Accounts Payable 211,100
    Short/Current Long Term Debt 42,000
    Other Current Liabilities 27,500
    Long Term Debt 3,400,300

    HOUSTON, Oct 16, 2011 (BUSINESS WIRE) -- Kinder Morgan, Inc. (NYSE: KMI) and El Paso Corporation (NYSE: EP) today announced a definitive agreement whereby KMI will acquire all of the outstanding shares of EP in a transaction that will create the largest midstream and the fourth largest energy company in North America with an enterprise value of approximately $94 billion and 80,000 miles of pipelines.

    ****The total purchase price, including the assumption of debt outstanding at El Paso Corporation and including the debt outstanding at El Paso Pipeline Partners, L.P. (NYSE: EPB) is approximately $38 billion

    (here's where that 9% comes in -- before KMI assumed debt it was 11%?)

    EPB is also expected to purchase EP pipeline assets from KMI over the next few years at attractive prices. EPB's asset base will continue to consist completely of stable, high quality interstate natural gas pipelines. "We expect EPB to be able to grow its distributions per unit at an average annual growth rate of about 9 percent through 2015 as a result of this transaction," Kinder said. "EPB is also expected to fund its acquisitions with a combination of equity and debt issuance, maintaining its strong balance sheet.

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