Attached files
file | filename |
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EX-4.1 - EX-4.1 - TEPPCO PARTNERS LP | h68315exv4w1.htm |
EX-3.1 - EX-3.1 - TEPPCO PARTNERS LP | h68315exv3w1.htm |
EX-3.2 - EX-3.2 - TEPPCO PARTNERS LP | h68315exv3w2.htm |
EX-4.2 - EX-4.2 - TEPPCO PARTNERS LP | h68315exv4w2.htm |
EX-99.1 - EX-99.1 - TEPPCO PARTNERS LP | h68315exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 2009
TEPPCO PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware (State or Other Jurisdiction of Incorporation or Organization) |
1-10403 (Commission File Number) |
76-0291058 (I.R.S. Employer Identification No.) |
1100 Louisiana, Suite 1600, Houston, Texas (Address of Principal Executive Offices) |
77002 (Zip Code) |
Registrants Telephone Number, including Area Code: (713) 381-3636
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
TEPPCO Supplemental Indentures
On October 27, 2009, in connection with the closing of certain consent solicitations and
exchange offers, TEPPCO Partners, L.P., a Delaware limited partnership (TEPPCO), entered into an
Eighth Supplemental Indenture dated October 27, 2009 (the TEPPCO Senior Notes Supplemental
Indenture), among TEPPCO, TE Products Pipeline Company, LLC, a Texas limited liability company
(TE Products), TCTM, L.P., a Delaware limited partnership (TCTM), TEPPCO Midstream Companies,
LLC, a Texas limited liability company (TEPPCO Midstream), Val Verde Gas Gathering Company, L.P.,
a Delaware limited partnership (Val Verde and together with TE Products, TCTM, and TEPPCO
Midstream, the Subsidiary Guarantors), and U.S. Bank National Association, successor, pursuant to
Section 7.09 of the indenture, to Wachovia Bank, National Association and First Union National
Bank, as trustee (the 2002 TEPPCO Indenture Trustee).
On October 27, 2009, in connection with the closing of certain consent solicitations and
exchange offers, TEPPCO also entered into a Third Supplemental Indenture dated as of October 27,
2009 (the TEPPCO Subordinated Notes Supplemental Indenture), among TEPPCO, the Subsidiary
Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (the 2007 TEPPCO
Indenture Trustee).
The TEPPCO Senior Notes Supplemental Indenture deleted all of the sections or provisions
listed below under the indenture dated as of February 20, 2002, as amended and supplemented, among
TEPPCO, the Subsidiary Guarantors and U.S. Bank National Association (successor in interest to
Wachovia Bank, National Association and First Union National Bank) (the 2002 TEPPCO Indenture)
for any senior notes issued pursuant to the 2002 TEPPCO Indenture:
| Section 4.05 SEC Reports; Financial Statements (except for the last sentence of Section 4.05(a)) | ||
| Section 4.06 Compliance Certificate | ||
| Section 4.08 Existence | ||
| Section 4.09 Maintenance of Properties | ||
| Section 4.10 Payment of Taxes and Other Claims | ||
| Section 4.12 Limitation on Sale-Leaseback Transactions | ||
| Section 4.13 Limitation on Liens | ||
| Section 4.14 Additional Subsidiary Guarantors | ||
| Section 10.01 Consolidations and Mergers of the Partnership | ||
| Section 10.02 Rights and Duties of Successor Partnership |
In addition, clause (h) (cross-default of other indebtedness) of Section 6.01 (Events of
Default) was deleted.
The TEPPCO Subordinated Notes Supplemental Indenture deleted all of the sections or provisions
listed below under the indenture dated as of May 14, 2007, as amended and supplemented, among
TEPPCO, the Subsidiary Guarantors and The Bank of New York Mellon Trust Company, N.A. (successor in
name to The Bank of New York Trust Company, N.A.) (the 2007 TEPPCO Indenture) for any
subordinated notes issued pursuant to the 2007 TEPPCO Indenture:
| Section 4.05 SEC Reports; Financial Statements (except for the last sentence of Section 4.05(a)) | ||
| Section 4.06 Compliance Certificate |
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| Section 4.08 Existence | ||
| Section 4.09 Maintenance of Properties | ||
| Section 4.10 Payment of Taxes and Other Claims | ||
| Section 4.12 Additional Subsidiary Guarantors | ||
| Section 5.1 Restricted Payments | ||
| Section 10.01 Consolidations and Mergers of the Partnership | ||
| Section 10.02 Rights and Duties of Successor Partnership |
On October 27, 2009, the unexchanged aggregate principal amount issued and outstanding with
respect to each series of TEPPCO Notes is:
Principal Amount | ||||
Outstanding as of October | ||||
Series of TEPPCO Notes | 27, 2009 | |||
7.625% Senior Notes due February 2012 |
$ | 9,533,000 | ||
6.125% Senior Notes due February 2013 |
$ | 17,440,000 | ||
5.90% Senior Notes due April 2013 |
$ | 12,400,000 | ||
6.65% Senior Notes due April 2018 |
$ | 310,000 | ||
7.55% Senior Notes due April 2038 |
$ | 425,000 | ||
Total Senior Notes |
$ | 40,108,000 | ||
7.000% Junior Subordinated Notes due June 2067 |
$ | 14,241,000 | ||
Total TEPPCO Notes |
$ | 54,349,000 |
The foregoing descriptions of the TEPPCO Senior Notes Supplemental Indenture and TEPPCO
Subordinated Notes Supplemental Indenture are qualified in their entirety by reference to the full
text of these indentures, which are filed as Exhibit 4.1 and Exhibit 4.2, respectively, to this
Form 8-K and are incorporated herein by reference.
Item 1.02 Termination of Material Definitive Agreement.
In connection with the consummation of the merger of TEPPCO with a subsidiary of Enterprise
Products Partners L.P., a Delaware limited partnership (NYSE: EPD) (Enterprise), described below
in Item 2.01, on October 26, 2009, the Loan Agreement, dated August 5, 2009, by and between
Enterprise Products Operating LLC (EPO), as Lender, and TEPPCO, as Borrower, has been terminated.
No borrowings were outstanding under this loan agreement as of October 26, 2009.
Item 2.01. Completion of Acquisition or Disposition of Assets.
MLP Merger Agreement
On October 26, 2009, Enterprise Sub B LLC, a Delaware limited liability company and a wholly
owned subsidiary of Enterprise (Merger Sub B), merged with and into TEPPCO, with TEPPCO surviving
the merger as a wholly owned subsidiary of Enterprise (the MLP Merger), pursuant to the Agreement
and Plan of Merger, dated as of June 28, 2009 (the MLP Merger Agreement), by and among
Enterprise, Enterprise Products GP, LLC, a Delaware limited liability company and the general
partner of Enterprise (EPD GP), Merger Sub B, TEPPCO and Texas Eastern Products Pipeline Company,
LLC, a Delaware limited liability company and the general partner of TEPPCO (TEPPCO GP).
Prior to the GP Merger (as defined below), TEPPCO GP was a direct, wholly owned subsidiary of
Enterprise GP Holdings L.P. (NYSE: EPE) (EPE).
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Under the terms of the MLP Merger Agreement, all outstanding TEPPCO units, other than
3,645,509 TEPPCO units (the Designated Units) owned by an affiliate of EPCO, Inc. (EPCO), a
private company controlled by Dan L. Duncan, were cancelled and converted into the right to receive
Enterprise common units based on an exchange rate of 1.24 Enterprise common units per TEPPCO unit.
The Designated Units were converted, based on the 1.24 exchange rate, into the right to receive
4,520,431 Enterprise Class B Units (the Class B Units). The Class B Units are not entitled to
regular quarterly cash distributions of Enterprise for the first sixteen quarters following the
closing of the MLP Merger. The Class B Units will convert automatically into Enterprise common
units on the date immediately following the payment date for the sixteenth distribution following
the closing of the MLP Merger. No fractional Enterprise common units will be issued in the MLP
Merger, and TEPPCO unitholders will, instead, receive cash in lieu of fractional Enterprise common
units, if any.
GP Merger Agreement
On October 26, 2009, in connection with the MLP Merger, Enterprise Sub A LLC, a Delaware
limited liability company and wholly owned subsidiary of Enterprise (Merger Sub A), was merged
with and into TEPPCO GP, with TEPPCO GP surviving the merger as a wholly owned subsidiary of
Enterprise (the GP Merger, and, together with the MLP Merger, the Mergers) pursuant to an
Agreement and Plan of Merger, dated as of June 28, 2009 (the GP Merger Agreement), by and among
Enterprise, EPD GP, Merger Sub A, TEPPCO and TEPPCO GP.
Under the terms of the GP Merger Agreement, EPE, the prior owner of 100% of the limited
liability company interests in TEPPCO GP, received 1,331,681 Enterprise common units and an
increase in the capital account of EPD GP to maintain EPD GPs 2% general partner interest in
Enterprise. EPD GP is a wholly owned subsidiary of EPE.
The foregoing descriptions of the MLP Merger Agreement and the GP Merger Agreement are
qualified in their entirety by reference to the full text of the agreements, which are attached
hereto as Exhibits 2.1 and 2.2, respectively, and incorporated herein by reference.
Item 3.03 Material Modification to the Rights of Security Holders.
The information included in Item 1.01 and the information included under the heading MLP Merger Agreement
under Item 2.01 of this Form 8-K is incorporated by reference into this Item 3.03 in its entirety.
Item 5.03. Amendment to Articles of Incorporation or Bylaws.
In connection with the closing of the Mergers and the exchange offers and the contribution of
all of the member interests of TEPPCO GP from Enterprise to EPO, effective October 27, 2009,
immediately after giving effect to the consummation of the exchange offers, the limited liability
company agreement of TEPPCO GP was amended and restated in its entirety as the Second Amended and
Restated Limited Liability Company Agreement of TEPPCO GP, dated as of October 27, 2009 (the
Restated TEPPCO GP LLC Agreement).
In addition, on October 27, 2009, in connection with the closing of the Mergers and the
exchange offers and the contribution of all of the limited partner interests of TEPPCO from
Enterprise to EPO, TEPPCO GP (as the sole general partner of TEPPCO) and EPO (as the sole limited
partner of TEPPCO), entered into the Fifth Amended and Restated Agreement of Limited Partnership,
dated as of October 27, 2009 (the Restated TEPPCO Partnership Agreement). The Restated TEPPCO
Partnership Agreement eliminated the incentive distribution rights of the general partner and
provided for the general partners 2% general partner interest and the limited partners 98%
limited partner interest. The Restated TEPPCO Partnership Agreement also simplified provisions
relating to other matters, including conflicts of interest, special approval and rights of limited
partners previously included as customary terms for a publicly traded limited partnership.
Copies of the Restated TEPPCO GP LLC Agreement and the Restated TEPPCO Partnership Agreement
are also filed as Exhibit 3.1 and Exhibit 3.2, respectively, to this Form 8-K and are incorporated
herein by reference.
Item 7.01 Other Events.
On October 26, 2009, TEPPCO and Enterprise issued a joint press release relating to the
closing of the Mergers and the results of the exchange offers on that date, which was the
expiration date for the exchange offers. A copy of the press release is attached as Exhibit 99.1
to this Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 in this report on Form 8-K, including Exhibit
99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934
(the Exchange Act) or otherwise subject to the liability of that section, unless TEPPCO
specifically states that the information is considered
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filed under the Exchange Act or incorporates it by reference into a filing under the Securities
Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |
2.1
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC. (Filed as Exhibit 2.1 to the Current Report on Form 8-K of TEPPCO Partners, L.P. (Commission File No. 1-10403) filed on June 29, 2009 and incorporated herein by reference). | |
2.2
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC. (Filed as Exhibit 2.2 to the Current Report on Form 8-K of TEPPCO Partners, L.P. (Commission File No. 1-10403) filed on June 29, 2009 and incorporated herein by reference). | |
3.1*
|
Second Amended and Restated Limited Liability Company Agreement of Texas Eastern Products Pipeline Company, LLC dated as of October 27, 2009. | |
3.2*
|
Fifth Amended and Restated Agreement of Limited Partnership of TEPPCO Partners, L.P. dated as of October 27, 2009. | |
4.1*
|
Eighth Supplemental Indenture, dated as of October 27, 2009, among TEPPCO Partners, L.P., TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC, Val Verde Gas Gathering Company, L.P., as the Subsidiary Guarantors, and U.S. Bank National Association, successor to Wachovia Bank, National Association and First Union National Bank, as trustee. | |
4.2*
|
Third Supplemental Indenture, dated as of October 27, 2009, among TEPPCO Partners, L.P., TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC, Val Verde Gas Gathering Company, L.P., as the Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee. | |
99.1*
|
Joint Press Release dated October 26, 2009. |
* | Filed with this Form 8-K. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
TEPPCO PARTNERS, L.P. |
||||
By: | TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC, its General Partner | |||
Date: October 28, 2009 | By: | /s/ Michael J. Knesek | ||
Name: | Michael J. Knesek | |||
Title: | Senior Vice President, Controller and Principal Accounting Officer of Texas Eastern Products Pipeline Company, LLC |
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Exhibit Index
Exhibit No. | Description | |
2.1
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC. (Filed as Exhibit 2.1 to the Current Report on Form 8-K of TEPPCO Partners, L.P. (Commission File No. 1-10403) filed on June 29, 2009 and incorporated herein by reference). | |
2.2
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC. (Filed as Exhibit 2.2 to the Current Report on Form 8-K of TEPPCO Partners, L.P. (Commission File No. 1-10403) filed on June 29, 2009 and incorporated herein by reference). | |
3.1*
|
Second Amended and Restated Limited Liability Company Agreement of Texas Eastern Products Pipeline Company, LLC dated as of October 27, 2009. | |
3.2*
|
Fifth Amended and Restated Agreement of Limited Partnership of TEPPCO Partners, L.P. dated as of October 27, 2009. | |
4.1*
|
Eighth Supplemental Indenture, dated as of October 27, 2009, among TEPPCO Partners, L.P., TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC, Val Verde Gas Gathering Company, L.P., as the Subsidiary Guarantors, and U.S. Bank National Association, successor to Wachovia Bank, National Association and First Union National Bank, as trustee. | |
4.2*
|
Third Supplemental Indenture, dated as of October 27, 2009, among TEPPCO Partners, L.P., TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC, Val Verde Gas Gathering Company, L.P., as the Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee. | |
99.1*
|
Joint Press Release dated October 26, 2009. |
* | Filed with this Form 8-K. |
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