ETP Now Owns More than 80% of Outstanding Common Units, Allowing
Exercise of Limited Call Right for Remaining Common Units Not Tendered
DALLAS--(BUSINESS WIRE)--Jun. 20, 2017--
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP”) today announced that
as of 5:00 p.m. Eastern Time on June 19, 2017, approximately 12,360,503
common units representing limited partner interests (the “Common Units”)
in PennTex Midstream Partners, LP (NASDAQ: PTXP) (“PennTex”), including
those Common Units delivered through notices of guaranteed delivery,
were validly tendered and accepted for purchase in the tender offer by
ETP (the “Offer”). ETP has made payment to American Stock Transfer &
Trust Company, LLC, which is acting as the Depositary in connection with
the Offer, for the accepted Common Units.
The number of Common Units validly tendered in the offering period
satisfies the non-waivable condition that not less than a majority of
the PennTex Common Units held by unitholders that are not affiliates of
ETP be validly tendered, and satisfies the condition that, following the
closing of the Offer, ETP and its affiliates own at least 16,571,405
Common Units, representing greater than 80% of the outstanding PennTex
Common Units. Pursuant to Section 15.1 of the First Amended and Restated
Agreement of Limited Partnership of the Partnership (the “Partnership
Agreement”), ETP intends to exercise the right, assigned to it by the
general partner of PennTex, to purchase all of the remaining Common
Units that were not tendered in the Offer and remain outstanding on June
30, 2017 (the “Limited Call Right”). A notice of election to purchase
such Common Units, pursuant to Section 15.1(b) of the Partnership
Agreement, will be mailed to each unitholder of record who did not
tender its Common Units in the Offer, and such holder will receive, for
each Common Unit, $20.00 in cash, which represents the price paid by ETP
for the Common Units in the Offer.
Upon the exercise of the Limited Call Right, ETP will own all of the
economic interests of the Partnership and will be entitled to all of the
benefits resulting from those interests. In addition, the Common Units
will cease to be listed on the NASDAQ Global Select Market or publicly
This press release is for informational purposes only, and is neither an
offer to purchase nor a solicitation of an offer to sell securities.
Holders of Common Units are advised to read the combined Tender Offer
Statement on Schedule TO and Transaction Statement on Schedule 13E-3, as
amended, the Offer to Purchase, PennTex’s Solicitation/Recommendation
Statement on Schedule 14D-9 and other documents relating to the tender
offer that have been or will be filed with the SEC because they contain
important information. Unitholders may also obtain copies of the offer
to purchase and related materials, when and as filed with the SEC,
without charge from ETP or by written or oral request directed to
MacKenzie Partners, Inc., at (800) 322-2885.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and various
acquisition and marketing assets. ETP’s general partner is owned
by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit
the Energy Transfer Partners, L.P. website at www.energytransfer.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170620005581/en/
Source: Energy Transfer Partners, L.P.
Energy Transfer Partners, L.P.
Lyndsay Hannah, Brent Ratliff, 214-981-0795