Energy Transfer Partners, L.P. Announces Approximately 12,360,503 Common Units of PennTex Midstream Partners, LP Have Been Accepted for Purchase
ETP Now Owns More than 80% of Outstanding Common Units, Allowing Exercise of Limited Call Right for Remaining Common Units Not Tendered
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
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 traded.
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
Energy Transfer Partners, L.P.
Helen Ryoo, Lyndsay Hannah, Brent Ratliff, 214-981-0795
Vicki Granado, 214-840-5820