El Paso Pipeline Partners, L.P. (EPB) said it has priced a public offering of 8.75 million common units at $24.48 per common unit. Net proceeds from the offering, including the general partner's proportionate capital contribution, will be used by El Paso Pipeline Partners for general partnership purposes, including potential future acquisitions and growth capital expenditures. Pending the use of the proceeds for other purposes, the partnership may apply some or all of the net proceeds to reduce outstanding borrowings under its revolving credit facility.
The offering is scheduled to close January 19, 2010. El Paso Pipeline Partners also granted the underwriters a 30-day option to purchase up to an aggregate of 1.31 million additional common units.
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