El Paso Pipeline Partners L.P. (EPB) announced that the underwriters of its common unit offering exercised their option to purchase 1.11 million additional common units at a public offering price of $24.48 per unit. The option was granted in connection with the partnership's public offering of 8.75 million common units, which was completed on January 19, 2010.
The closing of the over-allotment option is expected to occur on January 22, 2010. Total net proceeds from the offering of the 9,862,500 common units, including the general partner's proportionate capital contribution, are about $236.1 million and will be used by El Paso Pipeline Partners for general partnership purposes, including potential future acquisitions and growth capital expenditures.
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