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Approximately 97 percent of the Teppco units that voted were cast in favor of the merger and represented about 71 percent of Teppco's total outstanding units. In addition, approximately 96 percent of the votes cast by Unaffiliated Teppco Unitholders approved the merger of the two partnerships. Under the terms of the merger agreement, Teppco unitholders will receive 1.24 Enterprise common units for each Teppco unit owned at the effective time of the merger, which is expected to be completed October 26.
"With their overwhelming support of the merger, Teppco unitholders have clearly recognized the benefits and potential growth opportunities that will result by combining the complementary strengths of these two successful partnerships," said Jerry E. Thompson, president and chief executive officer of Teppco's general partner. "In addition to greater business diversification, the merger should create improved access to financial resources allowing us to more effectively pursue accretive growth opportunities designed to support distribution increases for investors."
Michael A. Creel, Enterprise president and chief executive officer, added, "With the necessary regulatory approvals already obtained, the unitholder vote represents the final step in the process. Investors and customers can expect a seamless transition following the completion of the merger, and we look forward to serving them as a stronger and more diverse growth-driven partnership."
As previously announced, Enterprise is offering to exchange Teppco senior and subordinated notes validly tendered for exchange, and not validly withdrawn, prior to their expiration date for Enterprise notes. Enterprise's obligation to complete the exchange offers and consent solicitations are conditioned upon, among other things, completion of the proposed merger of Teppco with a subsidiary of Enterprise and receipt of valid consents sufficient to effect all of the proposed amendments to the Teppco indentures. The merger and related transactions are not conditioned upon the commencement or completion of the exchange offers or consent solicitations. As of 10 a.m. CDT October 23, approximately $1.94 billion of the $2 billion aggregate principal amount of Teppco notes had been tendered for exchange.
Teppco Partners, L.P owns and operates a network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products.
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