Last $41.79 USD
Change Today +0.42 / 1.02%
Volume 51.3K
TEP On Other Exchanges
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As of 8:04 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

tallgrass energy partners lp (TEP) Snapshot

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07/7/14 - $43.00
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tallgrass energy partners lp (TEP) Details

Tallgrass Energy Partners, LP acquires, owns, develops, and operates various midstream energy assets in North America. The company operates in two segments, Gas Transportation and Storage, and Processing. The Gas Transportation and Storage segment owns and operates natural gas pipelines and integrated natural gas storage facilities with approximately 4,645 miles of transportation pipelines in Wyoming, Colorado, Kansas, Missouri, and Nebraska. This segment provides services primarily to third-party local distribution companies, industrial users, and other shippers. The Processing segment owns and operates natural gas processing, treatment, and fractionation facilities that produces natural gas liquids and residue gases, which are sold in local wholesale markets or delivered into pipelines for transportation to additional end markets. This segment serves retail propane dealers and oil refiners. Tallgrass Energy Partners, LP was founded in 2013 and is based in Overland Park, Kansas.

Founded in 2013

tallgrass energy partners lp (TEP) Top Compensated Officers

Chief Executive Officer of Tallgrass MLP GP L...
Total Annual Compensation: $400.0K
Chief Financial Officer of Tallgrass MLP GP L...
Total Annual Compensation: $450.0K
Chief Operating Officer of Tallgrass MLP GP L...
Total Annual Compensation: $475.0K
Executive Vice President of Tallgrass MLP GP ...
Total Annual Compensation: $450.0K
Compensation as of Fiscal Year 2013.

tallgrass energy partners lp (TEP) Key Developments

Tallgrass Energy Partners, LP Declares Dividend for the Second Quarter of 2014, Payable on August 14, 2014

Tallgrass Energy Partners, LP announced that the board of directors of its general partner declared a quarterly cash distribution to partners of $0.38 per common unit for the second quarter of 2014, or $1.52 on an annualized basis. This represents an amount that is 32.2% over its minimum quarterly distribution and a 16.9% increase from the first quarter 2014 distribution of $0.3250. The increase is in conjunction with and related to the acquisition of Trailblazer Pipeline Company LLC on April 1, 2014. The quarterly distribution will be paid on August 14, 2014, to unitholders of record as of the close of business on July 30, 2014.

Tallgrass Energy Partners, LP and Certain of its Subsidiaries Enter into Amendment to the Credit Agreement

On June 25, 2014, Tallgrass Energy Partners, LP and certain of its subsidiaries entered into amendment no. 1 to the Credit Agreement dated as of May 17, 2013 with Barclays Bank PLC, as administrative agent, and a syndicate of lenders. The amendment modifies certain provisions of the Credit Agreement to, among other things, increase the amount of the revolving facility to $850 million, increase the sublimit for swing line loans to $60 million, increase the sublimit for letters of credit to $75 million, increase the accordion feature to allow the partnership to borrow up to an additional $250 million, subject to the partnership's receipt of increased or new commitments from lenders and satisfaction of certain other conditions, and reduce the applicable margin for loans by 0.25%.

Tallgrass Energy Partners Seeks Acquisitions

Tallgrass Energy Partners, LP (NYSE:TEP) has filed a shelf registration in the amount of $1 billion. Tallgrass Energy Partners said, "We will use the net proceeds we receive from the sale of securities covered by this prospectus for general partnership purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness outstanding at the time; and funding working capital, capital expenditures or acquisitions."


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