-Energy Transfer Partners, L.P. has announced that its Board of Directors has called a special meeting of its Common Unitholders to approve (i) a change in the terms of the partnership's Class G units to provide that each Class G unit is convertible into one common unit and (ii) the issuance of additional common units upon such conversion. The Board of Directors has recommended that the partnership's Common Unitholders approve these matters.
The conversion of these Class G units would be on a one-to-one basis, resulting in a greater number of Common Units outstanding, but not an increase in the overall number of partnership units. Accordingly, on an overall basis, the conversion would not be dilutive to the Partnership's existing Common Unitholders.
The meeting will be held at 10:00 a.m. Central Daylight Time on May 1, 2007, at the Hotel ZaZa, 2332 Leonard Street, Dallas, Texas 75201. The record date for determining the Unitholders entitled to vote at this meeting is April 2, 2007. It is anticipated that the mailing of the Proxy and Proxy Statement to Unitholders of record as of April 2, 2007, will begin on or around April 6, 2007.
Energy Transfer Partners, L.P. (NYSE:ETP - News) is a publicly traded partnership owning and operating a diversified portfolio of midstream energy assets. ETP's natural gas operations include intrastate natural gas gathering and transportation pipelines, natural gas treating and processing assets located in Texas and Louisiana, and three natural gas storage facilities located in Texas. These assets include approximately 12,000 miles of intrastate pipeline in service, with an additional 600 miles of intrastate pipeline under construction, and 2,400 miles of interstate pipeline. ETP is also one of the three largest retail marketers of propane in the U.S., serving more than one million customers across the country.
Energy Transfer Equity, L.P. (NYSE:ETE - News) owns the general partner of Energy Transfer Partners and approximately 62.5 million ETP limited partner units. Together ETP and ETE have a combined enterprise value of approximately $20 billion.
The information contained in this press release is available on our website at www.energytransfer.com.
Contact:
Investor Relations:
Energy Transfer
Renee Lorenz, 214-981-0700
or
Media Relations:
Gittins & Granado
Vicki Granado, 214-361-0400
Source: Energy Transfer Partners, L.P.
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